Course outline Course code ECON13002201 Written date 2019/2/27 Course title 货币经济学 ( Chinese) Course title English) Monetary EconomIcs Credit Teaching hour 3(15weeks) Instructor Suhua tian Department School of economics Office hour Thursday Contact tiansuhualafudan edu cn 14-:00-16:00 Information Pre-courses Microeconomics. Macroeconomics. Econometrics Nature of the course Basic Elective Course descrip The course is a monetary economics course using China and other typical countries as a case study. The course is designed to let students understand important basic monetary theories, monetary policy transmission mechanism, and how to fulfill effective monetary policy The course is designed for the senior undergraduates with a major in international economics and trade In the course we will fully explain the monetary theories, monetary policy transmission mechanism policy practices, which will help students understand how monetary economy performs and wledge and approaches of monetary economics to analyze realistic monetary problems Accordingly, students who want to work in macroeconomic analysis and research will find this course very mportant Based on the practice and operation of monetary economy in China and in other typical countries, the course fully introduces the basic important theories of modern monetary economics. The course overall includes 13 chapters and will be divided into three parts. Part I will introduce and discuss monetary basic theories, including aspects of money's scopes and categories, the theories of money demand and money supply, the theories of interest rate and exchange rate. Part Il will demonstrate the theories of money's influences on economy, referring to the monetary policy transmission mechanisms through the channels of ggregate demand and aggregate supply, and the impacts of monetary policy on macroeconomic variables such as gross output, inflation, etc. It will also explore how to implement and fulfill effective monetary policy. Part Ill is divided into the theory and practice of monetary policy, including the targets, tools and rules of monetary policy, and the influences of open economy variables on one countrys conduction and operation of monetary policy
1 Course outline Course code ECON130022.01 Written date 2019/2/27 Course title (Chinese) 货币经济学 Course title (English) Monetary Economics Credit 3 Teaching hour 3（15weeks） Instructor Suhua Tian Department School of economics Office hour Thursday 14:00-16:00 Contact Information tiansuhua@fudan.edu.cn Pre-courses Microeconomics, Macroeconomics, Econometrics Nature of the course: Comprehensive □ Basic □ Compulsory √ Elective □ Course description: The course is a monetary economics course using China and other typical countries as a case study. The course is designed to let students understand important basic monetary theories, monetary policy transmission mechanism, and how to fulfill effective monetary policy. The course is designed for the senior undergraduates with a major in international economics and trade. In the course we will fully explain the monetary theories, monetary policy transmission mechanism and monetary policy practices, which will help students understand how monetary economy performs and use the knowledge and approaches of monetary economics to analyze realistic monetary problems. Accordingly, students who want to work in macroeconomic analysis and research will find this course very important. Based on the practice and operation of monetary economy in China and in other typical countries, the course fully introduces the basic important theories of modern monetary economics. The course overall includes 13 chapters and will be divided into three parts. Part I will introduce and discuss monetary basic theories, including aspects of money’s scopes and categories, the theories