{"ModuleCode":"EC4332","ModuleTitle":"Money and Banking II","Department":"Economics","ModuleDescription":"Topics include recent developments in monetary theory and policies, rational expectations, demand for money-econometric analysis and empirical studies, the role of money in general equilibrium, a framework for the determination of money supply, issues in monetary policy such as money neutrality, rules versus discretion, policy credibility, exchange rate determination, monetary policy co-ordination, theories of interest rate determination and structure, credit rationing, issues in bank management, financial markets and instruments, bank regulations, internationalization of banking, and monetary policy and foreign exchange management in Singapore.","ModuleCredit":"5","Workload":"0-3-0-2-7.5","Prerequisite":"Cohort 2011 and before: Completed 80 MCs, including 28 MCs in EC, with a minimum CAP of 3.50 or be on the Honours track. EC3101, EC3102, EC3303, and EC3332. 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1","CourseAcadYear":"2014/2015","CourseOpenDate":"/Date(1401292800000+0800)/","CourseOpenDate_js":"2014-05-29T00:00:00","CourseCloseDate":"/Date(1417881540000+0800)/","CourseCloseDate_js":"2014-12-06T23:59:00","CourseMC":"0","isActive":"N","Permission":"S","Creator":{"UserID":null,"Name":"Park Jungjae","Email":null,"Title":null,"UserGuid":"7a2a8a13-70fe-4df2-8b78-53ba02eaf523","AccountType":null},"hasGradebookItems":false,"hasTimetableItems":true,"hasGroupsItems":false,"hasClassGroupsForSignUp":false,"hasGuestRosterItems":false,"hasClassRosterItems":false,"hasWeblinkItems":false,"hasLecturerItems":true,"hasDescriptionItems":true,"hasReadingItems":false,"hasAnnouncementItems":false,"hasProjectGroupItems":false,"hasProjectGroupsForSignUp":false,"hasConsultationItems":false,"hasConsultationSlotsForSignUp":false,"hasLessonPlanItems":false,"Badge":0,"BadgeAnnouncement":0,"WebLinks":[],"Lecturers":[{"ID":"9ff6eade-ef31-45eb-a8f9-ce52690148fb","User":{"UserID":null,"Name":"Park Jungjae","Email":null,"Title":null,"UserGuid":"7a2a8a13-70fe-4df2-8b78-53ba02eaf523","AccountType":null},"Role":"Lecturer ","Order":1,"ConsultHrs":null}],"Descriptions":[{"ID":"1e5f053b-8835-4692-be49-41f07234cfff","Title":"Learning Outcomes","Description":"This course aims to provide students with an analytical framework for understanding the role of money and banking in real economy. This course consists of two parts.
\n
\nIn the first part, we investigate how banks operate in financial markets and what role banks play in an economy from a microeconomic perspective. The first part introduces basic concepts used in banking operation as well as in credit markets, and provides several models to understand the role of financial intermediaries and financial frictions inherent in capital markets.
\n
\nThe second part investigates why money exists in the real world and how money affects real economic activity in a new Keynesian framework. The second part starts with a monetary history of the United States by Friedman and Schwartz (1963) to see the relationship between monetary policy and the U.S economy. With a goal of analyzing monetary policy and its effects, the second part introduces a basic New Keynesian Model (NKM) and its extensions","Order":1},{"ID":"2e5f053b-8835-4692-be49-41f07234cfff","Title":"Prerequisites","Description":"Prerequisites
\n
\nCohort 2006 and before: EC3101/EC3151, EC3102/EC3152 and EC3332/EC3224 Cohort 2007 onwards: Completed 80MCs, including 28MCs in EC, with a minimum CAP of 3.5 or be on the Honors track. No waivers will be granted.
\n","Order":2},{"ID":"3e5f053b-8835-4692-be49-41f07234cfff","Title":"Teaching Modes","Description":"This is a seminar style class, which meets once a week. ","Order":3},{"ID":"6e5f053b-8835-4692-be49-41f07234cfff","Title":"Syllabus","Description":"This is a tentative outline of topics, and this is subject to change as the class progresses.
