{"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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G]"}],"AcadYear":"2015/2016","History":[{"Semester":1,"ExamDate":"2015-12-01T13:00+0800","Timetable":[{"ClassNo":"1","LessonType":"Seminar-Style Module Class","WeekText":"Every Week","DayText":"Monday","StartTime":"0900","EndTime":"1200","Venue":"AS2-0312"},{"ClassNo":"2","LessonType":"Seminar-Style Module Class","WeekText":"Every Week","DayText":"Friday","StartTime":"1200","EndTime":"1500","Venue":"AS7-0106"}],"IVLE":[{"Announcements":null,"Forums":[],"Workbins":[],"Webcasts":[],"Gradebooks":[],"Polls":[],"Multimedia":[],"LessonPlan":[],"ID":"7315f57a-310d-4cd4-b657-911451fb2317","CourseLevel":"1","CourseCode":"EC4332","CourseName":"MONEY AND BANKING II","CourseDepartment":"","CourseSemester":"Semester 1","CourseAcadYear":"2015/2016","CourseOpenDate":"/Date(1433260800000+0800)/","CourseOpenDate_js":"2015-06-03T00:00:00","CourseCloseDate":"/Date(1449331140000+0800)/","CourseCloseDate_js":"2015-12-05T23:59:00","CourseMC":"0","isActive":"Y","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":"f2284fce-61fe-4fc9-b76f-f426b8de8188","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":"2e5f053b-8835-4692-be49-41f07234cfff","Title":"Prerequisites","Description":"Cohort 2011 and before:\r\nCompleted 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.\r\n\r\nCohort 2012 onwards:\r\nCompleted 80 MCs, including 28 MCs in EC, with a minimum CAP of 3.20 or be on the Honours track. EC3101, EC3102, EC3303, and EC3332.","Order":2},{"ID":"6e5f053b-8835-4692-be49-41f07234cfff","Title":"Syllabus","Description":"This course aims to provide students with an analytical framework and quantitative methods to understand the roles 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 is related to business cycles of an economy. Moreover, we extend our investigation to international financial markets to learn about determination of nominal exchange rates and current issues in international finance such as Carry Trade and Forex premiums.
\n
\nMath requirement: statistics, linear algebra, and constrained optimization (Lagrangian and Kuhn-Tucker condition).
\n
\nPrerequisites
\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
\n
\nAssessment
\n
\n· 10%: Class Participation.
\n
\n· 20%: Homework.
\n
\n· 30%: Midterm exam.
\n
\n· 40%: Final exam.
\n
\n
\n
\nTextbook and Handouts
\n
\nA Microeconomics of Banking by Xavier Freixas and Jean-Charles Rochet (Second Edition).
\nYou are not required to buy this book, as I will post a lecture note each week on IVLE. You can safely assume that in preparing for the midterm and final, you do not benefit from reading the book. But, you might have a better understanding of the material covered after reading the book.
\n
\nHomework
\n
\nThere are four problem sets and one group work.
\n
\n· Problem sets will ask you analytic questions related to what you have learned in each class. You should know how to solve each question in the problem set by heart, because the midterm and final will be written based on the problem sets. You must submit all four problem sets, but your problem sets will be graded randomly, as I don’t have any TAs. Moreover, I will pick the best homework and post it on IVLE as an answer key to a problem set. The student who is selected as a winner of the HW competition earns extra 10 points in the midterm. If you ace all four homework competitions, you would have additional 40 points in the midterm.
\n
\n
\n
\n· Group Work: After the recess week, we will start off the second half with learning about business cycles facts of the U.S economy from Friedman and Schwarts’ paper (1963). What you need to do for the group work is to gather and process business cycle data for your home country, and make them comparable to the findings of Friedman and Schwarts’ paper. I guess that most of you are from Singapore, but there are a number of students who are from other countries. You need to find out all the relevant data on the web or from any other resources in your country, and conduct a similar empirical study as Friedman and Schwarts. A maximum of 4 students can make one group. An individual submission is also fine.
\n
\nI will pick the best 3-4 group works and ask each group to give a short presentation (15-20 mins) in the last week. Each member in the group who make a presentation will be awarded extra 7.5 points in the final.
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\n
\n
\n
\n
\nMidterm
\n
\nMidterm is held in Week 6. It is two hours long. You can ask for a makeup midterm if you submit an official document confirming your reason for absence. It must be noted, however, that the make-up midterm is much more difficult than the original midterm. The reason is two fold: First, you may have one more week to prepare, as the make-up midterm is usually held in the recess week. Second, you would have an unfairly huge advantage over your friends, as you have already known the format and material of the midterm by the time you take a make-up midterm. In sum, don’t even try to take a make-up exam unless you have a real good reason for it.
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\nCourse Outline
\nThis is a tentative outline of topics, and this is subject to change as the class progresses.
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\nPart I (Banking)
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\n1) What is a Bank? (2 lectures: FR Chapter 1,2,3)
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\na) Why do financial intermediaries exist?
\nb) The role of financial intermediaries.
\nc) How banks are working in the real world.
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\n2) Financial Fragility (3 lectures: FR Chapter 6,7 )
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\na) Bank-Run (Diamond-Dvbvig Model )
\nb) Sunspot Equilibrium.
\nc) Credit rationing (Stiglitz-Reiss)
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\nMidterm (week 6)
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\nPart 2 (Money)
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\n3) What is Money? (continued) (3 lectures)
\na) Overlapping Generation Model of Money.
\nb) A monetary history of the United States by Friedman and Schwartz (1963)
\nc) Neutrality and Super-Neutrality of Money; Friedman Rule; Quantitative Easing
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\n4) Foreign Exchange Market and International Finance (continued) (3 lectures)
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\na) Uncovered Interest Parity Condition and Carry Trade.
\nb) Foreign Exchange Rate Premiums
\nc) International Transmission of Monetary Policy
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\n5) Presentation of Business Cycle Facts about Your Countries (Week 13)
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\n","Order":6},{"ID":"78067593-5662-477c-bde3-f161bffc671d","Title":"Preclusions","Description":"Nil","Order":9},{"ID":"cd6164d0-fffb-447c-9110-31c53e4e6679","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","Friday Afternoon"]},{"Semester":2,"ExamDate":"2016-05-05T13:00+0800","Timetable":[{"ClassNo":"1","LessonType":"Seminar-Style Module Class","WeekText":"Every Week","DayText":"Monday","StartTime":"0900","EndTime":"1200","Venue":"AS2-0312"},{"ClassNo":"2","LessonType":"Seminar-Style Module Class","WeekText":"Every Week","DayText":"Thursday","StartTime":"0900","EndTime":"1200","Venue":"AS7-0106"}],"LecturePeriods":["Monday Morning","Thursday Morning"]}]}