Monetary Policy

Major: Finance, Banking and Insurance
Code of subject: 6.072.02.E.060
Credits: 6.00
Department: Finance
Lecturer: PhD. Kots Olha
Semester: 7 семестр
Mode of study: денна
Мета вивчення дисципліни: The purpose of the discipline "Monetary Policy" is to acquire the ability of students to solve specialized tasks of an innovative nature by mastering knowledge about the essence of such categories as monetary policy, the role of central banks in the system of monetary and banking management, monetary policy instruments and mechanism of their application, financial and price stability, targeting.
Завдання: ЗК 06 Ability to conduct research at the appropriate level ЗК 08 Ability to search, process and analyze information from various sources СК 01 Ability to investigate the trends of economic development using the tools of macro- and microeconomic analysis, to evaluate modern economic phenomena СК 02 Understanding the peculiarities of functioning of modern world and national financial systems and their structure СК 04 Ability to apply economic and mathematical methods and models to solve financial problems СК 05 Ability to apply knowledge of legislation in the field of monetary, fiscal regulation and regulation of the financial market СК 08 Ability to perform control functions in the field of finance, banking and insurance СК 10 Ability to determine, justify and take responsibility for professional decisions СК 14 Ability to analyze the forms and methods of planning state and local budgets, to evaluate the effectiveness of state financial policy, directions of implementation of the budget process and inter-budgetary relations
Learning outcomes: PR 01 Know and understand economic categories, laws, causal and functional relationships that exist between processes and phenomena at different levels of economic systems PR 04 Know the functioning mechanism of state finances, including budget and tax systems, finances of business entities, household finances, financial markets, banking system and insurance PR 05 Possess methodical tools for diagnosing the state of financial systems (state finances, including the budget and tax system, finances of business entities, household finances, financial markets, banking system and insurance) PR 07 Understand the principles, methods and tools of state and market regulation of activities in the field of finance, banking system and insurance PR 12 Use professional reasoning to convey information, ideas, problems and ways to solve them to specialists and non-specialists in the financial sphere of activity PR 13 Have general scientific and special methods of researching financial processes PR 14 Be able to think abstractly, apply analysis and synthesis to identify the key characteristics of financial systems, as well as the peculiarities of the behavior of their subjects PR 16 Apply the acquired theoretical knowledge to solve practical problems and meaningfully interpret the obtained results PR 28 Carry out procedures of macroeconomic financial forecasting and planning, formation of state social programs, financial control in the conditions of decentralization of public finances and taking into account the directions of the monetary policy of the state
Required prior and related subjects: - prerequisites:Finance, money and credit, Theory of taxation, Digitalization in finance, Investments, Public finance - related educational discipline: Local finance, Finance and social policy, Financial analysis in public finance
Summary of the subject: Studying the discipline "Monetary Policy" involves gaining knowledge about the essence, principles, types and tools of monetary policy, the role and basis of the central bank's activity, the central bank's place in the monetary management system, the role of the central bank in providing financial stability, decision-making on monetary policy and monetary policy transmission mechanism influence on the real economy.
Опис: Central banks in the monetary management system. Monetary policy: essence and rules. Objectives and tasks of monetary policy. Monetary policy instruments. Targeting. Monetary policy decisions. Financial stability. Monetary policy transmission mechanism influence on the real economy
Assessment methods and criteria: Written-verbal exam, computer testing, control works and research tasks defences. Verbal questioning in the process of students' work in small groups in lectures and practical classes. During distance learning an interview with students during videoconferences is provided. Individual reports and written works have to be send through the Virtual Platform, or to the lecturer’s e-mail Distance learning classes will be at MS Teams and ZOOM platforms.