of money demand and money supply, the theories of interest rate and exchange rate. Part II will demonstrate the theories of money’s influences on economy, referring to the monetary policy transmission mechanisms through the channels of aggregate demand and aggregate supply, and the impacts of monetary policy on macroeconomic variables such as gross output, inflation, etc. It will also explore how to implement and fulfill effective monetary policy. Part III is divided into the theory and practice of monetary policy, including the targets, tools and rules of monetary policy, and the influences of open economy variables on one country’s conduction and operation of monetary policy
Textbooks and references Author Title Publisher eal Truth wisdom Suhua tian Monetary Economics: Theory and Press, Shanghai (Textbook) Practice People's Publishing Monetary Theory and Policy(Third Carl E. Walsh MIT Press The Federal Reserve and the Ben bernanke Princeton UniversIty 2013 al Cris Frederic s. Mishkin The Economics of Money, Banking China Renmin 2005 and Financial Markets(9th Edition) University Press Bruce Greenwald and Towards a New Paradigm of Cambria 2003 Joseph e stiglitz University Press Revolution and evolution in Princeton University Michael Woodford Twentieth-Century 1999 Macroeconomic Hebei renmin Monetary Economics 1999 blishing House Milton Friedman& A Monetary History of the UnitedPeking University 2009 Anna J. Schwartz States.1867-1960 Press K. Bain and Peter Monetary Economics: Policy and Its Howells Theoretical basis Palgrave macmillan 2003 Brian Morgan Monetarists and Keynesians: Their The Macmillan Contribution to Monetary Policy Press Ltd 1978 Ben bernanke Monetary Policy in a New Era 017 Institutions Federal Reserve Fed Monetary Policy Report July13,2018 Teaching arrangement and outcomes Arrangement Contents I Text/reference Homework Outcome Week 1 Money Suhua Tian(2010) List Economists Acknowledge the Phenomenon Ch1: Michael who contribute to mechanism that Historical Woodford( 1999) the foundation money affects the Development of and development economy and the Monetary of Monetary realistic basis of nd its of Monetary Economics; QE Week 2 The definition, Suhua Tian(2010) What are the categories. functions Ch 2. Friedman determinants that that credit money
2 Textbooks and references Author Title Publisher Year Suhua Tian (Textbook) Monetary Economics: Theory and Practice Truth & Wisdom Press, Shanghai People’s Publishing House 2010 Carl E. Walsh Monetary Theory and Policy（Third edition） MIT Press 2010 Ben Bernanke The Federal Reserve and the Financial Crisis Princeton University Press 2013 Frederic S．Mishkin The Economics of Money, Banking and Financial Markets (9th Edition) China Renmin University Press 2005 Bruce Greenwald and Joseph E. Stiglitz Towards a New Paradigm of Monetary Economics Cambridge University Press 2003 Michael Woodford Revolution and Evolution in Twentieth-Century Macroeconomics Princeton University Press 1999 Tao Ma Monetary Economics Hebei Renmin Publishing House 1999 Milton Friedman & Anna J. Schwartz A Monetary History of the United States, 1867-1960 Peking University Press 2009 K. Bain and Peter Howells Monetary Economics: Policy and Its Theoretical Basis Palgrave Macmillan 2003 Brian Morgan Monetarists and Keynesians: Their Contribution to Monetary Policy The Macmillan Press Ltd 1978 Ben Bernanke Monetary Policy in a New Era Brookings Institutions 2017 Fed Monetary Policy Report. Federal Reserve System July 13, 2018 Teaching arrangement and outcomes Arrangement Contents Text/reference Homework Outcome Week 1 Money Phenomenon, Historical Development of Monetary Economics and its topics Suhua Tian (2010) Ch.1；Michael Woodford(1999) List Economists who contribute to the foundation and development of Monetary Economics Acknowledge the mechanism that money affects the economy and the realistic basis of the development of Monetary Economics; QE Monetary Policy Week 2 The definition, categories, functions Suhua Tian (2010) Ch.2, Friedman & What are the determinants that Fully understand that credit money
