Economics 470/570 - Monetary Theory and Policy

Syllabus for Summer 2014

Course: ECO S350K - Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: M-Th 1:00-2:00
Email: [email protected]
Web Page: http://economistsview.typepad.com/economics470/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 10th edition.

Prerequisites: Intermediate Macroeconomics

Tests: There will be a midterm and a final. The final is comprehensive.

Homework: Problem sets will be assigned periodically. These will not be graded, but exam questions will be based, in part, upon the problem sets.

Grading: The midterm is worth 40% each, and the final is worth 60%.  Grades will be assigned according to your relative standing in the class.

Students with Disabilities: If you have a documented disability and anticipate needing accommodations in this course, please make arrangements with me during the first week of the term.

Course Outline:

Introduction	Mishkin Text
Why Study Money, Banking, and Financial Markets?	Ch. 1
An Overview of the Financial System	Ch. 2, pgs 25-27, 36-41
What is Money	Ch. 3
Understanding Interest Rates	Ch. 4,  pgs. 81-84
Central Banking and Monetary Policy
Central Banks and the Federal Reserve System	Ch. 13
The Money Supply Process	Ch. 14
Tools of Monetary Policy	Ch. 15
The Conduct of Monetary Policy	Ch. 16
Monetary Theory
Money Demand, the Quantity Theory,  and Inflation	Ch. 19
The IS Curve	Ch. 20
Monetary Policy and AD Curves	Ch. 21
The AS-AD Model	Ch. 22
Monetary Policy Theory	Ch. 23
The Role of Expectations in Monetary Policy	Ch. 24

Syllabus for Winter 2014

Course: Economics 470/570 Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: PLC 471 on T/Th 2:30 p.m.-3:30 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://pages.uoregon.edu/mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 10th edition.

Prerequisites: Economics 313 and 320, or the equivalent.

GTF/Office/Hours/Email: Gulcan Cil, PLC 430, Th 9-10 am, [email protected].

Tests: There will be two midterms and a final. The midterms will be given on Thursday, January 30^th and Thursday, February 27^th, and the final will be given on Thursday, March 20^th from 1:00 p.m. – 3:00 p.m. The final is comprehensive.

Homework: Problem sets will be assigned periodically. These will not be graded, but exam questions will be based, in part, upon the problem sets.

Grading: The midterms are worth 25% each, and the final is worth 50%.  Grades will be assigned according to your relative standing in the class.

Students with Disabilities: If you have a documented disability and anticipate needing accommodations in this course, please make arrangements with me during the first week of the term. Please request that the counselor for students with disabilities (164 Oregon Hall) send me a letter verifying your disability.

Course Outline:

Introduction	Mishkin Text
Why Study Money, Banking, and Financial Markets?	Ch. 1
An Overview of the Financial System	Ch. 2
What is Money	Ch. 3
Understanding Interest Rates	Ch. 4,  pgs. 81-84
Central Banking and Monetary Policy
Central Banks and the Federal Reserve System	Ch. 13
The Money Supply Process	Ch. 14
Tools of Monetary Policy	Ch. 15
The Conduct of Monetary Policy	Ch. 16
Monetary Theory
Money Demand, the Quantity Theory,  and Inflation	Ch. 19
The IS Curve	Ch. 20
Monetary Policy and AD Curves	Ch. 21
The AS-AD Model	Ch. 22
Monetary Policy Theory	Ch. 23
The Role of Expectations in Monetary Policy	Ch. 24

Syllabus for Fall 2012

Course: Economics 470/570 Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: PLC 471 on M/W 1:30 p.m.-2:30 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://pages.uoregon.edu/mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 10th edition.

Prerequisites: Economics 313 or the equivalent.

GTF/Office/Hours/Email: Adam Check, TBA, TBA, [email protected].

Tests: There will be a midterm and a final. The midterm will be given on Thursday, October 25^th, and the final will be given on Thursday, December 6^th from 1:00 p.m. – 3:00 p.m. The final is comprehensive.

Homework: Problem sets will be assigned periodically. These will not be graded, but exam questions will be based, in part, upon the problem sets.

Grading: The midterm is worth 40%, and the final is worth 60%.  Grades will be assigned according to your relative standing in the class.

Students with Disabilities: If you have a documented disability and anticipate needing accommodations in this course, please make arrangements with me during the first week of the term. Please request that the counselor for students with disabilities (164 Oregon Hall) send me a letter verifying your disability.

