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Monetary Theory I

by: Jayda Beahan Jr.

Monetary Theory I EC 861

Marketplace > Boston College > Economcs > EC 861 > Monetary Theory I
Jayda Beahan Jr.
GPA 3.86


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This 4 page Class Notes was uploaded by Jayda Beahan Jr. on Saturday October 3, 2015. The Class Notes belongs to EC 861 at Boston College taught by Staff in Fall. Since its upload, it has received 8 views. For similar materials see /class/218058/ec-861-boston-college in Economcs at Boston College.


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Date Created: 10/03/15
Economics 86101 Monetary Economics I Fall 2000 Tuesday and Thursday 900 1015 am McGuinn Hall Room 315 Professor Peter N Ireland Carney Hall Room 131 Tel 617 552 3687 e mail irelandpbcedu Course Description This course will survey recent theoretical work in monetary economics After a brief introduction to some stylized facts associated with money and the business cycle our attention will focus on three questions of principal interest to monetary theorists 1 Why is intrinsically useless paper currency valued in equilibrium 2 What features of the economic environment account for the observed relationships between policyinduced movements in the money supply and uctuations in output prices and interest rates 3 What special problems do governments face when they attempt to use monetary policy to in uence the real economy Course Materials Xerox copies of my lecture notes are available at the Boston College Bookstore these will serve as the main text for the course A book that you may also nd helpful is Sargent Thomas J Dynamic Macroeconomic Theory Harvard University Press 1987 Other references are listed in the course outline below Course Requirements and Grading Students wishing to receive a grade for this course should write a term paper on some topic related to monetary economics Anything ranging from a literature review to original research is acceptable If you decide to write a term paper please hand in a brief written description of your topic on or before Thursday October 19 Please hand in the nal draft of the paper on or before Thursday December 7 The xerox package of notes also contains a series of problem sets and solutions These problem sets are designed to help you review the material presented in class and to give you a feel for the types of questions that might appear on the field exam in monetary economics They will not be collected or graded Course Outline Introduction 1 Money and the Business Cycle Stylized Facts Friedman Milton The Role of Monetary Policy American Economic Review 58 March 1968 117 Cooley Thomas F and Gary D Hansen Money and the Business Cycle In Thomas F Cooley ed Frontiers of Business Cycle Research Princeton Princeton University Press 1995 Models of M onetary Economies 2 Money in the Utility Function Sargent Chapter 4 Friedman Milton The Optimum Quantity of Money In The Optimum Quantity of Money anal Other Essays Chicago Aldine Publishing Company 1969 3 CashinAdvance Sargent Chapter 5 4 Overlapping Generations Sargent Chapter 7 5 Spatial Separation Sargent Chapter 6 Townsend Robert M Models of Money With Spatially Separated Agents In John H Kareken and Neil Wallace eds Models of Monetary Economies Minneapolis Federal Reserve Bank of Minneapolis 1980 6 Search Kiyotaki Nobuhiro and Randall Wright A SearchTheoretic Approach to Monetary Economics American Economic Review 83 March 1993 6377 Models of M oney and the Business Cycle 7 Models Without Additional Frictions Cooley Thomas F and Gary D Hansen Money and the Business Cycle In Thomas F Cooley ed Frontiers of Business Cycle Research Princeton Princeton University Press 1995 8 Imperfect Information Lucas Robert E Jr Expectations and the Neutrality of Money Journal of Economic Theory 4 April 1972 103124 Cooley Thomas F and Gary D Hansen Unanticipated Money Growth and the Business Cycle Reconsidered Journal ofMoney Credit and Banking 29 November 1997 Part 2 624648 9 Financial Market Imperfections Lucas Robert E Jr Liquidity and Interest Rates Journal of Economic Theory 50 April 1990 237264 Chari VV Lawrence J Christiano and Martin Eichenbaum Inside Money Outside Money and ShortTerm Interest Rates Journal ofMoney Credit and Banking 27 November 1995 Part 2 13541386 10 Sticky Prices Ireland Peter N The Role of Countercyclical Monetary Policy Journal of Political Economy 104 August 1996 704723 Hairault JeanOlivier and Franck Portier Money NewKeynesian Macroeconomics and the Business Cycle European Economic Review 37 December 1993 1533 1568 Key Issues in Monetary Policymakz39ng 1 1 Time Consistency Barro Robert J and David B Gordon A Positive Theory of Monetary Policy in a Natural Rate Model Journal ofPolz39tz39cal Economy 91 August 1983 589610 12 Reputation Ireland Peter N Sustainable Monetary Policies Journal of Economic Dynamics and Control 22 November 1997 87108


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