13 – 17 Oct
2025
Advanced Studies Program
New Keynesian Models – Andrea Ferrero
Course description:
This course covers topics in monetary and fiscal policy. It is part of the core Macroeconomics sequence of the ASP doctoral program. It is well fitted for early career PhD students and professionals who want to refresh and update their core Monetary Economics understanding. We begin by showing that adding money to the standard real business cycle model is not sufficient to capture the empirical regularities about the effects of monetary policy on output. This step provides the key motivation to develop a workhorse model (three-equation New Keynesian model) for monetary policy and analyze its core properties. We then look at the prescriptions of the workhorse model in a crisis and its limitations. Finally, we focus on the interaction between monetary and fiscal policy.
Timetable:
The course takes place everyday from 9:30-12:00 with guided exercises and office hours in the afternoon.
Andrea Ferrero (Oxford)
Andrea Ferrero is Professor of Economics at the University of Oxford and a Research Fellow at Trinity College since 2022. Prior to that, he was in the Research Department of the Federal Reserve Bank as (Chief) Economist. He was a visiting scholar at the Department of Economics in New York and at the Einaudi Institute Economics and Finance. He received his Ph.D. from New York University. He advises the British and Finnish central banks. His academic focus is primarily on monetary policy and international macroeconomics.
