Aleksander Berentsen (firstname.lastname@example.org, BeurteilerIn)
Marina Markheim (email@example.com)
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.
Your research should not be limited to the basic literature, such as textbooks. Textbooks and reviews will help you to get an overview, but these books usually are nothing more than collections and summaries of primary sources, such as articles in
economic journals. Hence, it is a good strategy to get started with a basic textbook and then work through the referenced papers.
We only accept applications from students who have already acquired a minimum of 30 CPs. Furthermore, you should be aware that all papers have to be written in English.
|Anmeldung zur Lehrveranstaltung||The application for this seminar is done centrally and online from May 11 to June 8, 2020 with the Studiendekanat.
The link to the online application form and more information can be found here:https://wwz.unibas.ch/de/studium/master-business-and-economics/masterseminare/
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. In addition, the priority of the wishes for future seminar applications is lost.
|Einsatz digitaler Medien||kein spezifischer Einsatz|
|Datum||15.09.2020 – 15.09.2020|
|Dienstag 15.09.2020||14.15-16.00 Uhr||Wirtschaftswissenschaftliche Fakultät, Seminarraum S16 HG.39|
Kernmodul: Core Areas in Monetary Economics (Masterstudium: International and Monetary Economics)
Modul: Seminararbeiten (Masterstudium: Wirtschaftswissenschaften)
|Hinweise zur Leistungsüberprüfung||Introduction: 15.09.2020, 1415 -1600
Presentations: this date will be determined later
Details regarding the evaluation of the seminar are given in the syllabus. Normally, the work, the lecture and the discussant's contribution are evaluated, whereby the greatest weight is placed on the work itself and the least, on the discussant's contribution. In general, the evaluation of the work focuses on content, style and formal requirements.
The paper has to be typed in LATEX and the electronic version must be handed in as a PDF document. Furthermore, your thesis
must meet certain format requirements, which can be found on https://wwz.unibas.ch/de/wirtschaftstheorie/lehre/masters-thesis/
|An-/Abmeldung zur Leistungsüberprüfung||An- und Abmelden: Fakultät|
|Wiederholtes Belegen||beliebig wiederholbar|
|Zuständige Fakultät||Wirtschaftswissenschaftliche Fakultät / WWZ, firstname.lastname@example.org|
|Anbietende Organisationseinheit||Wirtschaftswissenschaftliche Fakultät / WWZ|