- 1 -University of Minnesota Economics 4721 – Money and Banking, Lecture 001 Fall Semester 2008 10:10 am-11:00 am, MWF, Blegen Hall 235 CONTACT INFORMATION Instructor: Name: Konstantin GolyaevE-mail: [email protected]Office: 3-111 Hanson HallHomepage: http://www.econ.umn.edu/~golya002/Phone: 612-625-8310 Office hours: Mondays, 1 pm – 3 pm, and by appointment PERMISSION NUMBERS: There is still one permission number available for someone willing to enroll in the course. If you need it, let me know ASAP. CONTACT POLICY: I try my best to answer emails promptly (i.e. within 24 hours), except for weekends and/or holidays. However, do not expect an immediate reply if you email me around 2 am on the day when homework is due. COURSE DESCRIPTION: Econ 4721 addresses money and its role in an economy through studying simple economic models. We will answer three main questions: •Why does money exist? •What is the role of the banking system? •How fiscal and monetary policy measures influence aggregate economy? We will often be motivated by institutions and events in the economies of the U.S. and other countries, but the emphasis will be on understanding theoretical principles by analyzing general models. Last, but not least, an added goal of the course is to test important theoretical results on real-world data and examples. I think that any Macroeconomics course should balance a strong theoretical background and empirical analysis. Get ready to crunch some data. PREREQUISITES: This course is designed for undergraduate students with a strong background in economics and mathematics. Students are required to have successfully completed the Intermediate Theory sequence: Intermediate Microeconomics (3101) and Intermediate Macroeconomics (3102). We will use economic reasoning and mathematical tools associated with the theories of consumer behavior and competitive equilibrium. In order to succeed in this course, you will need to be comfortable with these tools, including calculus. The textbook mainly uses graphical and algebraic analysis. However, we will spend more time in this class defining economic optimization problems and solving them using calculus. Since you will be working with data, I will assume that you have a working knowledge of programs that help you to organize and graph numbers, such as Microsoft Excel. Please note that not knowing how to use a program of this kind does not exempt you from working through the problem sets and doing the applied problems. The University offers free Excel tutorials through its Technology Training Center (see
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