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Fax: +44 (0)24 7652 3032
Email: jennifer.smith@warwick.ac.uk
Address: Department of Economics, University of Warwick, Coventry CV4 7AL, UK
Home page: http://www2.warwick.ac.uk/fac/soc/economics/staff/faculty/jennifersmith/

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Jennifer Smith's monetary policy lecture notes and handouts

Economic Policy in the UK Module overview

Macroeconomic Policy

1. Inflation Targeting in Practice

2. The Definition of Inflation Targeting

OUP link to Bofinger (2001) Chapter 8 "Strategies (simple rules) for a stability-oriented monetary policy"

3. The Design of an Inflation Target

4. Inflation forecast targeting and Taylor rules

5. The Monetary Transmission Mechanism

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Material from 2005-06:

3. Central Bank Independence

• Theory and Some Evidence
• Seminar 1 (Week 6) discusses further Empirical Evidence
• Scanned copy of Doyle and Weale paper

4. Alternatives to Inflation Targeting

• Theory
• History
• Seminar 1 (Week 6) discusses further Empirical Evidence

6. The Inflation Forecast

7. EMU: Fiscal Policy

• Brief notes on SGP policy in action
• HMT document: "The Stability and Growth Pact: a discussion paper" (March 2004)

8. EMU: Monetary Policy

• Seminar 2 (Week 8) discusses the ECB's monetary policy

Seminars

• Seminar 1 - Week 6 Tue 1-2 / Wed 11-12
• 
  Some notes on empirical estimates of the relative performance of the UK inflation targeting regime
  Benati (2005): useful paper missing from reading list, on relative performance of inflation targeting versus previous UK monetary policy regimes
  Details of the following Seminar 1 material:
  Dattani and Scheubel
  Chantry and Davies
  Rees and Sen
  Garner and Yianni
  Armstrong and Benns
  
• Seminar 2 - Week 8 Tue 1-2 / Wed 11-12
• 
  Some notes on monetary policy in EMU
  Details of the following Seminar 2 material:
  Kalstad
  Schiller
  Ottersbach and Raichura
  Stone

Assessments

Assessment titles and deadlines 2006-07:

Assessment 1: Monday 15 January 2007 (Week 2, Term 2) NOTE NEW DATE!

Assessment 1 2005-06

Assessment 2 2005-06

 

 

Background: I worked at the Bank of England prior to joining the Warwick Economics Department (in the Structural Economic Analysis Division). Since arriving at Warwick I have taught the module Economic Policy in the UK, and have focused on monetary policy. Although this isn't currently a focus of my research, it is a focus of my interest. The above are the lecture notes for this module.