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ECON3111: MONETARY ECONOMICS

Please ensure you check the module availability box for each module outline, as not all modules will run in each academic year. Each module description relates to the year indicated in the module availability box, and this may change from year to year, due to, for example: changing staff expertise, disciplinary developments, the requirements of external bodies and partners, and student feedback. Current modules are subject to change in light of the ongoing disruption caused by Covid-19.

Type Open
Level 3
Credits 20
Availability Available in 2023/24
Module Cap
Location Durham
Department Economics

Prerequisites

  • Macroeconomics (ECON2011) OR Economic Theory (ECON2291)

Corequisites

  • None.

Excluded Combinations of Modules

  • None.

Aims

  • This module builds upon the knowledge that students have acquired in Macroeconomics. The module aims at providing students with the instruments for analysing monetary issues in a range of theoretical models and for analysing the theory and practice of monetary policy in modern industrialised economies.

Content

  • Topics are likely to inlude:
  • Central Bank Independence.
  • Background to Monetary Policy .
  • Credibility and Time-Inconsistency in Monetary Policy.
  • International Monetary Policy Co-ordination.
  • The Demand for and supply of Money.
  • The Monetary Transmission Mechanism.
  • Monetary Policy in Practice.

Learning Outcomes

Subject-specific Knowledge:

  • Students should develop:
  • their appreciation of the importance of monetary factors as opposed to non-monetary ones in determining output and inflation.
  • a critical understanding of the economic arguments that relate to rival monetary policy options.

Subject-specific Skills:

  • Upon completion of the module, students should be able to apply the tools and models learned to key issues of modern monetary policy.

Key Skills:

  • Written Communication - through summative assessment.
  • Planning and Organising - e.g. by preparing for the examination
  • Initiative - e.g. by searching relevant literature and information in preparation for summative assessment
  • Numeracy - e.g. by applying core mathematical and statistical skills to answer examination questions

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

  • Teaching is by lectures, seminars and support for student-centred learning. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes and private study. Formative assessment to help prepare for online exam. Summative assessment is by means of an online examination.

Teaching Methods and Learning Hours

ActivityNumberFrequencyDurationTotalMonitored
Lectures201 per week1 hour20 
Seminars84 in term 1, 4 in term 21 hour8Yes
Revision lecture22 in term 31 hour2 
Preparation and Reading170 
Total200 

Summative Assessment

Component: ExaminationComponent Weighting: 100%
ElementLength / DurationElement WeightingResit Opportunity
One written online examination2 hours, 3000 words max100Same

Formative Assessment

One written piece of work to prepare students for the summative exam.

More information

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