and forms of money, Schwartz(2009)cause the is the basis of the Statistical methods evolution of development of of money money? Monetary Week 3-4 Supply of credit Suhua Tian(2010) Why does the Grasp the money, simple Ch 3. Mishkin money supply “four-in-one model of multiple(2005) credit money deposit creation ally? supply theory and basic money model How to predict process featured scale of money commercial bank Week 5-6 Start with the Suhua Tian(2010) Discuss the Understand the balance sheet of Ch 4: Greenwald independence theoretic central bank, explain and Stiglitz(2005) problem of central mechanism of the the impacts that central bank's g Irom exchange rate policy money supply control to interest macroeconomIc rate as a monetar targets have on the money supply Understand the features of Week 7-8 Keynesian theories Suhua Tian(2010) Review the Understand the framework of Ch5, Bain and development relations between money demand Howells(2003) history, briefly money demand Quantitative theories summarize the Recent development varlables of theories of money theories of money interest rate and demand Understand the developing courses and future directions of theories Week 9 Approaches of Suhua Tian(2010) How does Grasp the (Learning by empirical analysis of Ch6; Adam(1991)financial selecton Innovation approaches in Explanations of finding the factors stability of money money demand? that affect money demand functions demand Able to use the“ buffer
3 and forms of money, Statistical methods of money Schwartz (2009) cause the evolution of money? is the basis of the development of Monetary Economics Week 3-4 Supply of credit money, simple model of multiple deposit creation, basic money model Suhua Tian (2010) Ch.3, Mishkin (2005) Why does the money supply change pro-cyclically? How to predict the variation and scale of money supply? Grasp the “four-in-one” credit money supply theory and process featured central bank, commercial bank, depositors and borrowers Week 5-6 Start with the balance sheet of central bank, explain the impacts that fiscal policy, exchange rate policy and other macroeconomic targets have on the money supply Suhua Tian (2010) Ch.4; Greenwald and Stiglitz (2005) Discuss the independence problem of central bank Understand the theoretic mechanism of the central bank’s shifting from money supply control to interest rate as a monetary policy target; Understand the endogenous features of money supply Week 7-8 Keynesian theories framework of money demand; Quantitative theories of money demand; Recent development of theories of money demand Suhua Tian (2010) Ch.5; Bain and Howells(2003) Review the development history, briefly analyze and summarize the representational theories of money demand Understand the relations between money demand and macroeconomic variables such as interest rate and national income. Understand the developing courses and future directions of money demand theories Week 9 (Learning by selection) Approaches of empirical analysis of money demand; Explanations of stability of money demand functions Suhua Tian (2010) Ch.6; Adam(1991) How does financial innovation influence the money demand? Grasp the econometric approaches in finding the factors that affect money demand; Able to use the “buffer
