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RYERSON UNIVERSITY DEPARTMENT OF ECONOMICS MONEY & BANKING ECONOMICS 506 SEPTEMBER 2009

The focus of this course is on the role of money and the monetary institutions in the economic system, as understood from the perspective of current economic and monetary theory. The course will also examine the purpose, structure and regulation of the chartered banks and other financial institutions. By monitoring developments in the money markets, but especially the key interest rate, (the bank rate), an observer may begin to assess and evaluate the monetary initiatives being pursued by central banks such as the Bank of Canada, the Federal Reserve System, (the Fed) and the European Central Bank. In the process of evaluating the role and conduct of these institutions, this course will develop the two major economic models used in monetary theory and practice, namely the IS ­ LM model and outline the major AS ­ AD model of the macro economy. Depending on what is occurring in the world's major financial systems, the course material may go beyond the material listed in the course outline. If you do miss a class or several classes, it will be your responsibility to obtain the notes for that class from fellow students. The term tests and the final examination will be based on the material presented in the lectures, the weekly assignments and will include related issues such as the Subprime play in the USA. Attending class, working through the readings and completing the weekly assignments, are, as much as possible, complementary activities, NOT substitutes. NOTE: This is a professional or professionally related course, IT IS NOT A LIBERAL STUDIES COURSE

Course Text Mishkin, F. & Serletis, Apostolos, The Economics of Money, Banking and Financial Markets, 3rd Cdn. Edition, Pearson/Addison Wesley, 2008. Topic 1 Introduction Chapter 1. Chapter 2. Topic 2 Why Study Money, Banking, and Financial Markets An Overview of the Financial System

The Definition of Money Chapter 3. What Is Money

Topic 3

Monetary Theory Chapter 15. Chapter 21. Multiple Deposit Creation and the Money Supply The Demand for Money

Topic 4

Monetary Theory: The Macro Framework Chapter 22. Chapter 23. Chapter 24. The Keynesian Framework and the ISLM Model Monetary and Fiscal Policy in the ISLM Model The Aggregate Demand and Aggregate Supply Analysis

Topic 5

Monetary Theory: Empirical Evidence Chapter 25. Chapter 26. The Transmission Mechanisms of Monetary Policy: The Evidence Money and Inflation

Topic 6

Financial Markets Chapter 4. Chapter 5. Chapter 6. Chapter 19. Understanding Interest Rates The Behaviour of Interest Rates The Risk and Term Structure of Interest Rates The Foreign Exchange Market

Topic 7

The Conduct of Monetary Policy Chapter 14. Chapter 16. Chapter 17. Chapter 18. Structure of Central Banks and the Bank of Canada Determinants of the Money Supply The Tools of Monetary Policy What Should Central Banks Do

Additional Material of current interest may be added during the semester and this will become part of the testable body of course related work. INFORMATION ON THE CLASSROOM ASSIGNMENTS * A course related assignment will be handed out at the end of each lecture class and your answers must be handed in at the end of your tutorial class the following week. You will be allowed to have ONE late or missing assignment with no deduction of marks. However, there will be NO concessions made for any additional late assignments, regardless of the reason. You have already been assigned 20 marks for the assignments. Two marks will be deducted for each assignment NOT SUBMITTED ON TIME. It will be your responsibility to understand the mechanics that are related to the course outline material as well as any addition issues or material that is covered in the classroom lectures. ASSIGNMENTS WILL NOT BE ACCEPTED BY E-MAIL BUT MUST BE SUBMITTED IN YOUR TUTORIAL CLASS, IN WRITTEN FORM

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COURSE INFORMATION COURSE INSTRUCTOR PHONE E- MAIL COURSE MARK DERIVATION OFFICE HOURS Economics 506 - Money and Banking Eric Wright 416 - 979 - 5000 - 4797 [email protected] Test # 1 Test # 2 20% | Assignments 20% | Final Test 20 % 40% OFFICE Jorg. Hall # 210

Tuesday 11:00 am - 1:00 pm Wednesday 11:00 - 12:00 noon and 1:00 pm ­ 2:pm Friday 11:00 am - 12:00 noon Other office times may be arranged by appointment Term Test One Term Test Two Final Examination Week of October 12/2009 Week of November 16/2009 Two hours and scheduled during the examination period

TEST DATES

TEST FORMAT MISSED TESTS

The two term tests and the final examination will consist of multiple choice questions. If a term test is missed for any reason, the weight of the final examination will be increased to compensate for the weight of the missed test. If you miss the final examination, an independently verifiable medical statement will be required to qualify for a make-up examination. Students will be responsible for all material noted in the course outline, in the class lectures, all of the material handed out during the term and any material included in the weekly assignments. ECN 104 and ECN 204.

NOTE

PREREQUISITES

Faculty/Course

The Faculty - Course Survey will be administered in the 2 hour class, before you write your 2nd term test on Nov

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24th, 2009.

REQUIRED TEXT The Economics of Money, Banking and Financial Markets Frederic S. Mishkin & Apostolos Serelitis, Addison, Wesley Longman, 3rd Cdn Edition.

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