ࡱ> #` b$bjbj 4bBBBBC :^hE:EEE&FGGG]]]]]]]$_h b].IGG.I.I]E&F]JJJ.I.E&F]J.I]JJVaS@%TETE Pn*&SB\I"S X ^0:^Sxb~I$b%T%Tb9TdGhiGJJG<G?GGG]]JGGG:^.I.I.I.I%d%] Money and Banking, Spring 2008 Economics 320 Lecturer: Thomas Bishop Office: Sage Hall 2128 Phone: 805.437.2772 E-mail:  HYPERLINK "mailto:thomas.bishop@csuci.edu" thomas.bishop@csuci.edu Office hours: Monday, Wednesday 9:30-12:00, or by appointment Class time: Class location: MW 15:00-16:15 Bell Tower 2598 Mid-term exam: Monday, March 24 (in class) Final exam: Friday, May 16, 16:00-18:00 (4:00-6:00 PM) Course website:  HYPERLINK "http://blackboard.csuci.edu" http://blackboard.csuci.edu (This site has lecture notes, homework assignments and in-class exercises.) Required reading: The Economics of Money, Banking and Financial Markets by Frederic S. Mishkin (8th edition, Pearson, Addison, Wesley, 2006) (A copy of the text is on reserve at the library.) Reader chapters available on Blackboard: Money and the Money Market, Calculating Interest Rates, Theory of Asset Demand, Predicting Interest Rates. Grading system Your grade for the course is based on homework and exams in the following way: TaskPercent of gradeHomework assignments20Mid term exam 35Final exam 45 Grades for total points from the homework and exams will be assigned according to the following distribution: 90%-100%: A+, A, A- 80%-89%: B+, B, B- 70%-79%: C+, C, C- 60%-69%: D+, D, D- I may also adjust the scores to account for the difficulty of the exams. For example, if few people get a final score above 90% because of difficult exams, then I will give out more As to account for difficultly of the exams. In this case, I typically assign a median (midpoint) grade of a B-/C+. Exams There will be no make-up exams, so if you can not attend class on the day of the midterm or you can not attend the final exam, please do not enroll in this course for a grade. You are welcome to take the course for a pass-fail grade. The mid-term exam will cover all material up to that date. The final exam will concentrate on material after the mid-term exam, but will also include some earlier material. Both exams will include multiple choice questions focused on the lecture notes and assigned reading. Homework assignments Homework will be done on-line at  HYPERLINK "http://blackboard.csuci.edu" http://blackboard.csuci.edu under the Assignments folder and is due at 11:55 p.m. on the date listed on the schedule below. Late homework is not accepted. Computer or internet connection problems are not an excuse for late homework. It will be your responsibility to have access to a functioning internet connection for this course. To avoid last minute panic attacks, you should submit your homework at least 2 hours before the posted due time. Print a copy of your homework assignment answers before submitting them. A paper copy will be useful to study with later, and you will have proof that you completed the assignment if any problems arise. It is your responsibility to check if your score has been posted on Blackboard. If you find that your score has not been posted after you submitted your assignment, e-mail me before the deadline. Homework assignments have 10 multiple choice problems based on the assigned reading and lecture notes. Course overview This course will study financial institutions and monetary policy in the US. We will consider the role of money, interest rates, bonds in the economy. We will also study the importance of regulating the banking system, and the tools of monetary policy, and topics in international finance. The course is a mix of theory and applications of theory to real policies and issues. The theory is intended to give you a methodical way to think about important issues in economics (and in real life) and to simplify them so that they are more comprehensible. Our class time will include lecture and discussion of the exercises posted in the Assignments folder. Lecture material will be based on the material