Lecture slides

February 5: Introductory lecture (pdf 60 Kb)

February 7: On stylized facts and empirical issues (pdf 126 Kb)

February 12: On the Tobin effect and basic MIU model (pdf 110 Kb)

February 14: On the welfare costs of inflation and a stochastic MIU model (pdf 105 Kb).

February 19: On shopping-time models and basic CIA model (pdf 95 Kb).

February 21: On the stochastic CIA model (pdf 80 Kb).

February 28: On public budget accounting and seigniorage (pdf 105 Kb)

March 4: On seigniorage and optimal taxation (pdf 90 Kb)

March 6: On incomplete nominal adjustment (I): Imperfect information (pdf 90 Kb)

March 11: On incomplete nominal adjustment (II): Sticky wages and prices (pdf 90 Kb)

March 13: On monetary credibility problems (pdf 85 Kb)

March 18: On delegation and independent central banks (pdf file, 85 Kb)

March 25: On instrument choice and intermediate targets (pdf file, 85 Kb)

March 27: On interest rate policies (I) (pdf file, 90 Kb)

April 1: On interest rate policies (II) (pdf file, 85 Kb)

April 8: On the New-Keynesian model of monetary policy (I) (pdf file, 95 Kb) Used on April 10 as well

April 15: On the New-Keynesian model of monetary policy (II) (pdf file, 85 Kb)

April 17: On delegation in the New-Keynesian model (pdf file, 130 Kb)

April 22: On open-economy aspects (I) (pdf file, 95 Kb)

April 24: On open-economy aspects (II) (pdf file, 95 Kb)

May 6: Inflation targeting (I) (pdf file, 100 Kb)

May 13: Inflation targeting (II) (pdf file, 75 Kb)

May 22: About the exam (pdf file, 1.5 Mb)

(On February 23, May 15, May 20 and May 22 we did exercises. On April 29 we visited Danmarks Nationalbank and on May 8, we were visited by Norges Bank.)

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List of typos in slides; updated April 16 (pdf file, 50 Kb)