stocks "model to explain the Week 9 Interest rate Suhua Tian(2010) Features of Grasp the structure and Ch7-8 variation In mechanism and interest rate change; Robertson(1937): interest rate and direction of the Monetary factors Clinton (1988) exchange rate changes in interest that affect interest after the change rate and exchange rate and exchange in money supply rate caused by the rate the of Week10 Changes in Suhua Tian(2010) What are the Skill at analyzing aggregate demand Ch 9: Bernanke related factors of the process of how and the transmission and Gertler(1995) the lag effects of the monetary mechanism of policy causes money on real economy? aggregate demand change with the lag effects of IS-LM mod monetary policy Week 11Economic Suhua Tian(2010) What are the Comprehend the Equilibrium and Ch 10: Lucas differences in the causes of inflation Macro-economic (1976 and the Management assumptions and effectiveness of implications of policy to manage classical model, gross output; Skill neoclassical at analyzing the macroeconomic aggregate output model and new effect and inflation effect of model? monetary policies under various premise using AD-AS model Week 12 Categories of Suhua Tian(2010) Why do we need to Comprehend the monetary policy Ch.11: B set intermediate tools to implement Friedman (1988) target and monetary policies, strategv open-market operations Discuss the selection rediscount, criteria of setting required deposi these targets reserves ratio: QE Monetary poli
4 stocks” model to explain the instable phenomenon of money demand functions Week 9 Interest rate structure and interest rate change; Monetary factors that affect interest rate and exchange rate Suhua Tian (2010) Ch.7-8; Robertson(1937)； Clinton（1988） Features of variation in interest rate and exchange rate after the change in money supply Grasp the mechanism and direction of the changes in interest rate and exchange rate caused by the change in the quantity of money Week10 Changes in aggregate demand and the transmission mechanism of money policy Suhua Tian (2010) Ch.9; Bernanke and Gertler（1995） What are the related factors of the lag effects of monetary policy on real economy? How to estimate the lag effects of monetary policy? Skill at analyzing the process of how the monetary policy causes aggregate demand to change with IS-LM model Week 11 Economic Equilibrium and Macro-economic Management Suhua Tian (2010) Ch.10; Lucas （1976） What are the differences in the premise, assumptions and policy implications of classical model, neoclassical macroeconomic model and new Keynesian model? Comprehend the causes of inflation and the effectiveness of using monetary policy to manage gross output; Skill at analyzing the aggregate output effect and inflation effect of monetary policies under various premise using AD-AS model Week 12 Categories of monetary policy tools and implementation strategy Suhua Tian (2010) Ch.11; B. Friedman（1988） Why do we need to set intermediate target and operational target in implementing monetary policies? Discuss the selection criteria of setting these targets Comprehend the tools to implement monetary policies, including open-market operations, rediscount, required deposit reserves ratio；QE Monetary Policy
Week 13 The effectiveness Suhua Tian(2010) Comment on the Understand the (Learning by and implementation Ch 12; Lane, policy of Tobi effectiveness of selection) mechanism of (2001) Tax; What are the monetary policy in monetary policy constraining different exchange an open economy factors of using rate regimes; Tobin tax to enhance a central relations between capital flows and authority to set the independent monetary policy authority to set in a capital flow the necessity of environment? international cooperation in setting monetary Week 14 dyna Suhua Tian(2010) List the types ofCommand consistency rules of monetary premise of"play premise and types of Taylor(1998) policy and give by the rules rules of monetary policy”and policy discretion Acknowledge the tool rules and target rules of Week 15 Review: Final Exam: Class discussion Gradin g Students are required to do homework and class discussion, which account for about 40% of the grade The other 60% is left for a close-book final examination Online sources: The outline of this course, PowerPoint for teaching and the requirements for homework can all be downloaded on FUDAN university E-learning platform