from the assigned reading, so it is good to read it before or shortly after class. Learning objectives: At the end of this course, good students will be able to define money and to understand its use to calculate interest rates on bonds to predict how interest rates change in response to outside economic changes to explain how banks use a balance sheet to explain important banking regulations in the US to explain how the Federal Reserve System functions to explain how money is created by banks to explain how the foreign exchange market and aspects of the international financial system work to predict how monetary policy influences inflation, production and employment Cheating Don't cheat. If I catch you looking at someone else's exam or at notes during an exam, you will receive an F for the exam. Any case of cheating will be referred to Judicial Affairs. Working with fellow students on homework assignments, however, is not cheating and is encouraged. Advice on studying Create your own notebook: print the lecture notes before lecture and write on them during lecture. You will get more value out of your tuition dollars if you read the assigned material before it is covered in class. Treat academics as you might athletics: pace yourself throughout the semester, rather than cram before exams. Try to stay healthy and maintain a healthy sleep regimen: the course will be much more enjoyable and you will probably learn more. DateLecture topicAssigned readingHomework assignment23 Jan.Overview of the financial systemChapter 228 Jan. The concept of moneyMoney and the Money Market (reader)30 Jan.Measures of money, velocity and the money marketMoney and the Money Market (reader)4 Feb.Measurements of interest ratesCalculating Interest Rates (reader)Money and the Money Market problems due6 Feb.Measurements of interest ratesCalculating Interest Rates (reader)11 Feb.Theory of asset demandTheory of Asset Demand (reader)Calculating Interest Rates problems due13 Feb.Models to predict interest ratesPredicting Interest Rates (reader)Theory of Asset Demand problems due18 Feb.Models to predict interest ratesPredicting Interest Rates (reader)20 Feb.Bank balance sheetsChapter 9Predicting Interest Rates problems due25 Feb.Bank managementChapter 927 Feb.Evolution of bank regulationChapter 10Chapter 9 problems due3 Mar.Evolution of bank regulation Chapter 105 Mar.Analysis of bank regulations Chapter 11Chapter 10 problems due10 Mar.Bank failuresChapter 1112 Mar.ReviewChapter 11 problems due24 Mar.Midterm26 Mar.The structure of the Federal Reserve SystemChapter 122 Apr.Central bank independenceChapter 127 Apr.Money creationChapter 13Chapter 12 problems due9 Apr.Money creationChapter 1314 Apr.Money creationChapter 14Chapter 13 problems due16 Apr.Money creationChapter 1421 Apr.A model of monetary policy Chapter 15Chapter 14 problems due23 Apr.Tools of monetary policyChapter 1528 Apr.Goals of monetary policyChapter 16Chapter 15 problems due30 Apr.Monetary policy, prices and the macroeconomyChapter 165 MayPredicting exchange ratesChapter 17Chapter 16 problems due7 MayReviewChapter 17 problems due16 MayFinal Exam, 16:00-18:00 ,-5EFGQZ[_`ajnqvw·~vjXj#jhSchbuCJUaJjhbuCJUaJh\>CJaJhYh\>CJaJhbuhbuCJaJhbuh\>CJaJhE CJaJhbuCJaJhdpCJaJh-Edh\>CJaJhwhwCJaJh-EdCJaJh&byCJaJh*xCJaJhCJaJh-Edh-EdCJaJhCcCJaJ-FGaw ( G H t U V   p^p`gdRX p^p`gdp7$^p`gd(gdTgd\> gdgd-Edb$        ' ( , - . / 2 3 4 5 6 7 B F ̼ߦߦߦ{ph`hCJaJhNCJaJh ahwCJaJhVQ!CJaJh ahCcCJaJh-EdCJaJhCJaJhx\CJaJh-Edh-EdCJaJh-EdhHCJaJh/vCJaJh`CJaJhzBCJaJh-Edh\>CJaJh\>CJaJjhbuCJUaJhSchbu0JCJaJ%F G H R X h s t { ׿~vkkY#jh*x>*B*CJUaJphh-Edh-EdCJaJh1CJaJh{CJaJh-Edhj9~CJaJhj9~CJaJhOh-EdCJaJhOhOCJaJhzCJaJhOCJaJhCJaJht2CJaJh4CJaJh ah-EdCJaJh ah{CJaJh\>CJaJhGhTCJaJ   % & ; R T U V _ f j ɷ{ph`UI>>hCchCcCJaJhCchCc>*CJaJh-Edh-EdCJaJhdCJaJh7CJaJh>hCJaJh(h>CJaJhHCJaJh/vCJaJh(CJaJh(B*CJaJphhZ;h*x0JCJaJ#jh*x>*B*CJUaJph/jhZ;h*x>*B*CJUaJph h>h*x>*B*CJaJphh*x>*B*CJaJph   ! 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