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ECO 473 – Money & Banking
The W.A. Franke College of BusinessNORTHERN ARIZONA UNIVERSITY
Spring 2020 – 3 credit hours
Dr. Dennis Foster Seq. #9866 (sec. #4)e-mail: [email protected] Seq. #9867 (sec. #5)web page: oak.ucc.nau.edu/dlf/ Seq. #9868 (sec. #6)
I. Description: History and functions of money and banking institutions; financial markets and interest rates; monetary theory and policy; and international finance. The course provides further depth and extension of many of the topics included in Principles of Macroeconomics, including aggregate supply and demand, national income and output determination, business cycles, monetary policy, international trade and finance, and the role of money in open and closed economies. It assumes that a student has already acquired a familiarity with the basic concepts of these topics.
II. Prerequisites: ECO 285 and Junior Status.
III. Course Learning Outcomes: Upon successful completion of the course, students should be able to:
A. Describe the role of money and financial markets, institutions, and instruments in a market economy.
B. Explain the interrelationships between money, inflation, and interest rates.C. Demonstrate how supply and demand analysis in graphical form can be applied
to loanable funds markets.D. Explain the time value of money and demonstrate an ability to calculate the
values of various financial assets.E. Explain and evaluate the competing theories underlying the term structure of
interest rates.F. Describe the function of foreign exchange markets and explain their operation
using supply and demand analysis.G. Describe the history, modern structure, and policy tools of the Federal Reserve
System.H. Explain in a historical context the development of our current view of the demand
for money and how it relates to the supply of money.I. Explain the classical, Keynesian, and monetarist macroeconomic monetary
theories.
Syllabus – ECO 473 – Spring 2020 - Foster Page 1
IV. Course Materials: Materials for this course are mostly on-line and linked up on my web page. The two major texts – Money and Banking and The Mystery of Banking are freely available as downloadable pdf files. There are three additional readings books that you will have to acquire:
Money and Banking is available without author attribution. A link to the pdf file is located on the home page for this class.
The Mystery of Banking by Murray Rothbard (Mises Institute, 2nd edition, 2008) ISBN: 978-1-933550-28-2, or available on-line as a pdf file:https://mises.org/library/mystery-b anking
The Forgotten Depression by James Grant; (Simon & Schuster, 2014)ISBN: 1-4516-8645-6
Rethinking the Great Depression by Gene Smiley; (Ivan R. Dee, 2002)ISBN-10: 1-56663-471-7
Meltdown by Thomas E. Woods, Jr. (Regnery, 2009) ISBN-10: 1596985879
V. Teaching Methods: This is an on-line class. This is not a self-paced class. The only difference between this course and an in-person course is that we do not have regularly scheduled meeting times for lectures and exams. Instead, you will see course material presented in weekly modules throughout the semester with assigned readings and videos lectures. There will be two primary points of contact for this class – the BbLearn class site and the course web page. The former is available only to registered students while the latter is an open source web page hosted on NAU servers. The weekly modules will be structured as follows:
Core reading assignmentsIntroductory quiz over the core readingsLecture video(s) – narrated PP slidesAdditional readingsModule quizHomework assignment
It is my intention to provide a video each week with an overview of the assigned material for that week’s module.
Learning Process: Each student must take personal responsibility for learning the material presented in this course. While there is some flexibility in terms of scheduling your work effort, there is still a great deal of structure to this course. Assignments will be due each week of class during specific windows of time. To be successful, you must not only have active study habits, but also be fully committed to following this schedule.
Syllabus – ECO 473 – Spring 2020 - Foster Page 2
VI. Evaluation Tools: Evaluation inputs will include the use multiple exams, quizzes, and written homework. The majority of your letter grade will be the result of test scores. Your final letter grade will be based on your performance as follows:
Midterm exam @ 200 pts. =
200
13 weekly Intro quizzes @ 10 pts. = 130 13 weekly Module quizzes @ 10
pts.= 130
13 homeworks @ 10 pts. = 1301
Final exam @ 200 pts. = 200 Total points possible = 790
Grading procedure – I will assume that your performance will follow a standard curve:
A: > 90% B: 80% - 89.9% C: 70% - 79.9% D: 60% - 69.9% F: < 59.9%
This curve reflects my general expectations of student performance based on the nature and difficulty of the course and the assignments. Should student performance vary significantly from what I expect, I reserve the right to curve individual exams and/or the final point total.