Course Outline:

Introduction	Mishkin Text
Why Study Money, Banking, and Financial Markets?	Ch. 1
An Overview of the Financial System	Ch. 2
What is Money	Ch. 3
Understanding Interest Rates	Ch. 4,  pgs. 81-84
Central Banking and Monetary Policy
Central Banks and the Federal Reserve System	Ch. 13
The Money Supply Process	Ch. 14
Tools of Monetary Policy	Ch. 15
The Conduct of Monetary Policy	Ch. 16
Monetary Theory
Money Demand, the Quantity Theory,  and Inflation	Ch. 19
The IS Curve	Ch. 20
Monetary Policy and AD Curves	Ch. 21
The AS-AD Model	Ch. 22
Monetary Policy Theory	Ch. 23
The Role of Expectations in Monetary Policy	Ch. 24

Syllabus for Fall 2011

Course: Economics 470/570 Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: PLC 471 on T/Th 11:30 a.m.-12:30 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://pages.uoregon.edu/mthoma/

Text: Stephen Cecchetti and Kermit Schoenholtz, Money, Banking, and Financial Markets, 3rd edition (McGraw Hill).

Prerequisites: Economics 313 or the equivalent.

GTF/Office/Hours: Scott Mildrum, PLC xxx, tba, [email protected]

Tests: There will be two midterms and a final. The midterms will be given on Thursday, October 20^th and on Tuesday, November 15^th. The final will be given on Monday, December 5^th from 1:00 p.m. – 3:00 p.m. 

Homework: Problem sets will be assigned periodically. These are graded, and exam questions will be based, in part, upon the problem sets. I will explain more about how the problem sets will be graded in class.

Grading: The midterms are worth 40% (20% each), the homework counts as 20%, and the final is worth 40%.  Grades will be assigned according to your relative standing in the class.

Students with Disabilities: If you have a documented disability and anticipate needing accommodations in this course, please make arrangements with me during the first week of the term. Please request that the counselor for students with disabilities (164 Oregon Hall) send me a letter verifying your disability.

Course Outline:

Introduction	Text Chapters
Introduction; Money and the Payments System	Ch. 2
Financial Instruments, Markets, and Institutions	Ch. 3, 4 (pgs. 86-90)
The Economics of Financial Intermediation	Ch. 11
Central Banking and the Conduct of Monetary Policy
Structure of Central Banks and the Federal Reserve System	Ch. 16
Multiple Deposit Creation and the Money Supply Process	Ch. 17
Tools of Monetary Policy	Ch. 18
Monetary Theory
Money Growth, Money Demand, and Monetary Policy	Ch. 20
Output, Inflation, and Monetary Policy	Ch. 21
Understanding Business Cycle Fluctuations	Ch. 22
The Challenges Facing Central Bankers (time permitting)	Ch. 23

Syllabus for Fall 2010

Course: Economics 470/570 Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: PLC 471 on T/Th 11:30 a.m.-12:30 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://darkwing.uoregon.edu/~mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 9th edition (Pearson).

Prerequisites: Economics 313 or the equivalent.

GTF/Office/Hours: Rich Higgins, PLC 406, T 1-3 p.m., [email protected]

Tests: There will be a midterm and a final. The midterm will be given on Tuesday, November 2^nd, and the final will be given on Wednesday, December 8^th from 8:00 a.m. – 10:00 a.m. 

Homework: Problem sets will be assigned periodically. These are graded, and exam questions will be based, in part, upon the problem sets. I will explain more about how the problem sets will be graded in class.

Grading: The midterm is worth 35%, the homework counts as 15%, and the final is worth 50%.  Grades will be assigned according to your relative standing in the class.

Students with Disabilities: If you have a documented disability and anticipate needing accommodations in this course, please make arrangements with me during the first week of the term. Please request that the counselor for students with disabilities (164 Oregon Hall) send me a letter verifying your disability.

