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This course introduces students to the challenges of central banking in emerging economies while exploring its traditional as well as non-traditional role in economic management. The course topics include monetary policy and transmission mechanism, exchange rate policy, interest rate corridor, role of central bank in economic development, fiscal dominance, and financial stability. It also analyzes the implications of quantitative easing, fiscal stimulus, and austerity measures for emerging markets along with new developments like central bank digital currencies and central banking during the Covid crisis. Calculus and econometrics are desired but not necessary. This course is open to enrollment by MIEF students only.