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Monetary and Financial Economics 2017/2018

  • 5 ECTS
  • Taught in Portuguese
  • Both continuous and final Assessment

Objectives

After this course the student must:
1. Know the organization and segmentation of the financial markets
2. Know the concept of “money” and its historical evolution
3. Understand the money creation mechanism (multiplier)
4. Know the main theories behind the “demand for money”
5. Understand the main monetary policy concepts
6. Know how the ECB executes the European monetary policy.

Recommended Prerequisites

Macroeconomics

Teaching Metodology

Expositive method, with slide projection and exercises' solving.
Mixed assessment, with two tests.

Body of Work

1. Financial system
1.1 Financing the economy
1.2 Financial markets segmentation
1.3 Types of financial intermediaries
1.4 Financial system regulation
2. Money
2.1 Concept of money
2.2 Functions of money
2.3 Historical evolution and types of money
2.4 Evolution of monetary systems
3. Money demand
3.1 The quantitative theory
3.2 The keynesian theory
3.3 The neo-keynesian theories of money demand
3.4 Friedman’s neo-quantitative theory
4. Money supply
4.1 The European System of Central Banks
4.2 Monetary aggregates and its counterparties
4.3 The money multiplier and the money supply process
5. Monetary Policy
5.1 Introduction
5.2 Monetary policy objectives
5.3 Monetary policy instruments
5.4 European Central Bank and the execution of monetary policy in Europe
5.5 Monetary policy transmission channels

Recommended Bibliography

ABREU, Margarida; Cândida FERREIRA; António AFONSO e Vítor ESCÁRIA, Economia Monetária e Financeira, 2012, 2ª edição, Escolar Editora

MISHKIN, Frederic S., The Economics of Money, Banking and Financial Markets, 11th edition, 2016, Prentice-Hall.

FONSECA, José Soares; Economia Monetária e Financeira, 2015, 2ª edição, Imprensa da Universidade de Coimbra

Banco Central Europeu, The Monetary Policy of the ECB, BCE, 2011, 3rd edition
Available at:
http://www.ecb.europa.eu/pub/pdf/other/monetarypolicy2011en.pdf?276140ebfc76fe6a47d23ce3b80556f3

Banco Central Europeu, A Estabilidade de preços é importante porquê, 2011
Disponível em:
http://www.ecb.europa.eu/pub/pdf/other/price_stability_web_2011pt.pdf?d8d041bb85c6ce958bd5732824840541

Banco Central Europeu, A Execução da Política Monetária na Área do Euro, 2012
Available at:
http://www.ecb.europa.eu/pub/pdf/other/gendoc201109pt.pdf?29504797e37300904cf480a13d6bae16
Films and other documents available at the ECB site.

Complementary Bibliography

LEÃO, Emanuel Reis; LEÃO, Pedro e LAGOA, Sérgio, Política Monetária e Mercados Financeiros, 2012, 2ª edição, ISBN: 9789726186410, Edições Sílabo

Weekly Planning

According to the syllabus.

Demonstration of the syllabus coherence with the curricular unit's objectives

The curricular unit’s objectives are suited to the syllabus and are developed according with the evolution on the contents learning, being adapted to the different sections of the proposed syllabus. The contents from Chapters 1 and 2 contribute directly for objective 1. Chapter 3 of the syllabus is strongly associated to the third objective whereas the fourth objective is persecuted trough the approach given in chapter 3. Finally, objectives 4 and 5 are persecuted trough the contents given in chapters 4 and 5.

Demonstration of the teaching methodologies coherence with the curricular unit's objectives

To accomplish the different learning outcomes we will resort to the expositive method. The theoretical approach of the contents, followed by actual and up-to-date examples allow the students to recognize the importance of the syllabus contents. The connection and interdependence between the theoretical approach and its practical use allow the increase of students’ awareness for the importance of monetary economics and, in particular, of current monetary issues.

relevant generic skillimproved?assessed?
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