Course Outline:

Introduction	Mishkin Text
Introduction	Ch. 1, 2
The Role of Money in the Macroeconomy	Ch. 3, Ch. 4 pgs. tba
Central Banking and the Conduct of Monetary Policy
Structure of Central Banks and the Federal Reserve System	Ch. 12
Multiple Deposit Creation and the Money Supply Process	Ch. 13
Determinants of the Money Supply	Ch. 14
Tools of Monetary Policy	Ch. 15
Monetary Theory
The Demand for Money	Ch. 19
The Keynesian Framework	Ch. 20
Monetary and Fiscal Policy	Ch. 21
The AS-AD Model	Ch. 22
Money and Inflation	Ch. 24
Rational Expectations: Theory and Policy Implications	Ch. 25

Syllabus for Fall 2009

Course: Economics 470/570 Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: PLC 471 on T/Th 11:30 a.m.-12:30 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://darkwing.uoregon.edu/~mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 9th edition (Pearson).

Prerequisites: Economics 313 or the equivalent.

GTF/Office/Hours: Mark Ryan, PLC 405, W/Th 3-4 p.m., [email protected]

Tests: There will be a midterm and a final. The midterm will be given on Thursday, November 5^th, and the final will be given on Tuesday, December 8^th from 8:00 a.m. – 10:00 a.m. 

Homework: Problem sets will be assigned periodically. These are graded, and exam questions will be based, in part, upon the problem sets.

Grading: The midterm is worth 35%, the homework counts as 20%, and the final is worth 45%.  Grades will be assigned according to your relative standing in the class.

Course Outline:

Introduction	Mishkin Text
Introduction	Ch. 1, 2
The Role of Money in the Macroeconomy	Ch. 3, Ch. 4 pgs. tba
Central Banking and the Conduct of Monetary Policy
Structure of Central Banks and the Federal Reserve System	Ch. 12
Multiple Deposit Creation and the Money Supply Process	Ch. 13
Determinants of the Money Supply	Ch. 14
Tools of Monetary Policy	Ch. 15
Monetary Theory
The Demand for Money	Ch. 19
The Keynesian Framework	Ch. 20
Monetary and Fiscal Policy	Ch. 21
The AS-AD Model	Ch. 22
Money and Inflation	Ch. 24
Rational Expectations: Theory and Policy Implications	Ch. 25

Syllabus for Fall 2008

[Syllabus in pdf format]

Course: Economics 470/570 Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: PLC 471 on T/Th 2:00-3:00 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://darkwing.uoregon.edu/~mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 8th edition (Addison Wesley: New York).

Prerequisites: Economics 313 or the equivalent.

GTF/Office/Hours: Isaac Swenson: [email protected], PLC 507, M/W: 3:30-4:30. 

Tests: There will be two midterms and a final. The midterms will be given on Tuesday, October 21^st and Tuesday, November 18^th. The final will be given on Monday, December 8^th from 8:00 a.m. – 10:00 a.m. 

Homework: Problem sets will be assigned periodically. These are graded, and exam questions will be based, in part, upon the problem sets.

Grading: Each midterm is worth 25%, the homework counts as 15%, and the final is worth 35%.  Grades will be assigned according to your relative standing in the class.

Course Outline:

Introduction	Mishkin Text
Introduction	Ch. 1, 2
The Role of Money in the Macroeconomy	Ch. 3, Ch. 4 pgs. 87-90
Central Banking and the Conduct of Monetary Policy
Structure of Central Banks and the Federal Reserve System	Ch. 12
Bank Reserves and the Money Supply	Ch. 13
Determinants of the Money Supply	Ch. 14
Tools of Monetary Policy	Ch. 15
Monetary Theory
The Demand for Money	Ch. 19
The Keynesian Framework	Ch. 20
Monetary and Fiscal Policy	Ch. 21
The AS-AD Model	Ch. 22
Money and Inflation	Ch. 24
Rational Expectations: Theory and Policy Implications	Ch. 25

Syllabus for Winter 2007

[Syllabus in pdf format]

Monetary Theory and Policy
Course: Economics 470/570
Professor: Mark Thoma
Office/Hours: PLC 471 on M/W 12:00-1:00 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://darkwing.uoregon.edu/~mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 7th edition (Addison Wesley: New York).

Prerequisites: Economics 313 or the equivalent.

GTF, Office Hours, Location, and Email Address:

GTF: Beilei Cai
Office: PLC 446
Office Hours: T/Th 1:00-2:00 p.m. and by appointment
[email protected]

Tests and Grading: There will be two midterm exams and a final.  The midterms will be given Wednesday, January 31^st and Monday, February 26^th.  The final will be given on Friday, March 23^rd from 10:15 a.m. – 12:15 p.m.  No make-up exams will be given.  Each midterm is worth 30% and the final is worth 40%.  Grades will be assigned according to your relative standing in the class.

