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Econ-614 Topics in Monetary Economics
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Campus
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NBS
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Programs
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PG
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Session
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Fall Semester 2016
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Course Title
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Topics in Monetary Economics
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Course Code
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Econ-614
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Credit Hours
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3.0
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Pre-Requisutes
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Course Objectives
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This course will survey recent theoretical work in monetary economics after a brief introduction to some stylized facts associated with money and the business cycle.
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Detail Content
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- Basic Concepts
- Why study Monetary Economics
- What is Money
- Functions of Money
- Definition of Money
- The Demand for Money
- Quantity Theory of Money
- Cambridge Approach to Quantity Theory
- Keynes’s Liquidity Preference Theory
- Baumol-Tobin Inventory – Theoretic Model
- Tobin’s Portfolio Model
- Friedman’s Modern Quantity Theory of Money
- Empirical Evidence on the Demand for Money
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Readings: Mishkin, Ch. 19
Bain and Howells, Ch. 3
Stephen Goldfeld; The Demand for Money Revisited”, 1973 Stephen Goldfeld; “The case of Missing Money”, 1976
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- The Supply of Money
- Multiple Deposit Creation
- Money Supply Model and Money Multiplier
- Determinants of Money Multiplier
- Determination of Money Supply
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Readings: Mishkin, Ch. 13+14
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- Money and Inflation
- Monetarist vs Structuralist views on Inflation
- Inflation –Unemployment Trade –
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Milton Friedman: AER, March 1968
Robert J. Gordon: “Recent Developments in the Theory of Inflation and Unemployment”, AER, 1971
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- Design and Conduct of Monetary Policy
- The Role of Central Bank
- Tools of Monetary Policy
- Objectives of Monetary Policy
- Price Stability
- Promoting Economic Growth
- High Employment
- Monetary Targeting
- Inflation Targeting
- Choosing the Policy Instrument
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Readings: Mishkin, Ch 15& 16
Mohsin S. Khan, “The Design and Conduct of Monetary Policy”, March 2010
Bain & Howells: Ch. 8
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- Monetary Policy in an Open Economy
- Monetary Policy in Fixed Exchange Rate Regime
- Monetary Policy in Floating Exchange Rate Regime
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Bain & Howells: Ch. 7 |
- Relationship between Monetary and Fiscal Policy
- Government Budget Constraint
- Fiscal and Monetary Policy and the Effects of Budget Deficit
- Coordination of Fiscal and Monetary Policy
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Reading: Craig Burnside edited: Fiscal Sustainability in Theory and Practice; Ch. 2
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- Monetary Policy in Pakistan Various Monetary Policy Statements of SBP
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Text/Ref Books
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- Frederic S. Mishkin, The Economics of Money, Banking , and Financial Markets – Eight Edition, Addison – Wesley Series in Economics; 2007
- Keith Bain and Peter Howells; Monetary Economics. Policy and its Theoretical Basis, 2nd Edition, Palgrave Macmillan, 2009
- Stephen Goldfeld; The Demand for Money Revisited”, Brookings Papers on Economic Activity, 3: 1973.
- Stephen Goldfeld; “The Case of Missing Money”, Brookings Papers on Economic Activity; 3: 1976.
- Milton Friedman; “The Role of Monetary Policy”, American Economic Review, March 1968.
- Robert J. Gordon; “Recent Developments in the Theory of Inflation and Unemployment;” Journal of Monetary Economics April 1976.
- James Tobin; “Inflation and Unemployment”, American Economic Review, May 1972.
- Mohsin S. Khan, “Design and Conduct of Monetary Policy: Lessons for Developing Countries” Quaid-i-Azam lecture delivered at the 25th Annual General Meeting of the Pakistan Society of Development Economics, Islamabad March 2010.
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Time Schedule
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Fall Semester, 2011
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Faculty/Resource Person
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Dr. Ashfaque Hasan Khan
Ph.D (Economics), The Johns Hopkins University, USA
Discipline: Economics
Specialization: Macroeconomics, Money, Econometrics
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