04 – 08 Nov
2024
Advanced Studies Program
New Keynesian Models
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.
Course description
This course covers topics in monetary and fiscal policy. 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.
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