\n
\nPart I (Banking)
\n
\n
\n1) What is a Bank? (2 lectures: FR Chapter 1,2,3)
\n
\na) Why do financial intermediaries exist?
\nb) The role of financial intermediaries.
\n
\n2) Financial Fragility (2 lectures: FR Chapter 6,7 )
\n
\na) Bank-Run (Diamond-Dvbvig )
\nb) Credit rationing (Stiglitz-Reiss)
\n
\n3) The Macroeconomic Consequences of Financial Imperfections. (1 lecture)
\n
\nMidterm (week 6)
\nPart 2 (Money)
\n
\n4) What is Money? (2 lectures)
\n
\na) A monetary history of the United States by Friedman and Schwartz (1963)
\nb) Neutrality and Super-Neutrality of Money; Friedman Rule
\nc) Overlapping Generation Model
\n
\n5) Monetary Model in a New Keynesian Framework (4 lectures)
\n
\na) Money in the Utility Function
\nb) Cash in Advance Model
\nc) New Keynesian Model with Sticky Prices
\n","Order":6},{"ID":"8e5f053b-8835-4692-be49-41f07234cfff","Title":"Assessment","Description":"· 10%: Class Participation.
\n
\n· 20%: Homework. Problem sets will be assigned on a bi-weekly basis.
\n
\n· 30%: Midterm exam.
\n
\n· 40%: Final exam.
\n","Order":8},{"ID":"8d983203-b1a6-4e22-b675-697ab841822b","Title":"Preclusions","Description":"Nil","Order":9},{"ID":"536f0776-51c3-490e-84b4-b2c825d0199e","Title":"Workload","Description":"0-3-0-2-7.5
Workload Components : A-B-C-D-E \r\n
A: no. of lecture hours per week \r\n
B: no. of tutorial hours per week \r\n
C: no. of lab hours per week \r\n
D: no. of hours for projects, assignments, fieldwork etc per week \r\n
E: no. of hours for preparatory work by a student per week","Order":10}],"ReadingFormatted":[],"ReadingUnformatted":[]}],"Lecturers":["Park Jungjae"],"LecturePeriods":["Monday Morning"]},{"Semester":2,"ExamDate":"2015-05-04T17:00+0800","Timetable":[{"ClassNo":"1","LessonType":"Seminar-Style Module Class","WeekText":"Every Week","DayText":"Monday","StartTime":"0900","EndTime":"1200","Venue":"AS2-0312"}],"IVLE":[{"Announcements":null,"Forums":[],"Workbins":[],"Webcasts":[],"Gradebooks":[],"Polls":[],"Multimedia":[],"LessonPlan":[],"ID":"c9556e00-dd8b-4c6b-9528-63feb3bf8cdb","CourseLevel":"1","CourseCode":"EC4332","CourseName":"MONEY AND BANKING II","CourseDepartment":"","CourseSemester":"Semester 2","CourseAcadYear":"2014/2015","CourseOpenDate":"/Date(1414684800000+0800)/","CourseOpenDate_js":"2014-10-31T00:00:00","CourseCloseDate":"/Date(1433087940000+0800)/","CourseCloseDate_js":"2015-05-31T23:59:00","CourseMC":"0","isActive":"N","Permission":"S","Creator":{"UserID":null,"Name":"Bodenstein Martin Rudolf","Email":null,"Title":null,"UserGuid":"6dc0e9b5-b03d-4837-8b30-1438a5756bc3","AccountType":null},"hasGradebookItems":true,"hasTimetableItems":true,"hasGroupsItems":false,"hasClassGroupsForSignUp":false,"hasGuestRosterItems":true,"hasClassRosterItems":true,"hasWeblinkItems":false,"hasLecturerItems":true,"hasDescriptionItems":true,"hasReadingItems":true,"hasAnnouncementItems":false,"hasProjectGroupItems":false,"hasProjectGroupsForSignUp":false,"hasConsultationItems":false,"hasConsultationSlotsForSignUp":false,"hasLessonPlanItems":false,"Badge":0,"BadgeAnnouncement":0,"WebLinks":[],"Lecturers":[{"ID":"025e96af-1708-424d-b3ba-7229f67d514e","User":{"UserID":null,"Name":"Bodenstein Martin Rudolf","Email":null,"Title":null,"UserGuid":"6dc0e9b5-b03d-4837-8b30-1438a5756bc3","AccountType":null},"Role":"Lecturer ","Order":1,"ConsultHrs":null}],"Descriptions":[{"ID":"1e5f053b-8835-4692-be49-41f07234cfff","Title":"Learning Outcomes","Description":"This second course in money and banking exposes students