Homework: Problem sets will be assigned periodically. These are not graded, but it is strongly recommended that you do them since exam questions will be based, in part, upon the problem sets.

Course Outline:

Introduction	Mishkin Text
Introduction	Ch. 1, pgs. 8-13
The Role of Money in the Macroeconomy	Ch. 3, Ch. 4 pgs. 87-90
Central Banking and the Conduct of Monetary Policy
Structure of Central Banks and the Federal Reserve System	Ch. 12
Bank Reserves and the Money Supply	Ch. 13
Determinants of the Money Supply	Ch. 14
Tools of Monetary Policy	Ch. 15
Monetary Theory
The Demand for Money	Ch. 19
The Keynesian Framework	Ch. 20
Monetary and Fiscal Policy	Ch. 21
The AS-AD Model	Ch. 22
Money and Inflation	Ch. 24
Rational Expectations: Theory and Policy Implications	Ch. 25

Syllabus for Fall 2006

[Syllabus in pdf format]

Monetary Theory and Policy
Course: Economics 470/570
Professor: Mark Thoma
Office/Hours: PLC 471 on T/Th 10:45-11:45 a.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://darkwing.uoregon.edu/~mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 7th edition (Addison Wesley: New York).

Prerequisites: Economics 313 or the equivalent.

GTF, Office Hours, Location, and Email Address:

Eric Gaus
PLC 516
Wed 10-12
[email protected]

Tests and Grading: There will be two midterm exams and a final.  The midterms will be given Tuesday, October 17^th and Thursday, November 9^th.  The final will be given on Friday, December 8^th from 8:00 a.m. – 10:00 a.m.  No make-up exams will be given.  Each midterm is worth 30% and the final is worth 40%.  Grades will be assigned according to your relative standing in the class.

Homework: Problem sets will be assigned periodically. These are not graded, but it is strongly recommended that you do them since exam questions will be based, in part, upon the problem sets.

Course Outline:

Introduction	Mishkin Text
Introduction	Ch. 1, pgs. 8-13
The Role of Money in the Macroeconomy	Ch. 3, Ch. 4 pgs. 87-90
Central Banking and the Conduct of Monetary Policy
Structure of Central Banks and the Federal Reserve System	Ch. 12
Bank Reserves and the Money Supply	Ch. 13
Determinants of the Money Supply	Ch. 14
Tools of Monetary Policy	Ch. 15
Monetary Theory
The Demand for Money	Ch. 19
The Keynesian Framework	Ch. 20
Monetary and Fiscal Policy	Ch. 21
The AS-AD Model	Ch. 22
Money and Inflation	Ch. 24
Rational Expectations: Theory and Policy Implications	Ch. 25

Syllabus for Summer 2006

[Syllabus in pdf format]

Monetary Theory and Policy
Course: Economics 470/570
Professor: Mark Thoma
Office/Hours: PLC 471 on T/W/Th 10:00-11:00 a.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://darkwing.uoregon.edu/~mthoma/

Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 7th edition (Addison Wesley: New York).

Prerequisites: Economics 313 or the equivalent.

GTF, Office Hours, Location, and Email Address:

To be announced on web site

Tests and Grading: There will be two midterm exams and a final.  The midterms will be given Tuesday, August 1^st and Wednesday, August 9^th.  The final will be given on Thursday, August 17^th from 10:15 a.m. – 12:15 p.m.  No make-up exams will be given.  Each midterm is worth 30% and the final is worth 40%.  Grades will be assigned according to your relative standing in the class.

Homework: Problem sets will be assigned periodically. These are not graded, but it is strongly recommended that you do them since exam questions will be based, in part, upon the problem sets.

