Monetary Policy Analysis

This lecture covers monetary policy around the world, focusing on the setup of the model, including households, firms, Calvo pricing, and the New Keynesian Phillips Curve. It delves into the analysis of the model, calibration, and the impact of monetary policy and cost-push shocks. The lecture also explores the tools of monetary policy, such as reserve requirements, the discount rate, open-market operations, and interest on required and excess balances. Additionally, it discusses the Federal Funds Rate, the Taylor Rule, and unconventional monetary policy in the United States and globally. The Swiss National Bank's monetary policy decisions and the current economic situation in Switzerland are also examined.