DRE 4020 Money, Central banks, and Financial markets

DRE 4020 Money, Central banks, and Financial markets

Course code: 
DRE 4020
Department: 
Finance
Credits: 
6
Program of study: 
Doktorgradsstudium
Course coordinator: 
Samuli Knüpfer
Product category: 
PhD
Portfolio: 
PhD Finance courses
Semester: 
2020 Autumn
Active status: 
Active
Teaching language: 
English
Course type: 
One semester
Introduction

There is growing recognition that central banks play an important role in financial markets and the financial system, not only in terms of setting short term interest rates, but also derived from the role of central bank money (liquidity). The overall objective of this course is to enhance students’ understanding of this emerging topic and to stimulate to research. To that end, we will study papers that shed light on the role of money in the financial system, the functioning of the market for liquidity, how it interacts with the broader financial markets, and the impact of central bank policies, including collateral policy. Class sessions will focus on selected empirical and theoretical papers and also introduce relevant institutional material. The course is suited for students that have completed basic PhD level core courses in finance or economics and have an interest in conducting research in the topics of the course or related areas. Assessment is in the form of a research proposal and class presentations.

Learning outcomes - Knowledge

Insights into the architecture of money and why it may matter. How the market for liquidity differs from securities markets and how these markets are linked.  The role of central banks in financial markets and the financial system beyond the targeting of short term rates.

Learning outcomes - Skills

To advance students’ skill set with respect to assessing and presenting research papers.

General Competence

After taking the course, students should be able to constructively reflect on the value of alternative assumptions in models of the market for liquidity and the broader financial market and to be able to design and interpret related econometric tests in a meaningful way.

Course content

The course is topic oriented. The objective is to deepen understanding by studying theoretical, empirical, and institutional texts that relate to the general topic of the course: money, central banks, and financial markets.

Teaching and learning activities

Series of interactive lectures culminating in student presentations.

Software tools
No specified computer-based tools are required.
Qualifications

Enrollment in a PhD programme is a general requirement for participation in PhD courses at BI Norwegian Business School.
External candidates are kindly asked to attach confirmation of enrollment in a PhD programme when signing up for a course. Other candidates may be allowed to sit in on courses by approval of the course leader. Sitting in on a course does not permit registration for the course, handing in exams or gaining credits for the course. Course certificates or confirmation letters will not be issued for sitting in on courses.

Exam categoryWeightInvigilationDurationGroupingComment exam
Exam category:
Activity
Form of assessment:
Oral examination
Exam code:
DRE 40201
Grading scale:
Pass/fail
Grading rules:
Internal and external examiner
Resit:
Examination when next scheduled course
50No -Individual Student presentations, weight 50%, individual, grading pass/fail
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
DRE 40202
Grading scale:
Pass/fail
Grading rules:
Internal and external examiner
Resit:
Examination when next scheduled course
50No1 Semester(s)Individual Research proposal, weight 50%, individual, grading pass/fail
Exams:
Exam category:Activity
Form of assessment:Oral examination
Weight:50
Invigilation:No
Grouping (size):Individual
Duration: -
Comment:Student presentations, weight 50%, individual, grading pass/fail
Exam code:DRE 40201
Grading scale:Pass/fail
Resit:Examination when next scheduled course
Exam category:Submission
Form of assessment:Written submission
Weight:50
Invigilation:No
Grouping (size):Individual
Duration:1 Semester(s)
Comment:Research proposal, weight 50%, individual, grading pass/fail
Exam code:DRE 40202
Grading scale:Pass/fail
Resit:Examination when next scheduled course
Type of Assessment: 
Ordinary examination
Total weight: 
100
Student workload
ActivityDurationComment
Teaching on Campus
30 Hour(s)
Student's own work with learning resources
80 Hour(s)
Self study, specified learning activities (including reading)
Group work / Assignments
50 Hour(s)
Assignments, specified learning activities (including reading)
Sum workload: 
160

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 6 ECTS credits corresponds to a workload of at least 160 hours.