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31905-01 - Seminar: Monetary Economics and Financial Markets: Monetary Economics (6 KP)
| Semester | Herbstsemester 2013 |
| 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 | Note: Due to the sabbatical of Prof. Heinz Zimmermann in fall 2013, his Master-Seminar 31919: Financial Markets will not take place. But it will be possible to write seminar papers with subjects linked to Financial Markets in this seminar (31905 Monetary Economics and Financial Markets: Monetary Economics). Please check the necessary requirements. |
| Weblink | Weblink |
| Teilnahmevoraussetzungen | Prerequisites: In general, participants should have a solid background in microeconomics and macroeconomics. The lecture Monetary Theory must be successfully completed. For those students who will write a seminar paper about financial markets, at least one of the two following lectures "Advanced Asset Pricing" or "Intermediate Finance" must be completed. It is required that students submit their CV and their most recent credit point record. Students are selected according to their merits. The application procedure is described on the webpage of the economic theory group. |
| Anmeldung zur Lehrveranstaltung | Application: To register for the seminar, please send an e-mail to Florian Madison (florian.madison-at-unibas.ch). The application deadline for the seminar is July 7th 2013! Applications submitted after that date can't be accepted. The total number of students for the seminar is limited to 20. 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 receiving a subject and title, there will be a "1.0" recorded. For those students who don't get admitted, there will be a second application round of the seminars with available places with an application deadline by 14th July 2013. |
| 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) |
| Prüfung | Seminarleistung |
| Hinweise zur Prüfung | 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 Prüfung | An- und Abmelden: Dozierende |
| Wiederholungsprüfung | keine Wiederholungsprüfung |
| Skala | 1-6 0,1 |
| Belegen bei Nichtbestehen | beliebig wiederholbar |
| Zuständige Fakultät | Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch |
| Anbietende Organisationseinheit | Abteilung Wirtschaftstheorie |