Course Outline:

Introduction	Mishkin Text
Introduction	Ch. 1, pgs. 8-13
The Role of Money in the Macroeconomy	Ch. 3, Ch. 4 pgs. 79-82
Central Banking and the Conduct of Monetary Policy
Structure of Central Banks and the Federal Reserve System	Ch. 14
Bank Reserves and the Money Supply	Ch. 15
Determinants of the Money Supply	Ch. 16
Tools of Monetary Policy	Ch. 17
Monetary Theory
The Demand for Money	Ch. 22
The Keynesian Framework	Ch. 23
Monetary and Fiscal Policy	Ch. 24
The AS-AD Model	Ch. 25
Money and Inflation	Ch. 27
Rational Expectations: Theory and Policy Implications	Ch. 28

Syllabus for Winter 2006

Course: Economics 470/570 - Monetary Theory and Policy
Professor: Mark Thoma
Office/Hours: PLC 471 on M/W 12:30-1:30 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://economistsview.typepad.com/economics470/

Text: Principles of Money, Banking, and Financial Markets, 11th edition, by Ritter, Silber, and Udell, Pearson Addison-Wesley.
Alternate Text: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 7th edition (Addison Wesley: New York).

Prerequisites: Economics 313 or the equivalent.

GTF, Office Hours, Location, and Email Address:

Matt Miller    T/Th  3:30-4:30  and  F  1:00-2:00    PLC 504    [email protected]

Tests and Grading: There will be two midterm exams and a final. The midterms will be given Monday, February 6th and Monday, February 27th. The final will be given on Tuesday, March 21st at 10:15 a.m. No make-up exams will be given. Each midterm is worth 30% and the final is worth 40%. Grades will be assigned according to your relative standing in the class.

Homework: Problem sets will be assigned periodically. These are not graded, but it is strongly recommended that you do them since exam questions will be based upon the problem sets.

Tentative Course Outline:

Introduction	Ritter, Silber, Udell	Mishkin
Introduction	ch. 1
Money in the Macroeconomy	ch. 2, 4, pgs. 63-64	ch. 3
Banks and Other Intermediaries
Financial Intermediation	class notes
The Conduct of Monetary Policy
The Federal Reserve System	ch. 17	ch. 14
Bank Reserves and the Money Supply	ch. 18	ch. 15
Instruments of Monetary Policy	ch. 19	ch. 16
Monetary Policy Strategy	ch. 21	ch. 17

Monetary Theory
The Classical Foundations	ch. 22	ch. 22
The Keynesian Framework	ch. 23	ch. 23
The IS-LM Model	ch. 24
Short-Run Stabilization Policy	ch. 25	ch. 24
The AS-AD Model and Stabilization	ch. 26	ch. 25
Rational Expectations	ch. 27	ch. 27, 28

Syllabus for Winter 2005

Monetary Theory and Policy

Course: Economics 470/570
Professor: Mark Thoma
Office/Hours: PLC 471 on M/W 12:00-1:00 p.m.
Phone/Email: (541) 346-4673, [email protected]
Web Page: http://mthoma.uoregon.edu/Economics470/

Text: Principles of Money, Banking, and Financial Markets, 11^th edition, by Ritter, Silber, and Udell, Pearson Addison-Wesley.

Prerequisites: Economics 313 or the equivalent.

GTF, Office Hours, Location, and Email Address:

Beilei Cai T/Th 12:00-1:00 PLC 537 [email protected]

Tests: There will be two midterm exams and a comprehensive final. The midterms will be given Monday, January24th and Monday, February 21st, and the final exam will be given on Monday, March 14th at 10:15 a.m. No make-up exams will be given. If you cannot take the midterms and the final exam on the scheduled dates, please do not sign up for the class.

Homework: Problem sets will be assigned periodically. These are not graded, but it is strongly recommended that you do them.

Grading: Grades will be assigned according to your relative standing in the class. The midterms are worth 30% each and the final is worth 40%.

Tentative Course Outline:

Introduction

Introduction (ch. 1 )

The Role of Money in the Macroeconomy (ch. 2, 4, pgs. 63-64)

Banks and Other Intermediaries

Financial Intermediation class notes

Central Banking and the Conduct of Monetary Policy

Structure of Central Banks and the Federal Reserve System (ch. 17)

Bank Reserves and the Money Supply (ch. 18)

The Instruments of Central Banking (ch. 19)

Monetary Policy Strategy (ch. 21)

Monetary Theory

The Classical foundations (ch. 22)

The Keynesian Framework (ch. 23)

The IS-LM Model (ch. 24)

Short-Run Stabilization Policy (ch. 25)

The AS-AD Model and Stabilization Policy (ch. 26)

Rational Expectations: Theory and Policy Implications (ch. 27)

Empirical Evidence on Monetary Policy Effectiveness (ch. 28)