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| Semester | Herbstsemester 2012 |
| Angebotsmuster | Jedes Herbstsemester |
| Dozierende | Aleksander Berentsen (aleksander.berentsen@unibas.ch, BeurteilerIn) |
| Inhalt | Objective: We study the theoretical foundations of the New Monetarist Economics framework, a very popular model used in monetary economics. Key issues to be addressed are the role of liquidity in decentralized exchange, the frictions that make money essential and the role of credit and financial intermediation in the economy. On this basis, we will discuss various micro- and macroeconomic aspects of monetary theory and monetary policy. Stephen Williamson and Randall Wright formulate the key principles of the New Monetarist Economics framework in the article “New Monetarist Economics: Methods” that appeared in the Federal Reserve Bank of St. Louis Review (July/August 2010, 92(4), pp. 265-302) as follows: Principle 1. Microfoundations matter, and productive analyses of macro and monetary economics, including policy discussions, require adherence to sound and internally consistent economic theory. Principle 2. Money matters, and in the quest to understand monetary phenomena and monetary policy, it is decidedly better to use models that are explicit about the frictions that give rise to a role for money in the first place; as Wallace (1998) puts it, money should not be a primitive in monetary economics. Principle 3. Financial intermediation matters— e.g., while bank liabilities and currency sometimes perform similar roles as media of exchange, for many issues treating them as identical can lead one astray. Principle 4. In modeling frictions, like those that give rise to a role for money or financial intermediaries, one has to have an eye for the appropriate level of abstraction and tractability—e.g., the fact that in some overlapping generations models people live two periods, or that in some search models people meet purely at random, may make them unrealistic but it does not make them irrelevant. Principle 5. No single model should be an all-purpose vehicle for dealing with every question in monetary economics, but it is still desirable to have a framework, or a class of models making use of similar assumptions and technical devices, that can be applied to a variety of issues. |
| Bemerkungen | Organizational Details For the presentations we will be joined by Professor Cyril Monnet from the University of Bern and his class and by Professor Carlo Strub from the University of St.Gallen and his class. The students of Carlo and Cyril will also present papers. Introduction on 24. Sept 2012 at 12.15 in room S14, Econ. Department. Presentations on 29 Nov and 1 Dec 2012 in room S14, Economics Department. The total number of students for the seminar is limited to 20 (this number includes students from Bern and St. Gallen). Please apply to the seminar by email to Lucas Eckert: Lukas.Eckert@stud.unibas.ch till 30th June 2012. Please enclose your CV and your most recent credit point record. We will select students according to their merits. All informations can equally be found here: http://wwz.unibas.ch/wirtschaftstheorie/lehre/hs-12/seminar-monetary-economics/abteilung/witheo/ |
| Weblink | Weblink |
| Teilnahmebedingungen | Prerequisites: In general, participants should have a solid background in microeconomics and macroeconomics. It is advised to take this seminar after the lecture Monetary Theory. |
| Anmeldung zur Lehrveranstaltung | Application: The total number of students for the seminar is limited to 20 (this number includes students from Bern and St. Gallen). Please apply to the seminar by email to Lucas Eckert: Lukas.Eckert@stud.unibas.ch till 30th June 2012. Please enclose your CV and your most recent credit point record. We will select students according to their merits. The registration is binding. In case of non-participation after registration it will be noted as "nicht erschienen" in the transcript. For a break up after recieving a subject and title, there will be a "1.0" recorded. |
| Unterrichtssprache | Englisch |
| Einsatz digitaler Medien | kein spezifischer Einsatz |
| Intervall | Wochentag | Zeit | Raum |
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Keine Einzeltermine verfügbar, bitte informieren Sie sich direkt bei den Dozierenden.
| Module |
Kernmodul: Core Areas in Monetary Economics (Master International and Monetary Economics) Modul Seminararbeiten (Master Wirtschaftswissenschaften) |
| Leistungsüberprüfung | Seminarleistung |
| Hinweise zur Leistungsüberprüfung | Assessment: Participants will have to write a seminar paper, in which they discuss 3 to 4 to papers. The list of papers is available at the beginning of the semester. The length of the paper should be about 15 pages and written in English. |
| An-/Abmeldung zur Leistungsüberprüfung | An- und Abmelden: Dozierende |
| 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 |