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IESEG School of Management ( IÉSEG )

Code Cours :



Niveau Année de formation Période Langue d'enseignement 
Master GE1S2English
Professeur(s) responsable(s)M.PICAULT
Intervenant(s)Matthieu PICAULT

Pré requis

Good knowledge of econometrics : Event study methodology and General Methods of Moments (GMM) estimations will be breifly re-explained during the class.
Advanced knowledge in asset prices.
Bachelor level knowledge of macroeconomics.

Objectifs du cours

At the end of the course, the student should be able to:
The purpose of this course is to give students the ability to understand central banks behavior and the effects of their policies on financial markets. After a review of the macroeconomic importance of monetary policy, students will learn the implementation of monetary policy through conventional and unconventional instruments. They will study the impact of such decisions on different market segments such as FX market, money market, sovereign bonds and equity markets.

At the end of the class, students must be able to:
-Explain the functioning of monetary policy and its implementation through different conventional and unconventional instruments.
-Study the relation between the macroeconomic outlook and the monetary policy stance and forecast key interest rates.
-Understand the implication of monetary policy decisions and communications for asset prices (stocks, bonds and exchange rates).

Contenu du cours

Session 1 : Introduction and the objectives of monetary policy.
Session 2 : Monetary policy standard and non-standard instruments.
Session 3 : The asset prices transmission channel.
Session 4 : Understanding the central bank communication.

Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
Interactive class16,00  
Independent study
Group Project15,00  
Individual Project10,00  
Estimated personal workload10,00  
Charge de travail globale de l'étudiant51,00  

Méthodes pédagogiques

  • Research
  • Project work
  • Interactive class


The evaluation system is based on two pillars : a written exam and a continous assessment based on two projects. The details of the project (on the Taylor rule and asset prices) will be provided at the beginning of the course

Type de ContrôleDuréeNombrePondération
Final Exam
Written exam0,00125,00
Group Project0,00150,00
Individual Project0,00125,00
TOTAL     100,00


  • The Economics of Money, Banking and Financial Markets, Mishkin, Frederic S, Pearsoon (any edition) - Reviews : Mishkin, Frederic S. The channels of monetary transmission: lessons for monetary policy. National Bureau of Economic Research,1996 -

  • Blinder, A. S., Ehrmann, M., Fratzscher, M., De Haan, J., & Jansen, D. J. (2008). Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence. Journal of Economic Literature, 46(4), 910-45. -

Ressources internet

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