The readings will be populated as the course progresses. Exam 1 will cover Topics 1 through 4.
Topic 1: Introduction to Monetary Policy (August 29, 2011)
Topic 2: Introduction to Monetary Policy (August 29, 2011 and September 12, 2011)
Background: Structure of the Federal Reserve
Background: Primer on Policy, Part 1 , Part 2, Part 3, Part 4 and Short and Long-Run Targets
Slide Pack on Policy Targets a Operating Procedures (Revised)
Disclosure and the Predictability of Policy
Can Central Bank Transparency Go too Far?
Student Presentation: Disclosure and Predictability and Can Transparency Goo too Far? (Saddler-September 12, 2011)
Topic 3: The Conduct of Monetary Policy (September 19, 2011)
Slidepack on Introduction to Monetary Policy (revised)
A Brief History of Monetary Policy and the Federal Reserve
Success and Failures over the Last Half of the 20th Century
Student Presentation: Successes and Failures over the last half of the 20th Century (Barber-September, 19, 2011)
Monetary Policy in the Crisis
Topic 4: Money Supply and Money Demand and Monetary Policy (September 26, 2011)
Slide Pack on the Development of the Demand for Money
The Role of Money in 21st Century Policy
Student Presentation: The Role of Money in the 21st Century (September 26, 2011, Justin Bryant)
Interpreting Monetary Control
Short-Run Demand for Money
The Role of Money in Monetary Policy: Why the Difference Between the European Cental Bank and the Federal Reserve
Student presentation: The Role of Money In the U.S. and European Monetary Policy (September 26, 2011, Mike Bailey)
The Tobin-Baumol and the Tobin money demand functions
_______________________ Exam 1 to here ________________________________________________
Topic 5: Dealing with Crisis (October 3, 2011)
a. The Great Depression
Money, Gold, Monetary Policy, and the Great Depression
Liquidationist Theory and the Great Depression
b: The Crisis of 2007-2008 and the Great Recession
The Recent Credit Crunch and Policy Response
Student presentation of the Recent Credit Crunch and Policy Response (October 10, 2011, Jane Bowers)
The 2007-2008 Liquidity Crisis
Student presentation of the 2007-08 liquidity crisis (October 3, 2011, Justine Burley)
Bernanke on Causes of the Recent Financial Crisis (9/2/10)
Bernanke on Monetary Policy and the Crisis (8/27/10
Bernanke on Policy Reseonse: Credit Easing versus Quantitative Easing (1/13/09) See section comparing the two about ha;f way through the speech)
Bernanke on the FederalReserve's Exist Strategy (3/25/10)
Last Days of Bear Sterns (NEW)
Explaining the Lehman Failure
c: Background Material on the Crisis Response
Federal Reserve Liquidity Programs in the Current Crisis
Details of Recent Policy Responses
Topic 6: The Macro-Economy and Money
Developing the traditional Aggregate Demand-Aggregate Supply Model
Slide Pack on Aggregate Demand and Aggregate Supply
Slide Pack on Aggregate Supply, Aggregate Demand, Money, and Inflation
A criticism of AS-AD in a Historic Context
In Defense of AD-AS Models
A version of AD-AS Model with Inflation
Student Presentation on the Defense of AS-AD and The Verison w/ Inflation (October 10, 2011, Amanda Greene)
Topic 7: Competing Theories and Concepts
Slidepack on Underpinnings of New Classical and New Keynesian Models
Slidepack on Inflation and Competing Theories
Summary of Alternative Theories and Their Cycles
A Perspective on New Keynesian Economics
ECB and New Keynesian Economics
Monetary Policy and New Keynesian Economisc
Student presentation on New Keynesian Economics and Monetary Policy and A Perspective on New Keynesian Economics and the ECB and NKE, (October 24, 2011, Beatrice Gatebuke)
Topic 8: Inflation Tradeoffs
Slide Pack: Primer on the Time Consistency Problem
Slide Pack: The Phillips Curve
The Evolution of the Phillips Curve
A Layman's Guide to the Phillips Curve
NAIRU and its history
Student presentation on Layman's Guide and NAIRU History (October 31, 2011, Jacob Norton)
The Great Inflation of the 1970s-What Really Happened
Student presentation on the Great Inflation (October 31, 2011, Shashnoat Bhattari)
__________________________ Exam 2 to Here ________________________________________________________________
Topic 9: Inflation Targeting (11/7/11)
Slide Pack: Inflation Targeting
Monetary Policy and the dual Mandate
Short Primer on Inflation Targeting
A Perspective on Inflation Targeting
A Criticism of Inflation Targeting
Inflation Targeting and the Crisis
Do Inflation Targeters outperform Non-Targeters
Student presentation on "Inflation Targeting and the Crisis" and "Do Inflation Targeters Outperform Non-Targeters (November 14, 2011, Armond Green)
Special slidepack of (1) developing the IS-LM curves, cycles in the classical world, and cycles in the Keynesian world
Topic 10: Rules (11/14/11)
Slide Pack on Primer on Rules
Slide Pack on Taylor and Friedman
Slide Pack on Rules Versus Discretion
Taylor Rules.
Friedman, Taylor, and Rules
Bernanke on Constrained Discretion
Taylor on a Need to Return to a Monetary Framework (Recommended)
Taylor on Getting Back on Track
Taylor on Assessing the Federal Response
Taylor on Rules-Discretion Balance
Taylor on Benefits of Rules-Based Policies
Student Presentation on "Rules-Discretion Balance" and "Benefits of Rules" (November 21, 2011, Justin Hankins)
Topics 11: Monetary Transmission Mechanism (11/21/11)
Slidepack on Transmission Mechanism
Primer on the Transmission Mechanism
Distinguishing Theories of the Mechanism
DePrince on the Transmission Mechanism
DePrince on a New Measure of Monetary Liquidity
Transmission Mechanism and Asset Prices
FRBNY on Transmission Mechanism
Student presentation on "Transmission and Asset Prices" and "FRBNY on Transmission Mechanism" (November 28, 2011, Kyle Meeks)
Topic 12: Policy and Markets (11/28/11)
Primer on the Yield Curve
Accounting for Shifts in the YC
Slidepack on Policy and the Term Structure of Interest Rates
Slidepack on Shifts in Asset Values and Policy
Slidepack on Asset Bubbles
Asset Bubbles and Central Bank Policy
Case Against Bursting Asset Bubbles
Asset Bubbles and Inflation Targeting
Student Presentation on "Case Against Bursting Asset Bubbles" and "Asset Bubbles and Inflation Targeting" (December 5, 2011, Samuel Castilla)
Asset Bubbles: the Lean versus Clean Debate
The Strong Case for Bursting Asset Bubbles
Student Presentation on "Asset Bubbles: the Lean versus Clean Debate" and "The Strong Case for Bursting Asset Bubbles" (December 5, 2011David Rowland)
Topic 13: The Global Economy 12/5/11)
Primer on Exchange Rates and Monetary Policy
| Last Updated: 11/15/11 |