© 2019 by Pınar Yeşin

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Swiss National Bank, International Policy Analysis

Boersenstrasse 15, P.O.Box, CH-8022 Zurich, Switzerland

pinar.yesin -at- snb.ch , ++41-58-631-3969


Monetary Macroeconomics - Spring 2019

Course information

Course syllabus

Final exam on June 21




Lecture 1  on February 22

Lecture 2   on March 1

Lecture 3  on March 8

Lecture 4  on March 15

Lecture 5 on March 22

Lecture 6 on March 29

Lecture 7 on April 5

Lecture 8 on April 12

Lecture 9 on May 3

Lecture 10 on May 10

Lecture 11 on May 17

Lecture 12 on May 24

Review on May 31



"Some Monetary Facts" by George Mccandless Jr and Warren Weber , 1995, Quarterly Review, Vol. 19, No. 3, Federal Reserve Bank of Minneapolis 



Big Mac purchasing power parity index of the Economist 


Nobel prize lecture by Robert E. Lucas, Jr on Monetary Neutrality


Swiss National Bank in Brief (pages 1-20)

Speech by Andréa M. Maechler (pages 1-4)

Suggested reading

"Monetary facts revisited" by Pavel Gertler and Boris Hofmann, BIS Working Paper, No. 566, June 2016


"Money is memory" by Narayana Kocherlakota, Journal of Economic Theory, 1998

"Should Amazon and Google pay us for our data?" by Gillian Tett, FT Opinion, 26 September 2018 

"How Big Tech brought back the barter economy", by Gillian Tett, FT Opinion, 18 April 2018

The Indian coin that set off millions of messages", by Justin Rowlatt, BBC Online, 21 February 2018

Correlation does not imply causality, charts at tylervigen.com 

Money in the digital age: what role for central banks?

Lecture by Agustín Carstens, General Manager of the BIS, 2018

National Bank Act 

Guidelines of the Swiss National Bank on monetary instruments

"Bank runs, deposit insurance and liquidity" by Douglas Diamond and Philip Dybvig, Journal of Political Economy, Vol. 91(3).

"Some unpleasant monetarist arithmetic"  by Thomas Sargent and Neil Wallace, Federal Reserve Bank Quarterly Review, No. 531, 1981.

"On the determinants of Original Sin: an empirical investigation" by Ricardo Hausmann and Ugo Panizza, Journal of International Money and Finance, 2003.