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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
- Demand and Supply of Money
- Money, Credit and Financial Intermediation
- Role of Money in Macroeconomics
- Classical Model
- Keynesian Revolution
- Neutrality vs Non-Neutrality of Money
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- McCallum: Ch. 5
- McCallum (1987)
- AER, May 1987
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- Money in the Growth Model
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- Tobin, Econometrica, Oct. 1965
- Sidrauski, AER, May 1967
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- Stabilization Policy
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- Modigliani, AER March 1977
- McCallum: Ch. 11
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- Rules Versus Discretion in Monetary Policy
- Fundamental Distinction
- Rules Versus Discretion: Examples
- Effects of Rules Versus Discretion
- Extension of the Basic Model
- Credibility of the Central Bank
- Transparency of the Central Bank
- Should Central Bank be Independent
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- McCallum: Ch. 12
- Cottarelli & Giannini, IMF Occasional Paper No. 154, Dec. 1997
- Mishkin Ch. 12
- Bain & Howells Ch. 8
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- Inflation Targeting
- Conceptual Aspects
- Why Inflation Targeting
- Institutional Pre-requisites for Inflation Targeting
- Implementation of Inflation Targeting
- Monetary Policy Instruments
- What Has Inflation Targeting Achieved
- Does Inflation Targeting Matter?
- Limits to Inflation Targeting
- Inflation Targeting: Experience from Developing Countries
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- Bernanke & Woodford(2005)
- Bain & Howells: Ch. 8
- Various IMF Occasional Papers
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- Money In the Open Economy
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- Bain & Howells, Ch. 7
- McCallum, Ch. 14
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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.
- Bennett T. McCallum; Monetary Economics: Theory and Policy, Macmillan Publishing Company, New York, 1989
- Keith Bain and Peter Howells: Monetary Economics: Policy and Its Theoretical Basis, Second edition, Palgrave Macmillan, 2009.
- Ben S. Bernanke and Michael Woodford (ed); The Inflation-Targeting Debate, The University of Chicago Press, 2005
- Franco Modigliani; “The Monetarist Controversy or, Should we Foresake Stabilization Policies?” American Economic Review, Vol. 67, No. 2, March 1977
- IMF Occasional Papers Nos. 154, 126
- James Tobin; “Money and Economic Growth”, Econometrica, October 1965
- Michael Sidrauski; “ Rational Choice and Patterns of Growth in a Monetary Economy”, American Economic Review, May 1967
- Bennett T. McCallum; “The Development of Keynesian Macroeconomics”, American Economic Review, Vol 77, No. 2, May 1987
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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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