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28807-01 - Lecture: Money, Banking and Payment Systems (6 CP)
| Semester | spring semester 2023 |
| Course frequency | Every spring sem. |
| Lecturers |
Aleksander Berentsen (aleksander.berentsen@unibas.ch, Assessor)
Remo Nyffenegger (remo.nyffenegger@unibas.ch) |
| Content | Economists have long been fascinated by the roles and interactions of money, banking and payment systems in market economies. In order to understand why money is essential for trading and why financial intermediation can be welfare improving, one needs to examine trade and money from first principles. If there is no clear idea of why money and banking are essential, then there is no real understanding of the consequences or welfare effects of monetary policy experiments, such as Quantitative Easing (QE) or negative interest rates (NIR), or the need for banking regulation. The lecture is composed of a theoretical and an applied part. For the theoretical part, the lecture is based on the book by Champ B., Freeman S., and J. Haslag, 'Modeling Monetary Economies', Cambridge University Press. The book is composed of three parts. In Part I of the book, Champ et al. 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, Champ et al. 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. In the applied part of the lecture, we will teach students the basics of programming in Python. At the end of the lecture, students will be able to program the simple model economies from the textbook by Champ et al., solve these models, and perform comparative statics numerically. |
| Bibliography | The lecture will be based on Champ B., Freeman S., and J. Haslag, 'Modeling Monetary Economies', Cambridge University Press., individual papers, and online content for programming in Python. |
| Weblink | Weblink |
| Admission requirements | Following lectures should have been taken previously: Introduction to Financial Markets (23516) Intermediate Microeconomics (10134) Intermediate Macroeconomics (10184) |
| Course application | Registration: Please enrol in MOnA. EUCOR-Students and students of other Swiss Universities have to enrol at the students administration office (studseksupport1@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Thursday | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
Dates
| Date | Time | Room |
|---|---|---|
| Thursday 23.02.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 02.03.2023 | 08.15-12.00 | Fasnachstferien |
| Thursday 09.03.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 16.03.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 23.03.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 30.03.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 06.04.2023 | 08.15-12.00 | Ostern |
| Thursday 13.04.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 20.04.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 27.04.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 04.05.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 11.05.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 18.05.2023 | 08.15-12.00 | Auffahrt |
| Thursday 25.05.2023 | 08.15-12.00 | Kollegienhaus, Hörsaal 116 |
| Thursday 01.06.2023 | 08.15-12.00 | Wirtschaftswissenschaftliche Fakultät, -- |
| Modules |
Electives Bachelor Business and Economics: Recommendations (Bachelor's degree subject: Business and Economics (Start of studies before 01.08.2021)) Modul: Aufbau Economics (Bachelor's Studies: Business and Economics) Modul: Wahlbereich in Wirtschaftswissenschaften (Bachelor's degree subject: Business and Economics) Module: Economics II (Bachelor's Studies: Business and Economics (Start of studies before 01.08.2021)) |
| Assessment format | record of achievement |
| Assessment details | Final exam and programming assignments. written exam: 01.06.23; 08:15-09:45; WWZ S13; A-MA; WWZ Audi: MO-Z. The addresses of the examination rooms can be found here: https://wwz.unibas.ch/de/studium/pruefungen/vorlesungs-und-pruefungsraeume/ You can still withdraw from the examination by submitting a completed, signed form to our office from 21.03.23 until 31.03.23 / 12:00 o’clock. The deregistration form and the mail address can be found on the homepage of the Dean of Studies Office: https://wwz.unibas.ch/en/studies/examinations/de-/registration-of-examinations/ Prior to 20.03.23, please deregister only in the Online Services. The examination rooms will be published by 26.5.23. |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |