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College of Business Administration

Depart= ment of Economics

Seminar in Money and Banking

Lectur= er: O. Mikhail

ECO 6226-0001

Summer= 2006

&nbs= p;

<= /span>

 

Course Outline<= /h1>

 

Time  =             &nb= sp; :        &= nbsp;  Tu, Th 6:00 p.m. – 9:50 p.m.

Location&nb= sp;         :        &= nbsp;  BA I – 220.

Office = ;             <= /span>:        &= nbsp;  BA II – 302.

Office Hours   :        &= nbsp;  Tu 12:00 p.m. – 1:00 p.m. and Tu Th 4:00 p.m. – 5:00 p.m.

   &n= bsp;            = ;            &n= bsp;       or by Appointment.

Wed Page  &n= bsp;     :        &= nbsp;  http://www.bus.ucf.edu/omikhail

Class Web Page:         = ht= tp://www.bus.ucf.edu/omikhail/Eco6226/2006/Eco-6226-s2006.htm

E-Mail = ;            = :        &= nbsp;  omikhail@hotmail.com

  = ;            &n= bsp;            = ;         omikhail@bus.ucf.e= du

Phone =              :        &= nbsp;  407-823-4258

Fax &n= bsp;            = ;    :        &= nbsp;  407-823-3269

 

This is an MBA class in M= oney and Banking. The class is open for registration to all Master Degree students at the College of Business Administration (Accountin= g, Economics, Finance, Management, Marketing, and MIS). This course outline is extensive – but non-exhaustive –= in terms of the number of articles on the reading list. The point is to guide = you for your choice of a research topic to execute in your term paper. From this extensive list, a sub-list will be assigned in class as mandatory readings.=

 

Class Objectives

&= nbsp;

Are fi= nancial markets important? If yes, then why? Which one is of most importance? How do they – if any – influence the economy? Does the institutional structure of the financial market play a role in economic growth? What are = the regulations that govern this structure?

&= nbsp;

Regard= less of your occupation, as long as you are involved in the financial market (as an analyst, a venture capitalist, a financial consultant, or a marketing specialist), and as long as your objective is to reach a profit maximizing = and efficient state, your knowledge of the interaction of the macroeconomics and the financial markets will aid, help and [exponentially] improve your forec= asts and decision making process.

&= nbsp;

In thi= s class, we will address, examine and focus [on] the nature of the interaction of macroeconomics and financial markets and institutions.

&= nbsp;

In gen= eral, the study of complete markets economies allows us to understand the basics of r= isk sharing, asset pricing, and consumption. Whenever a comprehensive set of opportunities to insure risks - that markets provide - exists, the behavior= of aggregate consumption depends only the state of the economy. In practice, t= he markets are incomplete, therefore the optimal consumption allocation could = - and in most cases - do depend on the current asset holdings. This implies the existence of a potentially powerful connection between the financial markets and the economy.

&= nbsp;

In bri= ef, the class emphasizes the following themes:

  1. Financial Institutions
  2. Financial Regulations
  3. Financial Instruments
  4. Role of Financial markets in t= he Economy
  5. The Bond Market and the Term Structure of Interest Rates.
  6. Banks and their Crucial Role in the Economy
  7. Monetary Policy
  8. Global Capital Markets

&= nbsp;

At fir= st, the class covers the mechanics of the fin= ancial markets in the U.S.A= . We will start with a dramatis personae (the cast of players) – the financial institutions – which participate in it? For each type of financial institution we will study its structure, power, functions and its regulations.  Then interest wi= ll shift to the financial instruments used and finally a clear distinction bet= ween the money and the capital market will be developed [financial markets]. Als= o, we will study the characteristics, history, powers and objectives of the central bank as a powerful financial institution.

 

We will addres= s the principles of monetary theory and policy, the nature, the functions and rol= e of money in the economy.  This pa= rt will address the interest rate determination, and the theories of money dem= and.

 

By the end of the class, students should be= able to understand the mechanics (suppliers, demanders and instruments of funds)= of the financial markets in the U.S., the interest rates structure and relationship to the exchange rates, the ro= le of the central bank in these markets.

 

Finally and most importantly, how all toget= her influence the economy.

 

Basic knowledge of calculus and algebra are required. Students are responsible fo= r all materials covered in class that is presented in the textbook, in the readin= gs and in the lecture notes.

&= nbsp;

Attend= ance at lectures is not mandatory but is recommended. If you are experiencing any difficulty in this class = (or any other), please arrange a meeting with me to discuss it.

 

= E-mail Policy and Class Web Page

 

= Office Hours

If my office hours (stated above) conflict = with your schedule and you need to meet with me, please let me know so I can arr= ange a mutually acceptable time to meet.

 

Class Structure<= /o:p>

T= he class will be held in an active-discussion framework. Due to the class size and t= he limited class time, I suggest that students form study groups outside of cl= ass to work through the class material.

 

 

Evaluation

 

One-page s= ummary (10 articles)     =             &nb= sp;   20%

Mid-Term Exam (June 8, 20= 06)        &= nbsp;           &nbs= p; 40%

Term Paper            =             &nb= sp;            =             &nb= sp;    40%

Class Presentation of you= r Term Paper      &n= bsp;      5% (Bonus)

 

I expect you to uphold the guidelines of the Golden Rules, http://www.ucf.edu/= goldenrule

 

No early or make-up exams will be given. Cl= ass Presentations will be scheduled during the last week of classes. Each presentation is scheduled for 20 minutes. The use of power-point presentations is highly encouraged. At the end of the class, your presentation will be posted on the class web page. The ‘one-page summary’ is a summary of an artic= le [from the reading list] posted on the class web page.

 

 

Finding Monetary Data=

 

Printed format

Subscribe to the National Economic Trends – The Federal Reserve Bank of St. Lo= uis.

http://research.stlouisfed.org/publications/net/

 

Data Retrieval – Electronic format

The Federal Reserve Bank of St. Louis Economic Data - FRED II http://research.stlouisfed.o= rg/fred2/

 

Reading List

 

Role of Financial Markets (The financial architecture and the economy)

 

  • Richard J. Herring and Anthony M. Santomero (1995) “The Role of the Financial Sector in Economic Performance” The Wharton School, University of = Pennsylvania, Working Paper 95-08.
  • Solomon Tadesse  (2001) “Fi= nancial Architecture and Economic Performance:  International Evidence” William Davidson Institute Working Paper Number 449.
  • Ph= ilip Arestis, Ambika D. Luintel, Kul B. Luintel (2004) “Does Financial Structure Matter?” Working Paper No. 399. The Levy Economics Institute. January.
  • Thorst= en Beck, Ross Levine, and Norman Loayza, (2000) “Finance and the Sources of Growth”,= Journal of Financial Economics 58 (October): 261-300.<= /o:p>
  • Stiglitz, Joseph E., (2001) Information and the change in the paradigm in economics, Nobel Prize Lecture, p. 472-540.<= span style=3D'mso-bidi-font-weight:bold'>
  • W.F. Duisenberg. (2001) “The role of financial markets for economic growth.” Speech delivered by Dr. Willem F. Duisenberg, President= of the European Central Bank, at the Economics Conference “The Sing= le Financial Market: Two Years into EMU” organized by the Oesterrei= chische National Bank, in Vienna<= /st1:place> on 31 May.
  • Nicola Cetorelli. (2002) The role of financial services in economic growth. Chicago Fed Letter. January. No. 173. http://www.chicagofed.org/publications/fedletter/2002/cfljan200= 2_173.pdf
  • Michael Kouparitsas. (2002) “A regional perspectiv= e on the U.S. business cycle.” Chicago Fed Letter. November 2002, N= o. 183. http://www.chicagofed.org/publications/fedletter/2002/cflnov200= 2_183.pdf
  • Parthemos, James. (1988) “The Federal Reserve Act of 1913 = in the Stream of U= .S. Monetary History.” Economic Review, Federal Reserve Bank = of Richmond, pp.= 19-28.
  • Goodfriend, Marvin. (1991) “Money, Credit, Banking, and Payments System Policy.” Economic Review, Federal Reserve Bank of Richmond, pp. 7-23.

 

Financial Markets and Economic Crisis

 

 

Regulations

 

Cyclical Implications of the Basel-II Capital Standards Anil K Kashyap Graduate School of Business, University of Chicago Jeremy C. Stein Department of Economics,= Harvard University. November 2003. http://gsbwww.uchicago.edu/fac/anil.kashyap/research/basel-final.pdf=

·         Daníelsson, Jón, Paul Embrechts, Charles Goodhart, Con Keating, Felix Muennich, Olivier Renault, and Hyun So= ng Shin, 2001, An Academic Response to Basel II, LSE Financial Markets Group Special Paper Series, p. 1-17.

 

 

 

Bank Mergers

 

  • Melloan, George. (1989) “Ponzi Was a Piker Compared to ‘Troubled Thrifts’.” Wall Street Journal, Jan= uary 10, 1989, p. A19.
  • Berger, Allen N. Demsetz, Rebecca S. and Strahan, Philip E. (199= 8) “The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future.” Finance and Economics Discussion Series, Federal Reserve Board, Washington, D.C. 1998-46

 

The Federal Reserve

 

  • Meulendykle, Ann-Marie. (1990) “A Review of Federal Reserve Policy Targets and Operating Guides in Recent Decades.” In Richa= rd G. Davis et al., Intermediate Targets and Economic Indicators for Monetary Policy, Federal Reserve Bank of New York, pp. 452-473.=
  • Meulendykle, Ann-Marie. (1992) “Reserve Requirements and t= he Discount Window in Recent Decades.” Quarterly Review, Fed= eral Reserve Bank of New York= , pp. 25-43.
  • Schwartz, Anna J. (1992) “The Misuse of the Fed’s Discount Window.” Review, Federal Reserve Bank of St. Louis, pp= . 58-69.
  • Havrilesky, Thomas M. Chappell, Henry. Gildea, John. and McGrego= r, Rob. (1993) “Congress Threatens the Fed.” Challenge, pp. 50-57.

 

 

 

 

CHICAGO FEDERAL RESERVE BANK CONFERENCE

 

·      =    The Tying of Lending and Equity Underwriting. By Steven Drucker Stanford Graduate School of Business.= http://www.chicagofed.org/news_and_conferences/c= onferences_and_events/files/2004_bank_structure_the_tying_of_lending_and_eq= uity.pdf

 

 

The Transmission Mechanism

 

General

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Mishkin, Frederic S. (1995), “Symposiu= m on the Monetary Transmission Mechanism,” Journal of Economic Perspectives 9(4), 3–10.

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Bernanke, Ben S., and Mark Gertler (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission,” NBER Working Paper No. 5146. Journal of Economic Perspectives 9(4), 27–48.

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Taylor, John B. (1995), “The Monetary Transmission Mechanism: An Empirical Framework,” Journal of Economic Perspectives 9(4), 11–26.

Aggregated Demand

  • Abel, Andrew B. (1990), “Asset Prices under Habit Formation and Catching up with the Joneses,” American Economic Review: Papers and Proceedings 80, 38–42.
  • Fuhrer, Jeffrey C. (19= 98), “An Optimizing Model for Monetary Policy Analysis: Can Habit Formation Help?” Research Discussion Paper No. 9812, Reserve Ban= k of Australia.
  • McCallum, Bennett T., = and Edward Nelson (1997), “An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis,” NBER Working Paper= No. 5875.
  • Rotemberg, Julio J., a= nd Michael Woodford (1997), “An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy,” NBER Macroeconomics Annual 1997, 297–346.

Aggregate Sup= ply

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Walsh, Carl E. (1998), Monetary Theory and Policy, MIT Press, Cambridge, MA. Chapter 5.5

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Roberts, John M. (1995), “New Keynesian Economics and the Phillips Curve,” Journal of Money, Credit and Banki= ng 27, 975-984.

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Dotsey, Michael, Roberg G. King and Alexande= r L. Wolman (1997), “State-Dependent Pricing and the Dynamics of Business Cycles,” Working Paper 97-2, Federal Reserve Bank of Richmond.

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Fuhrer, Jeffrey C. (1997), “The (Un)Importance of Forward-Looking Behavior in Price Specifications,” Journal of Money, Credit, and Banking (August), 338–350.

<= span style=3D'mso-list:Ignore'>o&nb= sp;      Fuhrer, Jeffrey C., and George R. Moore (199= 5a), “Inflation Persistence,” Quarterly Journal of Economics 110, 127-159.

 

Information Technolog= y and Financial Structure

 

 

 

Monetary Policy<= /o:p>

 

·         M= onetary Policy and Uncertainty: Adapting to a Changing Economy. A symposium sponsor= ed by the Federal Reserve Bank of Kansas City. August 28-30, 2003.

·         P= eek, Joe and Eric S. Rosengren, 1995, Is Bank Lending Important for the transmis= sion of Monetary Policy? An Overview, New England<= /st1:place> Economic Review, p. 3-10.

·         B= ernanke, Ben and Mark Gertler, 1999, Monetary Policy and Asset Price Volatility, Federal Reserve Bank of Kansas City Economic Review, fourth quarter, p. 17-51.

·         Rigobon, Robert. and Sack, Brian. (2001) “Measuring the Reaction of Monetary Policy to the Stock Market.”= ; Finance and Economics Discussion Series, Federal Reserve Board, Washington, D.C.= 2001-14

  • Bomfim, Antulio N. (2000) “Pre-Announcement Effects, News, and Volatility: Monetary Policy and the Stock Market.” Finance and Economics Discussion Series, Federal Reserve Board, Washington= , D.C. 2000-50.<= /span>
  • Morgan, Donald P. (1992) “Are Bank Loans a Force in Moneta= ry Policy?” Economic Review, Federal Reserve Bank of Kansas City, Second Quarter, pp. 31-41.
  • Friedman, Milton. (1993) “End the Fed’s Fine-Tuning.” Wall Street Journal, September 15, p. A22.
  • McCallum, Bennett T. (2000) “Theoretical Analysis Regardin= g a Zero Lower Bound on Nominal Interest Rates.” Working Paper 76= 77, National Bureau of Economic Research.
  • Clouse, James. Henderson, Dale. Orphanides, Athanasios. Small, David. and Tinsley, Peter. (2000) “Monetary Policy when the Nomi= nal Short-Term Interest Rate is Zero.” Finance and Economics Discussion Series, Federal Reserve Board, <= st1:City w:st=3D"on">Washington, D.C. 2000-51
  • Nelson, Edward. (2000) “Direct Effects of Base Money on Aggregate Demand: Theory and Evidence.” Working Paper Series = No. 122, Bank of England.

 =

 

Financial Globalization Effects

 

 

 

Money

 

  • Walter, John R. (1989) “Monetary Aggregates: A User’s Guide.” Economic Review, Federal Reserve Bank of Richmond, pp.= 20-28.
  • Tatom, John. (1990) “The Effects of Financial Innovations = on Checkable Deposits, M1 and M2.” Review, Federal Reserve B= ank of St. Louis, pp. 37-53.
  • Belongia, Michael T. and Chalfant, James A. (1990) “Alternative Measures of Money as Indicators of Inflation: A Sur= vey and Some New Evidence.” Review, Federal Reserve Bank of <= st1:City w:st=3D"on">St. Louis, p= p. 20-33.

