Академический Документы
Профессиональный Документы
Культура Документы
Course Requirements
The requirements for this course are: a midterm examination worth 25% of the
grade; a final examination worth 40% of the grade, and a term paper worth 35% of the
grade. The typed term paper should be no longer than 15 pages, including footnotes and
references, and it is due no later than Thursday, May 1.
The topic for the paper can be anything in monetary theory and policy. It can be
an empirical paper, a summary of the literature, or a topic in monetary history. Some
examples follow:
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MONETARY THEORY AND POLICY
Note: Starred readings are required. Other readings are only suggested.
Textbook:
*McCallum, Ch. 2.
M. Friedman and A.J. Schwartz, Monetary Statistics of the United States. Columbia,
(1970), pp. 89-198.
*McCallum, Ch. 3.
Laidler, D., The Demand for Money: Theories and Evidence. fourth edition, New York,
Harper Collins, 1993.
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IV. MONEY SUPPLY
*McCallum, Ch. 4.
*New Palgrave Dictionary of Economics: money supply pp. 527-528; monetary base
pp. 500-502; high powered money and the monetary base pp. 654-655; monetary policy
pp. 508-514.
Goodfriend, M., “Interest Rates and the Conduct of Monetary Policy,” Carnegie
Rochester Conference Series on Public Policy, 1991, 34: 7-30.
Michael Bordo and Andrew Filardo. “Deflation and Monetary Policy in a Historical
Perspective: Remembering the Past or Being Condemned to Repeat it? NBER Working
Paper 10683 November 2004 www.NBER.org.
*O. Blanchard and L. F. Katz, “What We Know and Do Not Know About the Natural
Rate of Unemployment,” Journal of Economic Perspectives Vol 11, No. 1, Winter 1997.
51-72.
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VII. MONEY AND INTEREST RATES
*Friedman, M. and A.J. Schwartz, Monetary Trends in the United States and United
Kingdom, 1982, Chicago, Ch. 10
*New Palgrave Dictionary of Money and Finance, (1992) “The Fisher Effect” 123-124.
*Barsky, R., “The Fisher Hypothesis and the Forecastibility and Persistence of Inflation,”
Journal of Monetary Economics (1987) 9, 3-24.
Mishkin, F.S. “The Real Interest Rate: An Empirical Investigation, Carnegie Rochester
Conference Series on Public Policy, 1981, 15, 151-200.
Barsky R. and Summers, L., “Gibson’s Paradox and the Gold Standard,” Journal of
Political Economy, 1989, 96, pp. 528-550.
*M.D. Bordo and AJ. Schwartz, “The Importance of Stable Money: Theory and
Evidence,” Cato Journal, March 1983.
B. Rational Expectations
T. Sargent and N. Wallace, “Rational Expectations and the Theory of Economic Policy,”
Journal of Monetary Economics, 1976, pp. 169-183.
F.E. Kydland and E. Prescott, “Rules Rather than Discretion: The Inconsistency of
Optimal Plans,” Journal of Political Economy, June 1977, pp. 473-492.
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*B. Bernanke and F. Mishkin, “Inflation Targeting: A New Framework for Monetary
Policy?” Journal of Economic Perspectives, II, No. 2. (Spring) 97-116.
*R.J. Barro, “Money and Prices Under the Gold Standard,” Economic Journal, March
1979.
*M.D. Bordo, “The Classical Gold Standard: Some Lessons for Today,” Federal Reserve
Bank of St. Louis Review, May 1981.
*New Palgrave Dictionary of Money and Finance, “The Gold Standard Theory,”
266-291.
*New Palgrave Dictionary of Money and Finance. “Free Banking: Theory,” 196-197;
“Free Banking: History,” 198-199.
XI. Financial Crises, the Lender of Last Resort, and Asset Price Booms and Busts.
*Anna J. Schwartz, (1986) “Real and Pseudo- Financial Crises” in F. Capie and G. E.
Wood (eds), Financial Crises and the World Banking System, London: MacMillan: 11-
31,[Reprinted in Bordo, Financial Crises.]
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Charles Calomiris and Gary Gorton, (1991). “The Origins of Banking Panics: Models,
Facts, and Bank Regulation” in R. Glenn Hubbard (ed) Financial Markets and Financial
Crises, Chicago: University of Chicago Press.
*M. D. Bordo. (1990), “The Lender of Last Resort: Alternative Views and Historical
Experiences. “Federal R
eserve Bank of Richmond, Economics Review, March.
*Goodhart, C., (1987). Why Do Banks Need a Central Bank? Oxford Economic Papers
39:75-89.
*Michael Bordo and Oliver Jeanne. “Monetary Policy and Asset Prices: Does Benign
Neglect Make Sense?” International Finance. December 2002
*Michael Bordo and David Wheelock. “Monetary Policy and Asset Prices: A Look Back
at Past US Stock Market Booms.” NBER Working Paper No. 10704. Aug 2004
www.NBER.org