n recent years, after reducing their reference interest rates at nearly 0%, most central banks designed a variety of novel monetary policy tools to fight recessions, including communication strategies, credit policies, and large-scale asset purchases. These new measures often referred to as %E2%80%9Cunconventional%E2%80%9D monetary policies. The objective of this course is to provide participants with a thorough understanding of the state-of-the-art research on different types of unconventional policies, of their costs and benefits, and of their effects on financial and aggregate economic variables.

Course leader
Prof. Davide Debortolil UPF and Barcelona GSEProf. Luca Gambetti UAB and Barcelona GSE

Target group
Economists and Researchers working at private and public research institutions, including research divisions at financial institutions, research departments in government agencies, national and international organizations and central banks.Professionals at financial institutions (Commercial Banks, Investment Banks, Hedge Funds, Mutual Funds, Insurance Companies), especially those working on:Investment / Portfolio managementMacroeconomic risk managementTrading and structuring of securities, especially interest rates and currency productsPublic Finance

Course aim
After an introductory overview of the main approaches proposed in the literature to study conventional and unconventional policies, the course will describe the different policy tools adopted by central banks in the aftermath of the recent financial crisis. Special attention will be devoted to illustrate the costs and benefits of alternative policy measures, such as credit facilities, large-scale asset purchases, exchange-rate policies and money financed fiscal expenditure.The course will also discuss the main empirical techniques, and the main results obtained in the literature about the effects of monetary policy on financial assets and aggregate economic variables, with a special attention to the practical experience of the Federal Reserve and the European Central Bank.

Fee info
EUR 1600: Early-bird Registration and Payment(until 27 April 2015) EUR 2000: Regular Fee(until 20 May 2015)

Barcelona Graduate School of Economics
Address: Ramon Trias Fargas, 25-27
Postal code: 08005
City: Barcelona
Country: Spain
Website: http://www.barcelonagse.eu/Summer_School.html
E-mail: summerschool@barcelonagse.eu
Phone: +34 93 542 1222