Money, Inflation, Monetary Policy: ICEF Students Take New Mini-Course by Bank of Russia
“This course has been designed to give learners an in-depth understanding of the current issues of the monetary economy and the transmission mechanism of monetary policy. It discusses where the money comes from in the modern-day financial system, what role banks and national budget play in monetary economy, why the money multiplier concept is now obsolete, and what vehicles there are for the transmission of the monetary policy. One special focus is the common misconceptions that can lead to bad policy decisions. By showing which theories work and which don’t, this course is a good opportunity to increase intelligence in theoretical knowledge and see how the Bank of Russia’s using it in its day-to-day operations,” says Alexander Morozov, Director of Research and Forecasting at the Bank of Russia.
Delivering this mini-course were the officers of Bank of Russia Research and Forecasting Department:
- Alexander Morozov, Ph.D. in Economics, Director
- Andrey Sinyakov, Assistant Director
- Alexey Ponomareko, D.Sc. Economics, Head of Economic Research Division
- Vadim Grishchenko, Head of Macroeconomic and Financial Research Unit
Topics covered:
- Money. Types of money. Two types of money markets. Sources of money: banks, budget operations, resident transactions with the rest of the world.
- Monetary analysis.
- Inflation. Types. What makes inflation a monetary phenomenon.
- Tools to control inflation. Core transmission mechanisms of monetary policy in monetary analysis.
- Other channels of monetary policy transmission to inflation and their role in monetary analysis.
- Monetary analysis in action. The logic behind the Bank of Russia’s monetary policy decision-making.
Upon completion of the course:
Participants who pass the final test are awarded completion certificates. Three highest performing students will be invited to intern or start a job at the Bank of Russia.
- All participating undergraduates (Y2-4, full-time study mode) will be able to apply for the competitive selection for the fast-track internship/traineeship places at the Bank of Russia.
- Those of the participating graduate students who are prepared to work full-time may apply to current vacancies at the Bank of Russia.