5 Week 13 (Learning by selection) The effectiveness and implementation mechanism of monetary policy in an open economy Suhua Tian (2010) Ch.12; Lane, （2001） Comment on the policy of Tobin Tax; What are the constraining factors of using Tobin Tax to enhance a central bank’s independent authority to set monetary policy in a transnational capital flow environment? Understand the effectiveness of monetary policy in different exchange rate regimes; Know the relations between transnational capital flows and the independent authority to set monetary policy; the necessity of international cooperation in setting monetary policy Week 14 Dynamic Inconsistency; The premise and types of rules of monetary policy Suhua Tian (2010) Ch.13; Taylor(1998) List the types of rules of monetary policy and give out examples Command the premise of “play by the rules policy” and “discretion policy”; Acknowledge the tool rules and target rules of setting monetary policy Week 15 Review; Final Exam; Class discussion Grading: Students are required to do homework and class discussion, which account for about 40% of the grade. The other 60% is left for a close-book final examination. Online sources: The outline of this course, PowerPoint for teaching and the requirements for homework can all be downloaded on FUDAN university E-learning platform
教师教学、科研情况简介: 田素华,复旦大学世界经济专业经济学博士(2002),美国哥伦比亚大学商学院访问学者(200-2009) 现为复旦大学经济学院教授、博士生导师:兼任复旦大学经济学院学术委员会委员(2013-)、复旦 大学经济学院副院长(2015-)、中国人民银行货币政策专家问卷成员(2014-)、江苏省商务厅决策咨 询专家(2013-2015)、中国世界经济学会常务理事(2016-)、中国美国经济学会理事(2010-)、上海 革创新与战略研究会理事(2015-)、教育部经济与贸易类专业教学指导委员会委员(2018-2022)、 教育部经济与贸易类专业教学指导委员会委员(2018-2022)、上海市世界经济学会国际投资专委会 主任(2017-) 研究方向为国际经济学和货币经济学,为本科生和研究生开设《国际经济学》《货币经济学》《开 放经济与货币经济专题》《货币银行学》《投资学》《国际金融专题研究》《宏观经济学》《现代经济学》 等课程。在 Journal of Banking and finance以及《经济研究》《世界经济》《管理世界》《金融硏究》《国 际金融研究》等刊物发表专业学术论文数十篇,研究论文入选美国经济学年会( AEA Sandiego,CA 2013);主持国家自然科学基金面上项目、国家社会科学基金一般项目、国家社会科学基金重大项目 教育部人文社会科学重点研究基地重大项目、教育部人文社会科学立项课题、上海市哲学社会科 规划课题等国家级和省部级课题多项。已出版的主要著作有:《东道国国际资本流入结构的成因与管 理》(2003)、《贸易战略的国际比较》(2006)、《国际资本流动与货币政策效应》(2008)、《货币经济学》 (2010)、《外资银行在东道国的信贷偏好》(2010)、《外商直接投资进入中国的结构变动与效应研究》 (2013)、《金融危机经济学》(译著,2015) 研宄成果入选国家哲学社会科学成果文库(2012),获安子介国际贸易研究奖(2003)、全国优 秀博士学位论文提名奖(2004)、上海市优秀博士学位论文(2005)、上海市哲学社会科学优秀成果 奖(2002,2004,2008)、上海市邓小平理论研究和宣传优秀成果奖(2006)、上海市社会科学界学术年 会优秀论文奖(208)、中国人民银行和中国金融学会全国优秀金融论文三等奖(2011)、上海青年 经济学者论坛优秀论文二等奖(2012)、第二届(2014)刘诗白经济学奖、上海汽车工业教育基金会 优秀著作奖励项目二等奖(2014)、首届全国金融专硕教学案例大赛奖(2015)、国家商务部全国商 务发展研究成果著作类优秀奖(2015)等。《货币金融学》清华-复旦学堂在线课程入选国家精品在 线开放课程(2018),《货币经济学》课程入选复旦大学精品课程(2018) Tian-Suhua is a professor and phd supervisor in the school of Economics at Fudan University. He graduated with a Phd degree in World Economics major and was a visiting scholar of Columbia University Business School. Tians research focuses on international economics and monetary economics, and he teaches both undergraduate and graduate courses including Monetary Economics, Investments, and Research Projects on International Finance. He is the author of dozens of articles published in core journals such as the Journal of Banking and Finance, Economics Research, etc. He also hosted the National Social Sciences Fund Project and completed several provincial research projects. Tians major publications are The Structure of International Capital Inflow in Developing Countries: Causes and Management(2003), International Capital Flow and The Effect of Monetary Policy(2008), Monetary Economics(2010), Credit Appetite of Foreign Banks in Host Countries(2010), Foreign Direct Investment in China: Structural Changes and Effects(2013). Tian's