Критерії оцінювання результатів навчання: Assessment of students' knowledge is based on the implementation of tasks within the practical classes (current control) and the implementation of examination control. The teacher's decision to assess the level of knowledge and skills of the student identified during the tasks within the practical and seminar classes and examination control is evaluated on a national scale and a 100-point scale and translated into the ECTS scale according to the following translation scale: 100-88 points - grade A ("excellent") is given for a high level of knowledge (some inaccuracies are allowed) of the educational material of the module, contained in the main and additional recommended literature sources, the ability to analyze the studied phenomena in their relationship and development, clearly, concisely, logically, consistently answer the questions, the ability to apply theoretical positions in solving practical problems; 87–80 points - grade B (“very good”) is given for knowledge of the training material of the module above the average level, including calculations, reasoned answers to questions (a small number of inaccuracies), the ability to apply theoretical principles in solving practical problems; 79–71 points - grade C (“good”) is given for the general correct understanding of the training material of the module, including calculations, reasoned answers to the questions, which, however, contain certain (insignificant) shortcomings, for the ability to apply theoretical provisions during development. solving practical tasks; 70–61 points - grade D (“indirectly”) is given for mediocre knowledge of the educational material of the module, poorly argued answers, weak application of theoretical provisions in solving practical problems; 60-50 points - grade E ("satisfactory") is given for poor knowledge of the training material of the module, inaccurate or poorly reasoned answers, with a violation of the sequence of presentation, for poor application of theoretical principles in solving practical problems; 49–26 points - FX grade (“unsatisfactory” with the possibility of re-taking the exam or test) is given for ignorance of a significant part of the training material of the module, significant errors in answering questions, inability to apply theoretical positions in solving practical problems; 25–00 points - grade F (“unsatisfactory” with obligatory re-study of the module) is given for ignorance of a significant part of the educational material of the module, significant errors in answering questions, inability to navigate when solving practical problems, ignorance basic fundamental provisions. In proportion to the above-mentioned scale, the knowledge of the students is evaluated during the oral survey in practical classes and during the oral component of the exam. If the student revealed the topic of the report that he prepared for the practical classes, gave answers to additional questions, he receives 5 points, if there were minor flaws in the report - 4 points, if he did not manage to answer all the questions - 3 points, if there are significant flaws in the report and answers to questions - 2 points, if the topic of the report was partially disclosed and additional questions were not answered - 1 point. Each student must make at least 1 such report per semester. The oral examination is based on the lecture material. During the semester, each student must be interviewed at least 5 times and given 0-2 points according to his answers to the questions: 2 - all answers are correct, 1 - some answers are correct, others - incorrect or missing, 0 - no answers to any of the teacher's questions. Maximum – 10 points per semester. Obtaining points for solving practical taska assumes that the sudent takes a direct participation in this process during the practical classes: he dictates the formula, explains the input data and the subsequent course of solving the problem, makes calculations, answers the teacher's questions. Depending on the difficulty of the task and the amount of work performed, the teacher evaluates the student’s answer in 2-3 points - in total, the student can receive no more than 10 points during the semester, even if he has solved more tasks. The teacher conducts testing in a form that is convenient for him: self-work, tests in the Virtual Platform, or tests in the form of games (for example, Kahoot!). There should be at least 2 tests per semester. More tests are allowed, but the allocated points for the test should not exceed 10 in total. The exam contains 19 tasks of 3 difficulty levels: 3 tasks of 1 difficulty level of 1 point each, 13 tasks of 2 difficulty level of 3 points each, 3 practical tasks - 18 points.
Порядок та критерії виставляння балів та оцінок: Presentations at practical classes - 10 Solving practical tasks - 10 Testing - 10 Oral examination - 10 Current control Max = 40 Exam Written component - 50 Exam Verbal component - 10
Recommended books: - Fiscal and monetary policy: macroeconomic analysis and institutional environment: teaching. manual / E. V. Tkach, P. O. Nikiforov. Chernivtsi: Chernivtsi. national Univ. named after Yu. Fedkovicha. 2022. 240 p. - Glushchenko S. V. Monetary policy: theoretical and methodological aspects [Text]: academic. manual / S. V. Hlushchenko; National University "Kyiv-Mohylyan. Acad.". - Kyiv: NaUKMA, 2017. - 63 p. - Kolodizev O. M. Formation of the monetary policy of the national bank in the context of ensuring the sustainable development of the economy of Ukraine [Text]: monograph / Kolodizev O. M., Gubareva I. O., Ogorodnya E. M.; Kharkiv. national economy University named after Kuznets seeds. - Kharkiv: INZHEK, 2015. - 325 p. - Stelmakh V.S. Monetary policy of the National Bank of Ukraine: current state and prospects for changes: monograph / Stelmakh V.S. - K.: Center for Scientific Research of the NBU, UBS of the NBU, 2009. - 404 p. - Formation of the monetary economy and monetary policy of the National Bank of Ukraine in the context of the development of world economic theory [Text]: monograph / [Vol. Smovzhenko and others]; for sciences ed. Dr. Econ. Sciences, Prof. T. S. Smovzhenka, candidate economy of Science, Assoc. G. Ya. Steblii; National Bank of Ukraine, University Bank. affairs. - K.: UBS NBU, 2010. - 272 p.
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