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| Semester | Frühjahrsemester 2012 |
| Angebotsmuster | Jedes Frühjahrsem. |
| Dozierende | Aleksander Berentsen (aleksander.berentsen@unibas.ch, BeurteilerIn) |
| Inhalt | Summary: By Chris Waller (2002): Economists have long been fascinated by the role of money in market economies. Furthermore, the interaction of money and banking is so fundamental to the economics profession that an entire course on the subject is taught to undergraduates. Yet in most of these courses, there is no use of monetary or macroeconomic models in which money is essential. In order to understand why money is essential for trading, one needs to examine trade and money from first principles. Shortcuts for forcing money to have value in an economic model (cash-in-advance constraints, money in the utility function or leisure saving technology) lead to shallow theories of money and are inadequate for understanding why money is essential for trade. Instead, these assumptions force a particular transaction pattern or trading technology on economic agents. Modeling money as a simple quantity equation or Keynesian money demand curve formulation is also unsatisfactory. If there is no clear idea of why money is essential, then there is no real understanding of the consequences or welfare effects of policy experiments such as increasing the money growth rate. Once there is an understanding of why money matters, intelligent policy experiments can then be conducted. In short, to study monetary economies, one needs to adhere to Wallace's dictum [Wallace, 1998, p. 20], which states that: "...money should not be a primitive in monetary theory--in the same way that a firm should not be a primitive in industrial organization theory or bond a primitive in finance theory." Wallace's dictum demands a deep theory of money. This is the approach taken by Champ and Freeman (CF) in their book Modeling Monetary Economies. The book is composed of three parts. In Part I of the book, CF construct environments in which money serves as a medium of exchange and a store of value. Various issues such as inflation, barter, commodity money and price surprises are studied within this framework. In Part II, the authors extend the model of the first section to see how financial intermediation affects the trading environment and the role of money in the economy. In this part of the book, CF study the conflict between money and capital as stores of value, the liquidity structure of capital, clearing house functions of central banks and bank runs. Finally, in Part III, they introduce fiscal policy to study how deficits, the national debt, open market operations and seigniorage affect the functioning of the economy. |
| Literatur | Reading list: Champ, Bruce and Scott Freeman, Modeling Monetary Economies. Cambridge University Press; 2nd edition (January 15, 2001). |
| Weblink | Weblink |
| Teilnahmebedingungen | Prerequisites: Following lectures should be taken previously: Introduction to Financial Markets (23516) Intermediate Microeconomics (10134) Intermediate Macroeconomics (10184) |
| Anmeldung zur Lehrveranstaltung | Registration: Please enrol in MOnA. EUCOR-Students and Exchange-Students have to enrol at the students administration office (studsek@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam! |
| Unterrichtssprache | Englisch |
| Einsatz digitaler Medien | kein spezifischer Einsatz |
| HörerInnen willkommen |
| Intervall | Wochentag | Zeit | Raum |
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Keine Einzeltermine verfügbar, bitte informieren Sie sich direkt bei den Dozierenden.
| Module |
Modul Economics (ECON) II (Bachelor Wirtschaftswissenschaften) Modul Volkswirtschaftslehre III (Bachelor Wirtschaftswissenschaften (Studienbeginn vor 01.08.2009)) Weitere Lehrveranstaltungen für den Wahlbereich BSF Wirtschaftswissenschaften (Bachelor Studienfach: Wirtschaftswissenschaften) |
| Leistungsüberprüfung | Semesterendprüfung |
| Hinweise zur Leistungsüberprüfung | Schriftliche Klausur: 05.06.2012, 12:15-13:45. Vesalianum: A-Z. Die Prüfungsräume finden Sie hier: http://wwz.unibas.ch/studium/pruefungen/raeume/. Bitte kontollieren Sie die Raumzuteilung kurz vor den Prüfungen noch einmal. |
| An-/Abmeldung zur Leistungsüberprüfung | Anmeldung: Belegen |
| Wiederholungsprüfung | keine Wiederholungsprüfung |
| Skala | 1-6 0,1 |
| Wiederholtes Belegen | beliebig wiederholbar |
| Zuständige Fakultät | Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch |
| Anbietende Organisationseinheit | Abteilung Wirtschaftstheorie |