research results are archived in National Achievements Library of Philosophy and Social Sciences(2012). He also achieved Anzijie Award for excellent research in International Trade(2003), Nomination for National Excellent Doctoral Dissertation(2004), Shanghai Excellent Doctoral Dissertation(2005), Outstanding Achievement Award for Shanghai Deng Xiaoping Theories Research and Propaganda(2006), Distinguished Paper on Shanghai Social Sciences Academic Annual Conference(2008), 3 h Prize for Financial Papers of Chinese Finance Academy and People's Bank of China(2011), 2nd Prize for Distinguished Papers at Shanghai Merit Scholars Forum(2012) *If the course is provided by several instructors, please indicate the one responsible for it. Elective item, please fill in whenever necessary
6 **教师教学、科研情况简介： 田素华，复旦大学世界经济专业经济学博士(2002)，美国哥伦比亚大学商学院访问学者(2008-2009)。 现为复旦大学经济学院教授、博士生导师；兼任复旦大学经济学院学术委员会委员（2013-）、复旦 大学经济学院副院长（2015-）、中国人民银行货币政策专家问卷成员（2014-）、江苏省商务厅决策咨 询专家（2013-2015）、中国世界经济学会常务理事（2016-）、中国美国经济学会理事（2010-）、上海 市改革创新与战略研究会理事（2015-）、教育部经济与贸易类专业教学指导委员会委员（2018-2022）、 教育部经济与贸易类专业教学指导委员会委员（2018-2022）、上海市世界经济学会国际投资专委会 主任（2017-）。 研究方向为国际经济学和货币经济学，为本科生和研究生开设《国际经济学》《货币经济学》《开 放经济与货币经济专题》《货币银行学》《投资学》《国际金融专题研究》《宏观经济学》《现代经济学》 等课程。在 Journal of Banking and Finance 以及《经济研究》《世界经济》《管理世界》《金融研究》《国 际金融研究》等刊物发表专业学术论文数十篇，研究论文入选美国经济学年会（AEA Sandiego, CA, 2013）；主持国家自然科学基金面上项目、国家社会科学基金一般项目、国家社会科学基金重大项目、 教育部人文社会科学重点研究基地重大项目、教育部人文社会科学立项课题、上海市哲学社会科学 规划课题等国家级和省部级课题多项。已出版的主要著作有：《东道国国际资本流入结构的成因与管 理》(2003)、《贸易战略的国际比较》(2006)、《国际资本流动与货币政策效应》(2008)、《货币经济学》 (2010)、《外资银行在东道国的信贷偏好》(2010)、《外商直接投资进入中国的结构变动与效应研究》 (2013)、《金融危机经济学》(译著，2015)。 研究成果入选国家哲学社会科学成果文库（2012），获安子介国际贸易研究奖（2003）、全国优 秀博士学位论文提名奖（2004）、上海市优秀博士学位论文（2005）、上海市哲学社会科学优秀成果 奖（2002,2004,2008）、上海市邓小平理论研究和宣传优秀成果奖（2006）、上海市社会科学界学术年 会优秀论文奖（2008）、中国人民银行和中国金融学会全国优秀金融论文三等奖（2011）、上海青年 经济学者论坛优秀论文二等奖（2012）、第二届（2014）刘诗白经济学奖、上海汽车工业教育基金会 优秀著作奖励项目二等奖（2014）、首届全国金融专硕教学案例大赛奖（2015）、国家商务部全国商 务发展研究成果著作类优秀奖（2015）等。《货币金融学》清华-复旦学堂在线课程入选国家精品在 线开放课程（2018），《货币经济学》课程入选复旦大学精品课程（2018）。 Tian-Suhua is a professor and PhD supervisor in the School of Economics at Fudan University. He graduated with a PhD degree in World Economics major and was a visiting scholar of Columbia University Business School. Tian’s research focuses on international economics and monetary economics, and he teaches both undergraduate and graduate courses including Monetary Economics, Investments, and Research Projects on International Finance. He is the author of dozens of articles published in core journals such as the Journal of Banking and Finance, Economics Research, etc. He also hosted the National Social Sciences Fund Project and completed several provincial research projects. Tian’s major publications are: The Structure of International Capital Inflow in Developing Countries: Causes and Management (2003), International Capital Flow and The Effect of Monetary Policy (2008), Monetary Economics (2010), Credit Appetite of Foreign Banks in Host Countries (2010), Foreign Direct Investment in China: Structural Changes and Effects (2013). Tian’s research results are archived in National Achievements Library of Philosophy and Social Sciences (2012). He also achieved Anzijie Award for excellent research in International Trade (2003), Nomination for National Excellent Doctoral Dissertation (2004), Shanghai Excellent Doctoral Dissertation (2005), Outstanding Achievement Award for Shanghai Deng Xiaoping Theories Research and Propaganda (2006), Distinguished Paper on Shanghai Social Sciences Academic Annual Conference (2008), 3th Prize for Financial Papers of Chinese Finance Academy and People’s Bank of China (2011), 2nd Prize for Distinguished Papers at Shanghai Merit Scholars Forum (2012). *If the course is provided by several instructors, please indicate the one responsible for it. **Elective item, please fill in whenever necessary