 |
 |
 |
 |
 |
 |
 |
 |
Econ 325: Asian Monetary PolicySchedule: Asian Monetary Policy (Economics 325) is a one semester introduction to the theoretical and pragmatic foundations of monetary policy in Asia. The aim of this course is to prepare students for staff positions at central banks, multilateral development institutions (e.g. IMF, World Bank, ADB), think tanks, investment banks or for places in top-tier graduate schools. Four themes will be adopted throughout this course. One, students are expected to follow academic and policy debates as discussed in professional journals, multilateral publications (e.g. IMF, ADB), and in the influential writings of key figures on the monetary policies of Asia. Two, students are expected to balance technical and theoretical discussions of monetary policy with practical concerns regarding the design, operations, and implementation of alternative policies. Three, students are expected to analyse and debate the applicability of policy options within the context of current political economy and the state of domestic and regional institutions. Four, students are expected to anchor technical discussions of sovereign and regional monetary policy within the context of the latest theoretical and empirical understanding in open economy macroeconomics and monetary economics. Topics to be covered are given in the course outline. They will include the following: international monetary arrangements, theoretical roots of monetary policy and monetary policy in Asia; exchange rate regimes; the open economy trilemma; targeting regimes and instrument rules; commitment versus discretion; institutions and the political economy, with special emphasis on monetary policy formulation in Asia’s transition economies; asset prices, bubbles, and uncertainty; the risk management approach to monetary policy; financial market and capital account liberalisation, optimal cascading and the liberalisation trilemma; financial and currency crises, with special focus on the 1997-98 Asian Financial and Currency Crisis; trade, financial and monetary integration; globalisation; international monetary cooperation and coordination; and prospects for Asian monetary union. Course Requirements My AMP course consists of lectures on each topic, structured class-wide discussions, a term-paper, and a comprehensive final examination. The course will be writing intensive, with over 90% of your grade being determined by written submissions. Lectures will be largely qualitative in presentation but will cover deeply theoretical and implicitly quantitative debates in monetary economics and international finance. As such, the course will provide a rigorous treatment of monetary policy in Asia, yet remain accessible to undergraduates. Discussions will be seeded by lectures and readings but will be allowed to develop organically. Students will be expected to use discussion time to further their understanding of the material covered in lecture. The term paper invites students to explore with depth an aspect of monetary policy in Asia that has relevance given current trends. Well-prepared students will write their paper in line with their personal and professional interests and the job market they seek to enter. Originality, innovation and risk are to be incentivised. Literature reviews will be actively discouraged. The final examination will be three-hours long and will be a comprehensive treatment of both readings and lectures. Pre-requisites: Intermediate Macroeconomics and either Monetary Economics or International Economics. FINAL Examination Information Date: Monday, November 26 |