to tools and concepts used at central banks. The course introduces the New Keynesian Model (NKM) and its recent extensions, familiarizes students with monetary policy analysis using this framework, and discusses empirical evidence and puzzles. Open economy aspects will be highlighted whenever suitable. For students to learn how the concepts of modern monetary theory are applied in central banks, students will analyze a specific historical episode of monetary policy-making in depth using material issued by central banks, the International Monetary Fund (IMF) or the Bank for International Settlement (BIS).
\n
\nThe course makes intensive use of linear algebra, multivariate calculus, integration theory, static and dynamic optimization theory, and linear difference equations. While students are not expected to be familiar with all these mathematical concepts, they will encounter during the course, they are expected to gain sufficient knowledge how to apply them over the course. Concepts deemed new to students will be introduced in class and homework questions. Students who want to refresh their understanding of key mathematical concepts may find the textbook Fundamental Methods of Mathematical Economics by Alpha C. Chiang or any comparable text helpful.","Order":1},{"ID":"2e5f053b-8835-4692-be49-41f07234cfff","Title":"Prerequisites","Description":"Completed 80MCs, including 28MCs in EC, with a minimum CAP of 3.5 or be on the Honours track. EC3101, EC3102, EC3303, EC3314, and EC3332.
\nIt is highly recommended to have taken or take simultaneously EC4102.","Order":2},{"ID":"6e5f053b-8835-4692-be49-41f07234cfff","Title":"Syllabus","Description":"EC 4332: Money and Banking II
\nSemester II, 2014-2015
\n
\nInstructor: Martin Bodenstein
\nOffice: Department of Economics, Block AS2-06-18
\nEmail: ecsbmr@nus.edu.sg
\nWebsite: http://sites.google.com/site/martinbodenstein/
\nLecture: Mondays 9:00 am to noon, AS2-03-12
\nOffice hours: Thursdays 10:00 am to 11:00 am, AS2-06-18
\n
\nCourse Description
\nThis course in money and banking exposes students to tools and concepts used at central banks. The course introduces the New Keynesian Model (NKM) and its recent extensions, familiarizes students with monetary policy analysis using this framework, and discusses empirical evidence and puzzles. Open economy aspects will be highlighted whenever suitable. The theoretical concepts will be applied to historical episodes in monetary policy-making using material issued by central banks, the International Monetary Fund (IMF) or the Bank for International Settlement (BIS).
\nThe course makes intensive use of linear algebra, multivariate calculus, integration theory, static and dynamic optimization theory, and linear difference equations. While students are not expected to be familiar with all these mathematical concepts, they will encounter during the course, they are expected to gain sufficient knowledge how to apply them over the course. Concepts deemed new to students will be introduced in class and homework questions. Students who want to refresh their understanding of key mathematical concepts may find the textbook Fundamental Methods of Mathematical Economics by Alpha C. Chiang or any comparable text helpful.
\n
\nPrerequisites
\nCompleted 80MCs, including 28MCs in EC, with a minimum CAP of 3.5 or be on the Honours track. EC3101, EC3102, EC3303, EC3314, and EC3332. It is highly recommended to have taken or take simultaneously EC4102.
\n
\nAssessment
\n