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| Semester | Frühjahrsemester 2014 |
| Angebotsmuster | Jedes Frühjahrsem. |
| Dozierende | Aleksander Berentsen (aleksander.berentsen@unibas.ch, BeurteilerIn) |
| Inhalt | Content: 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 (Waller, 2002). 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 adherents of the field commonly described as "New Monetarist Economics". In the first part of the lecture, we will focus on the theoretical foundation, whereas the classical theory of markets (household behavior, preferences and demand) will be reviewed. Once the basic framework is established, frictions associated with unemployment, credit, banking and money are being introduced and discussed in an applied manner. The second part of the lecture will cover individual paper presentations. |
| Literatur | Reading list: The first part of the lectured will be based on the following textbooks: Varian, H. R. (2010). Intermediate microeconomics : a modern approach. 8th ed. New York: W.W. Norton & Co. Williamson, S. D. (2011). Macroeconomics. 4th ed. Boston: Addison-Wesley. Stigum, M., Crescenzi, A. (2007). Stigum's Money Market. 4th ed. New York: McGraw-Hill Professional The second part of the lecture will be based on individual papers available on our website. |
| Weblink | Weblink |
| Teilnahmebedingungen | Prerequisites: Following lectures should have been taken previously: Introduction to Financial Markets (23516) Intermediate Microeconomics (10134) Intermediate Macroeconomics (10184) |
| Anmeldung zur Lehrveranstaltung | Registration: Please enrol in MOnA and by Email to Fabian Schär (fabi.schaer@stud.unibas.ch) until Feb 9, 2014. Please enclose your CV and transcript (Leistungsübersicht), since the number of students is limited to 25. After the registration period you will be notified via email about the approval. |
| 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) Weitere Lehrveranstaltungen für den Wahlbereich BSF Wirtschaftswissenschaften (Bachelor Studienfach: Wirtschaftswissenschaften) |
| Leistungsüberprüfung | Semesterendprüfung |
| Hinweise zur Leistungsüberprüfung | Notes for the Assessment: Homeworks and individual paper presentation |
| 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 |