Monetary Policy & Monetary Analysis

Investigate the analytical and empirical tools available from macroeconomics and econometrics to understand the role of monetary policy and how it is implemented.

This module emphasises the interaction between the financial system and the macroeconomy, and critiques policy responses following the Global Financial Crisis. You will cover topics including optimal inflation targeting, quantitative easing, the credit cycle, global financial imbalances, and unconventional monetary policy-making in practice.

Through these topics, you will learn the use of basic econometric tools for monetary policy, such as the linear regression model, basic time series models, vector autoregression, and forecasting in monetary policy.

  • Start Date June 2027
  • Duration 17 weeks
  • Location Online
  • Format Part-time
  • Fees £4,145 *
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* See fees and funding for fees breakdown.

Key benefits

  • Econometric tools - Learn the use of basic econometric tools.
  • Monetary policy - Understand how and why specific monetary policy is implemented.
  • Quantitative easing - Understand the effects of quantitative easing and the use of negative interest rates.
  • Accredited award - Gain a Postgraduate Award upon successful completion.
  • Immediate application - studying while working allows you to implement your new learning into your role.
  • Flexibility - the part-time and online nature of the module allows you to study around your commitments.
  • Best practice - bring the latest tools, ideas and best practice back to your organisation.
  • Career development - take advantage of support in areas such as Career Management and Pay Negotiation.

Faculty

Built with industry professionals in mind and delivered by academics from Warwick Business School alongside policy experts from the Bank of England, and beyond. Our faculty are constantly striving for excellence in everything they do, from the latest ground-breaking research impacting society, to inspiring our participants.

"This module explores the theoretical and empirical tools for monetary policy. We focus on both positive and normative aspects of policy, drawing on case studies from central banks around the world. We examine key issues in monetary policy including: trend-cycle decompositions, inflation targeting, monetary policy rules, external supply shocks and macro forecasting."

Shaun Vahey Professor of Economic Modelling and Forecasting, Finance group

Hear from industry experts

This module is led by Shaun Vahey (Professor of Economic Modelling and Forecasting, WBS). You will also hear from a range of speakers, including:

  • Huw Pill (Chief Economist and Executive Director for Monetary Analysis and Research, Bank of England)
  • James Bell (Executive Director for Communication, and Former Director for Monetary Analysis, Bank of England)
  • Michael Joyce (Adviser in the Macro Financial Analysis Division, Bank of England)
  • Silvia Miranda-Agrippino (Senior Research Economist in Monetary Analysis, Bank of England)
  • Paul Fisher (Former Executive Director, Bank of England).

Postgraduate Award fees (June 2027 intake)

  • Individual module £4,145

No deposit is due and payment will be due on invoice. The invoice will be issued a week before the start of your module.

What’s included

  • Registration
  • Tuition
  • Examination
  • Graduation ceremony

What’s not included

  • Study materials
  • Residential accommodation
  • Re-examination re-sits
  • Meals
  • Travel
  • Graduation robes and photographs

Funding your degree

WBS Scholarships

WBS scholarships are designed to promote excellence as well as support diversity and inclusion. This helps to create a rich learning environment within each of our cohorts to ensure your learning experience at WBS is maximised.

We have merit-based scholarship funding available to strong candidates for up to 25% of the tuition fees. Scholarships are awarded on an ongoing basis, so applying early may give you a stronger chance of being successful.  

Applying for a scholarship 

If you're self-funding or partially employer-funded, and are interested in applying for a scholarship, you will need to submit a written statement (up to 500 words) with your application outlining why you believe you should be awarded a scholarship, taking the elements listed below into consideration. 

  • Evidence of individual impact
  • Alignment with WBS’ core values – Curiosity, Openness, Restlessness and Excellence
  • A desire to make a positive difference in your role, your organisation, or beyond 
  • A willingness to fulfil future ambassadorial duties for the School.  Successful applicants are expected to work closely with the marketing and recruitment teams in attracting future talent onto the programme.

Bursaries

As part of the collaboration between WBS and the Bank of England to support technical co-operation and to create a constituency for good financial regulation, we are pleased to offer a number of 66% tuition‑fee bursaries for our Postgraduate Awards. These bursaries are available to eligible candidates working in central banks or regulatory bodies.

The bursaries are available for all upcoming intakes, and applicants may choose any module leading to a Postgraduate Award qualification. 

For more information on our bursaries and how to apply, please reach out to us at onlinemasters-info@wbs.ac.uk.

Download our bursary brochure.

Deadlines for June 2027 bursary application: 6 April 2027

How to apply

We are delighted that you are interested in studying with us. We recommend you apply early as demand for this programme is high and if you wish to be considered for a scholarship an early application is advisable.

If you want to understand whether you will meet our entry requirements then you can submit your CV to onlinemasters-info@wbs.ac.uk for a pre-check.

Please note: If you have previously studied for a Postgraduate Award on the Global Central Banking and Financial Regulation programme, and would like to undertake a further module, or build up to a higher qualification level, then you do not need to submit a new application. Simply email us at onlinemasters-info@wbs.ac.uk and let us know which module you would like to study next and we will begin the process.

Application deadlines for Monetary Policy & Monetary Analysis
(June 2027 intake)
Round 1 –  Monday 1 March 2027
Final – Monday 3 May 2027

Our application process

1 Meet us

Meet us either online or in-person to discuss your career plans and whether an individual module or the full MSc is right for you.

2 Prepare your application

Follow our top tips for writing your application and include references, CV, transcripts, and statement of purpose. 

4 Post-application

Once you’ve submitted your application with all supporting documents the processing time is usually between 4-8 weeks, however please be aware that processing times do vary and may take longer during busier periods.

5 Application decision

If your application is approved, the University will make an official offer of a place on the course. There will normally be a time limit to accept this. 

Offers may be conditional on you meeting academic, language, or other requirements. Don't worry about this - many students have conditional offers. Once you have met your conditions, the offer will automatically be made unconditional. 

6 Reply to your offer

To accept your place on the programme, you must respond by returning the Offer Response form by the deadline stipulated in your Offer Letter.

The selection process

Applications are handled via our online application system. You will need to fill out the application form and provide evidence of the prerequisite requirements that are relevant to you. 

Your file will be reviewed by the Selection Committee and depending on which qualification level you apply for, you may be invited to a video interview. The interview is used to inform the Selection Committee and enables us to better understand what you want to achieve and to make sure we can offer what you are looking for. If you have been successful you will receive an offer letter and be required to complete the offer response form within the deadline stated on your letter.

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