 

 

 

Financial Institutions: Role of Depository Institutions, Insurance and Concentration.=

 

  • Symposium on Financial Institutions; By Wall, Larry D.; Financial Review, February 2004, v. 39, iss. 1, = pp. 1-11
  • Financial Institutions in Disadvantaged Areas: A Comparative Analysis of Policies Encouraging Financial Inclusion in Britain and the United States; = By Marshall, J. Neill; Environment and Planning A, February 2004, v. 36, = iss. 2, pp. 241-61
  • Meulendykle, Ann-Marie. (1990) “The Role of Depository Institutions.” In U.S. Monetary Policy and Financial Markets, Federal Reserve Bank of New York, p= p. 48-65.
  • “The History of U.S. Deposit Insurance.&= #8221; Business Review, Federal Reserve Bank of Philadelphia, p. 15.
  • Isaac, William M. (1993) “Limiting Damage of Deposit Insurance.” Wall Street Journal, March 4, p. A14.= <= /span>
  • Rhoades, Stephen A. (1993) “The Herfindahl-Hirschman Index.” Federal Reserve Bulletin, March, pp. 188-189.
  • Diamond, Douglas W. and Dybvi= g, Philip H. (2000) “Bank Runs, Deposit Insurance, and Liquidity.” Quarterly Review, Federal Reserve Bank of Minneapolis.=
  • Vlaar, Peter J. G. (2000) “Capital requirements and Competition in the Banking Industry.” Working Paper Series, Research Department, Federal Reserve Bank of Chicago, October, WP-00-18.
  • Berger, Allen N. and DeYoung, Robert. (2000) “The Effects = of Geographic Expansion on Bank Efficiency.” Working Paper Serie= s, Research Department, Federal Reserve Bank of Chicago, October, WP-00-14.
  • The Liberalization of Financial Markets: National and Internatio= nal Perspectives. Conference Proceedings, 10th Annual Hyman P. Minsky Conference on Financial Structure. Levy Institute. http://www.levy.org=

 

Book(s)

 

Package [Download Free from the class web page]

T. Boules, J. Handa, and = O. Mikhail. (2000) Financial Institutions in Canada and the United State= s. http://ww= w.bus.ucf.edu/omikhail/Eco6226/2004/book.pdf

 

Cecchetti, Stephen G. (2006) Money, Banking= , and Financial Markets. McGraw Hill.

ISBN 0-07-245269-2

 

Handa, Jagdish. (2000) Monetary Economics. Routledge, London & New York. ISBN: 0-415-19926-3.

 

Walsh, Carl E. (2003) Monetary Theory and Policy. MIT Pr= ess. ISBN: 0-262-23231-6

 

 

Supplementary Texts (optional)

 

  • Burton, Maureen. and Lombra, Ray. (1999) The Financial System and the Economy: Principles of Money and Banking. Thomson Learning Publishing. ISBN 0324004397

 =

  • Fabozzi, Frank J., Modigliani, Franco., Fer= ri, Michael G. and Donnelly, Paul. (Eds) (1997) Foundations of Financial Markets and Institutions. ISBN 0136860567

 =

  • Hubbard, Glenn R. (2000) Money, the Financial System, and the Economy. Third Edition, Addison Wesley Longman. ISBN 0-201-47381-X

 =

  • Hubbard, Glenn R. (Ed.) (1991) Financial Markets and Financial Crises. University of = Chicago Press. ISBN 0226355888

 =

  • Jackson, Howell E. and Symons, Edward L. Jr. (1999) Regulation of Financial Institutions; Selected Statutes, Regulations and Forms. West Group. ISBN 0-314-23501-9

 =

  • Kidwell, David. and Blackwell, W. David. (1= 999) Financial Institutions, Markets, and Money. Dryden Press. ISBN 0030257417

 =

  • Kolb, Robert W. and Rodriguez, Ricardo J. (1996) Financial Institutions a= nd Markets. Second Edition, Blackwell Publishers, Inc.

 

  • Lovett, William A. (2001) Banking and Financial Institutions Law. West Group. ISBN 0-314-24734-3.

