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UMKC Econ431 Fall 2012 Syllabus

UMKC Econ431 Fall 2012 Syllabus

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Econ431 Monetary Theory and Policy
 
 Mondays, 5:30pm
8:15pm Fall 2012
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Econ431 Monetary Theory and Policy
Fall 2012
2
1
I
NSTRUCTOR
I
NFORMATION
 
Instructor:
Scott Fullwiler, Ph.D.Associate Professor of Economics, James A. Leach Chair in Banking and Monetary Economics, and SocialEntrepreneurship Program Co-Director at Wartburg College; Adjunct Faculty at Presidio Graduate School; andResearch Associate at the Center for Full Employment and Price Stability at the University of Missouri-KansasCity.
Email
Office Phone:
319-352-8452
Cell Phone:
319-504-5963
(leave a message if I don’t answer—
I may be in class, etc.)
 Skype:
scott.fullwiler
Twitter:
stf18
2 C
OURSE
D
ESCRIPTION AND
P
REREQUISITES
 
Monetary theory and policy have been important for a long time both in terms of their influence on their placein the field of economics but also as one of the key areas in which non-economists learn about economics. Bothmonetary theory and policy bring together key debates between differing schools of thought, political viewsand ideologies, as well as touching in some way virtually every area of macroeconomic theory, microeconomictheory, and the fields of finance and accounting (though the important connections with monetary theory andpolicy with accounting are often not well understood even by economists). The importance of monetarytheory and policy in all these regards has if anything increased given the obvious connections of the field tothe Global Financial Crisis of that began in 2007 and the Great Recession that has followed (though it isdebatable whether the financial crisis has ended or is just bubbling under the surface, particularly where theEurozone is concerned).This course will first consider the traditional field of monetary theory and some criticisms that have arisen ofthe neoclassical view. It will then cover in some detail Modern Money Theory and in particular itsrelationship to monetary theory and policy. The final section of the course will consider the Global FinancialCrisis and the Great Recession, focusing in particular on the competing explanations in the field of monetarytheory and also competing proposals for monetary policy and macroeconomic policy in general.
3
 
C
OURSE
G
OALS
 
 
Demonstrate understanding of and ability to apply neoclassical, Modern Money, and othercompetingviews of money supply and money demand.
 
 
Be able to show understanding of the New Consensus view of the economy and in particular how it relatesto monetary theory and policy, as well as competing views.
 
 
Demonstrate understanding of the interrelated roles of the Federal Reserve, the Treasury, and moneymarkets in the financial system.
 
 
Be able to articulate and apply Minsky’s approach to financial instability to current events.
 
 
Be able to articulate and apply competing views of fiscal policy as it relates to monetary theory.
 
 
Continue to improve verbal and written skills for presentation and communication.
 
4 C
OURSE
M
ATERIALS
 
 
Keith Bain and Peter Howells. 2009.
 Monetary Economics: Policy and Its Theoretical Basis
. 2
nd
Edition.Palgrave-MacMillan.
 
Econ431 Monetary Theory and Policy
Fall 2012
3
 
Perry Mehrling. 2011.
The New Lombard Street
How the Fed Became the Dealer of Last Resort
. Princeton, NJ:Princeton University Press.
 
L. Randall Wray. 1998.
Understanding Modern Money
The Key to Full Employment and Price Stability
.Cheltenham: Edward Elgar.Other readings will be linked to in the course outline below or posted to course website.
5 G
RADE
I
NFORMATION
 
Grading Scale:
900 points ≤ A
- < 930 points
A
 
800 points ≤ B
-
< 830 points ≤ B < 870 points ≤ B+
< 900 points700 points
C
-
< 730 points ≤ C < 770 points ≤ C+ < 800 points
 
600 points ≤ D
-
< 630 points ≤ D < 670 points ≤ D+ < 700 points
 F < 600 points
Weights for Graded Activities:
Forums (15 @ 10 points each + 2 forum leads @ 10 points each) 170 pointsResearch Paper 200 pointsArticle Reviews (5 @ 50 points each) 250 pointsTake-Home Questions (3 @ 120, 120, & 140 points, respectively) 380 pointsTotal 1000 pointsEach of the graded activities is discussed in turn below.
6 F
ORUMS
 
There will be 15 forums, one each week that will begin on the Tuesday following class. Also, please note thatyou are always welcome
and encouraged
to start forum discussions on topics related to the course(including current events
links to articles and such
or questions you might have about course materialitself); initiating forums on your own is an opportunity to earn bonus points (discussed below).The general rule for forums will be that you will offer an original post of around 200-300 words and then also
offer at least 2 responses to either other students’ original posts or the responses of others to an original post
(including responses to your own
post). Your responses will be either in the affirmative (i.e., “I agree withyour point on ________ because . . .“, as a question for the original post or for a response, or a
 polite
critique ordisagreement of a point made by another. The points possible per forum will be as follows:Original post to a forum 6 pointsResponses to other posts/discussions 2 points each (maximum 4 points per forum)Grading criteria for original forum posts will be (1) their relevance to the course materials under discussion forthat forum
here I will be looking for effort in attempting to read/understand the material, (2) effort in termsof length and seriousness of contribution to the forum, (3) correct citations throughout (i.e., absolutely noplagiarism will be tolerated
if you are discussing something Mehrling wrote, for instance, be sure you areciting relevant pages in his book), and (4) timing
minus 2 points for posting your original post after thebeginning of the next class period.

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