Teaching

contact: fabio.canetg@vwi.unibe.ch | social media: twitter / linkedin / facebook / instagram | #SwissMonetaryPolicy

Monetary Policy in a New Era

Die Transmission: Vor der Finanz- und Wirtschaftkrise war Geldpolitik einfach. Im Wirtschaftsboom wurden die Zinsen erhöht und in der Krise gesenkt. Heute ist der Zinsspielraum ausgeschöpft. Die Geldpolitik wirkt deshalb fast nur noch über Anleihekaufprogramme (quantitative easing), Erwartungssteuerung (forward guidance) und Währungsmarktinterventionen.

Die Implementierung: Seither der Finanz- und Wirtschaftskrise hat die Schweizerische Nationalbank (SNB) verschiedene neue Instrumente zur Zinssteuerung genutzt. Dazu gehören die Negativzinsen, die umgekehrten Repo-Geschäfte (reverse repos) und SNB Bills. Diese Instrumente beeinflussen den Geldmarktzins auf eine völlig neue Art.

Die Zukunfsaussichten: Die Forschung (bspw. Schmitt-Grohé und Uribe, 2017) zeigt, dass das weltweit verbreitete geldpolitische Konzept des Inflation Targeting systematisch den Zinsspielraum der Notenbanken verkleinert. Die geldpolitische Herangehensweise trägt so dazu bei, dass die Zinsen noch immer tief sind. Über alternativen Herangehensweisen wird bereits diskutiert, beispielsweise bei der Bank of Canada und der US-Notenbank Fed.

Fabio Canetg Monetary Policy In a New Era.pdf

Macroeconomics

International Monetary Economics, University of Bern (spring semester 2017, 2018, 2019), Master course (9. semester) by Prof. Harris Dellas (University of Bern) and Prof. Pierpaolo Benigno (LUISS Guido Carli, Rom).

This course covered several key issues in international macroeconomics. I designed & thought a weekly exercise session in which students learned how to use dynamic stochastic general equilibrium (DSGE) models to study questions related to the determination of the current account, the real and nominal exchange rate, sovereign debt and sovereign default, and exchange rate regimes.

Macroeconomics and International Economics, University of Bern (spring semester 2018), Master course (9. semester) by Prof. Fabrice Collard (Toulouse School of Economics) and Prof. Harris Dellas (University of Bern).

In this course, students had to replicate a theoretical macro paper. I covered practical and theoretical aspects of simulating dynamic stochastic general equilibrium (DSGE) models on a computer. This included the derivation of a linearized and deflated model representation as well as the estimation and simulation in MATLAB and Dynare. I also supported the students in preparing a presentation and writing an essay.

Macroeconomics I, University of Bern (fall semester 2014), Bachelor course (3. semester) by Prof. Carlos Lenz (Swiss National Bank).

This is the advanced macroeconomics course in the bachelor's program in economics at the University of Bern. I tought the exercise sessions in which I had to cover topics such as intertemporal consumption/savings decisions, the Phillips curve, sovereign debt and Riccardian equivalence, exchange rate regimes and the Mundell-Fleming model, and the Solow model.

Introductury Macroeconomics, University of Bern (spring semester 2015), Bachelor course (2. semester) by Prof. Carlos Lenz (Swiss National Bank).

This is the introductury macroeconomics course in the bachelor's program in economics at the University of Bern. Bachelor course (2. semester) by Prof. Dr. Carlos Lenz (Swiss National Bank). I tought the exercise sessions in which I had to cover topics such as the IS/LM model, the AS/AD model, and monetary policy during and after the Great Financial Crisis.

Financial Economics

Instruments of Financial Markets, Study Center Gerzensee (fall semester 2018, 3 weeks), Central bankers' course by Prof. Michel Habib (University of Zurich) et. al.

This course covered various instruments of financial markets. I thought a daily exercise session in which I thought students about futures pricing, arbitrage strategies, and bond yields.

Computational Economics

Doing Economics With The Computer, University of Bern (fall semester 2018), Bachelor course (5. semester) by Prof. Harris Dellas (University of Bern).

In this course, students learned how to use Excel, Dynare, and MATLAB to solve economic problems. I thought the sessions about MATLAB. Also, I prepared and corrected a take-home exercise on optimization and valuation in MATLAB.

Published Teaching Materials

Volkswirtschaftslehre (Brunetti, 2015) - VWL plus: Unkonventionelle Geldpolitik (Link)

Volkswirtschaftslehre (Brunetti, 2015) - VWL plus: Wechselkurskonzepte und Wechselkursregime (Link)

Volkswirtschaftslehre (Brunetti, 2015) - VWL plus: Nachfragekurve: Nutzen und Budget (Link)

Volkswirtschaftslehre (Brunetti, 2015) - VWL plus: Der keynesianische Multiplikator (Link)

Volkswirtschaftslehre (Brunetti, 2015) - VWL plus: Die Zahlungsbilanz (Link)

Fabio Canetg Der keynesianische Multiplikator.pdf