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uva.nl
Master
Monetary Policy and Banking (Economics)
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The programme

Monetary Policy and Banking is one of the tracks of the Master's Economics. During your Master's you will follow 3 general courses and 4 track-specific courses. You will finish with a thesis. If you have excellent analytical and leadership abilities and it is your goal to use applied research to tackle complex real-life problems, you can participate in our Honours programme.

COURSES SEM 1 SEM 2 SEMESTER 1 SEMESTER 2 EC
  • Macroeconomics
    Period 1
    5

    In this course you will learn about modern macroeconomic models. You will learn how to use these models to explain and evaluate recent events and policy interventions. For example, the effect of uncertainty on savings, welfare and investment, the causes and nature of unemployment and inflation and the role of monetary and fiscal authorities.

  • Microeconomics and Game Theory
    Period 1
    5

    In this course you will learn to understand the workings and limitations of the market. You will learn how to analyse consumer and producer behaviour and how to use basic game theory. The central question is: what can markets do and when do they fail? What determines the outcome, and how does that depend on market structure?

  • Applied Econometrics
    Period 1
    Period 2
    5

    In this course you will learn about regression analysis. In applied economics this is a powerful tool to analyse empirical relationships. You will learn how to interpret estimation and testing results and build a satisfactory empirical model. You will follow lectures and take part in lab sessions to acquire practical econometric skills by making computer exercises.

  • Monetary Theory
    Period 2
    5

    In this course, you look at monetary economics through a theoretical lens. You will specifically explore a money-in-the-utility-function model, cash-in-advance models and a shopping-time model. Also you will learn about optimal monetary policy and look at New Keynesian monetary economics.

  • International Finance
    Period 2
    5

    In this course you will study advanced topics in international financial and monetary relations, such as: modern exchange-rate theories including target-zone models and speculative attack models, recent currency crises and ways to prevent them, exchange rate policies and international capital mobility.

  • Financial Institutions and Banking
    Period 3
    5

    What are the key issues in bank management and the role of banks in the financial system? This is 1 of 2 core topics you will study in this course. The other core topic is the recent global financial crisis. How did it change the global financial system and the macroeconomy?

  • Public Finance and Fiscal Policy
    Period 4
    5

    Get introduced to theory and empirics of fiscal policy and public finance. You will look at these subjects both from a short-run perspective (the business cycle) and the long-run perspective (sustainability and the intergenerational dimension).

  • Choose 1 of 2 electives
    Period 4
    5

    You can choose between Economic Growth and Financial Regulation.

  • Research Seminar
    Period 4
    Period 5
    5
  • Thesis
    Period 1
    Period 2
    Period 5
    Period 6
    15

    The academic programme culminates in a thesis, which allows you to engage with state-of-the-art data analysis and statistical techniques. The Master’s thesis is the final requirement for your graduation. It is your chance to dive deep into a topic in your field of choice (track) that you are enthusiastic about, and allows you to do an independent research project. A professor of your track will supervise and support you in writing your thesis.

Compulsory course
Elective
Specialisation

Honours programme

If you are a student of the Master's Economics and you have a record of academic excellence, a critical mind and an enthusiasm for applied research, then our Economics Honours programme is a great opportunity for you.

Real life case: monetary policy in Europe

Monetary policy and the financial system played a central role in the 2008 credit crisis. The European Central Bank was a key player in stabilising the Eurozone in the following debt crisis. We have realised that the financial system can work as a transmission channel through which problems in one country or sector can spread out and result in a worldwide recession. How to prevent this contagion? What is the role of expectations? And finally, how should monetary policy makers respond to these economic fluctuations?

Copyright: Nee
This Master's perfectly blends my two passions: economics and policy analysis. It's a challenging programme, that teaches you hard and soft skills. Anouk Roethof Read about Anouk's experiences with this Master's

Contemporary issues

Examples of current newspaper headlines and relevant issues that could be discussed in your classroom.

  • Does the transmission of monetary policy depend on inequalities within a country?
  • Should central banks care about cryptocurrencies such as Bitcoin?
  • Is the supply of public debt relevant for banks’ decisions to provide credit for firms’ long-term investments?
Add extra value to your studies
Frequently asked questions
  • When do I need to select a specialisation track?

    A specialisation track must be chosen when applying for the Master’s programme. However, track modifications are still possible until late October. The criteria for all tracks are identical and do not impact the likelihood of being accepted into the programme.

  • How many students are accepted into the programme?

    Our Master’s programme admits around 25 students per specialisation track. If you meet the entry requirements, you will always be accepted; this Master’s does not have a numerus fixus.

  • What are the weekly contact hours?

    Most courses have one 2-hour lecture and one 2-hour tutorial per week. Some courses also offer a Q&A or self-study clips. Generally, students take 3 courses at a time, so count on about 12-15 contact hours per week.

  • Will all lectures be held in person, or will there be options for online attendance?

    Only the 3 courses (microeconomics & game theory, macroeconomics, and applied econometrics) at the beginning of the year use (online) clips. In addition to clips, these 3 courses offer weekly on-campus tutorials and Q&As. All other courses are fully taught on campus, so in person. Some courses even have mandatory participation, especially for tutorials.

  • Is attendance compulsory for lectures, tutorials, and other sessions?

    Attendance usually is not compulsory for lectures, but commonly for tutorials and other sessions. Students greatly benefit from being present and engaging in discussions with both the instructor and their fellow classmates.

  • What is the typical method of assessment for most courses?

    Most courses have a combination of a written on-site exam and additional assessment methods, including oral presentations, developing research proposals, conducting experiments, and writing up results. The written on-site exam often makes up most of the grade. Finally, some courses require attendance, which is reflected by presence and activity in tutorials and online assignments.