 

  • Mishkin, Frederic. S. and Eakins, = Stanley G. (1999) Financial Markets and Institutions. Addison Wesley Educational Publishers, Inc. ISBN 0321050649

&= nbsp;

  • Rezaee, Zabihollah. (2001) Financial Instituti= ons: Valuations, Mergers and Acquisitions. Wiley, John & Sons Inc. = ISBN 0471394491

 

  • Ritter, Lawrence. Silber, William L. and Udell, Gregory F. (2000) Principles of Money, Banking, & Financial Mar= kets. Tenth Edition, Addison Wesley Lo= ngman. ISBN 0-321-02020-0

 

  • Santomero, Anthony M. and Babbel, David. (1996) <= i>Financial Markets, Instruments, and Institutions. McGraw-Hill Professional Publishing. ISBN 0256166269

 

  • Saunders, Anthony. (1999) Financial Institutio= ns Management. McGraw-Hill Higher Education. ISBN 007303259X

 

  • Saunders, Anthony. and Cornett, Marcia. (2000) Financial Markets and Institutions: A Modern Approach. McGraw-Hill Higher Education. ISBN 0072348925

 

  • Shubik, Martin. (1999) The Theory of Money and Financial Institutions. Vol. 2, MIT Press. ISBN 0262194287

 

 

Chapters from Book(s)=

 

  • Introduction

o      = Handa: Chapters 1= and 2.

o      = Mishkin: Chapter = 3.

 

·      =    The Demand for Money and Monetary Aggregates

o      = Handa: Chapters 4= , 5, 6, 8 and 9.

    • Mishkin: Chapter 21.

 =

·      =    The Money Supply and Central Banking

o      = Handa: Chapter 11= .

    • Mishkin: Chapters 14, 15, 16, 17 an= d 18

 =

·      =    The Rates= of Interest

    • Handa: Chapters 20 and 21.
    • Mishkin: Chapters 4, 5, 6 and 7.

 =

·        Monetary = Growth Theory

o      = Handa: Chapter 26= .

o      = Mishkin: Chapter = 26.

 

Academic Dates – Summer 2006 &#= 8211; Session A

 

 

Se= ssion A

Session B

Session C

Session D

 =

6 Weeks=

6 = Weeks

12= Weeks

9 = Weeks

 

Academic Dates and Deadlines

Cl= asses Begin

May 15

June 26

May 15

May 15

La= te Registration and Add/Drop <= /span>

May 15 - 19

June 26 - 30

May 15 - 19

May 15 - 19

La= st Day for Full Refund

May 19

June 30

May 19

May 19

Gr= ade Forgiveness Deadline #

May 19

June 30

May 19

May 19

Fe= es due

May 26

May 26,
July 7,

May 26

May 26

Wi= thdrawal Deadline

June 2

July 14

June 23

June 16

Cl= asses End;
Last Day to Remove Incomplete

June 23

Aug 4

Aug 4

July 14

Final Examination Period ****

June 23

Aug 4

Aug 4

July 14

Re= sidence Halls Close (noon)

June 24

Aug 5

Aug 5

July 15

Gr= ades Due in Registrar’s Office (noon)

June 28

Aug 9

Aug 9

July 19

Grades will be processed as available and will be final at 9 a.m. through MyUCF

June 29 <= /p>

Aug 11

Aug 11

July 20

Co= mmencement

August 5 =

 

Summer 2006 Holidays and Special Events

Me= morial Day

Ma= y 29, 2006

In= dependence Day

Ju= ly 4, 2006


# Ends at 5:00 p.m. on the last day
**** Summer Final Examinations are given during the last class mee= ting.

 

 

 <= /o:p>

THE UCF CREED

 

Integrity, scholarship, community, creativity, and excellence are the core values
that guide our conduct, performance, and decisions.

Integrity

I will practice and defend academic and perso= nal honesty.

Scholarship

I will cherish and honor learning as a fundam= ental purpose
of my membership in the UCF community.

Community

I will promote an open and supportive campus environment by
respecting the rights and contributions of every individual. <= /p>

Creativity

I will use my talents to enrich the human experience.

Excellence

I will strive toward the highest standards of performance in any endeavor I undertake. 

 

 

 

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