Make-up Assignment/Exam Policy – No make-ups will be given to students who miss assignments. Each quiz will be open for at least 48 hours, while the midterm and final exam will be open for two days.
Academic Integrity Policy – Unless otherwise noted, the work you do must be your own work. It is your responsibility to honor and adhere to this policy. The quizzes and final exam are all open notes, but it would be a violation of this policy for you to share and/or discuss these questions with anyone else. Acts of academic dishonesty include, but are not limited to, plagiarism and copying test/quiz answers from other students. Details on NAU’s policy in this regard can be found here:
https://policy.nau.edu/policy/policy.aspx?num=100601
Other policies can be found in the appendices at the end of this syllabus.Syllabus – ECO 473 – Spring 2020 - Foster Page 3
E-mail me: If you have questions/problems you want to ask about, you should use my NAU e-mail to get in touch with me. [Using BbLearn for messaging is not advised.] Although I am unlikely to overlook any messages, please do start your subject category with: mail-ECO473- last name . This will help me to respond in a timely fashion.
Note: As a general rule I will be checking my e-mail often every day. However, there may be times when I will be out of the loop insofar as communications goes. In those cases, I will mention this in my weekly overview videos.
DETAILS ON COURSE ASSIGNMENTS
Intro Quizzes – Over the course of the semester there will be 13 weekly homework quiz assignments. Each quiz will be due by Tuesday at noon. This assignment will consist of True/False questions over the identified “core” readings for the upcoming week. This assignment will be done through BbLearn. The quiz questions will be posted up each Friday at 5 pm and available to you until you actually take the quiz. The quiz will also be posted up each Friday at 5 pm. and open until the their “due by” date/time. You will have a limited amount of time to complete this quiz and you must finish it in one session. You are free to work with others on these questions but must do your own quiz.
Module quizzes – Once you have reviewed the remainder of the assigned readings and watched the video lecture(s), you must complete the module quiz. You should be taking notes on the material that you are studying to best prepare yourself for this quiz as the questions will not be available in advance. You will have 30 minutes to complete this 10 point quiz. You will have only one attempt at this. This quiz will may consist of true/false questions, multiple choice questions, or some combination of the two.
Homework Assignments – Each module will also require a homework assignment – usually either a reaction essay or a work problem, or perhaps both. For the essay, I just want to get your reaction to the assigned reading (Grant, Smiley, or Woods) or to some money and banking issue. There is no right answer, but I do want your reaction. Think about it and write out something coherent and keep it short – I impose a 100 to 125 word limit on these, and I do make deductions for going over/under or for not giving a word count.
Midterm Exam – There will be a midterm exam scheduled for week 8. In the week prior to this I will post up some multiple choice test banks covering the material to date (probably about 250-300 in total). You will have to work out the answers for yourself; I will be unavailable to answer these questions. You may work with others to answer these questions, but when you take the exam, you must do this on your own. The midterm will be 100 multiple choice questions drawn exclusively from
Syllabus – ECO 473 – Spring 2020 - Foster Page 4
these test banks. You will have two days during which you must take this exam (Sunday midnight to Tuesday midnight). You will have two hours to finish.
Final Exam - The final exam is scheduled for week 16. It will be structured just like the midterm exam – test banks will be posted and you will have two days (Sunday midnight to Tuesday midnight) to pick a time to take the exam, which will be limited to two hours. It will only cover the material presented since the midterm exam.
Extra Credit – There will be at some opportunities for extra credit given during the semester involving true/false quizzes over internet videos. These will be shown on the course web site with the assigned reading materials. The quizzes will be available on BbLearn.
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ECO 473 – Spring 2020Dr. D. FosterCourse Outline
Syllabus – ECO 473 – Spring 2020 - Foster Page 6
web page: oak.ucc.nau.edu/dlf/e-mail: [email protected]
Financial markets & instruments
Current Issues
Interest rates
Financial regulation and case studies
Free and central banking; history of U.S.
The Federal Reserve System
The Great Depressions and the gold standard
Spring Break - March 18 to 22
Feb. 17 - 21Week 7
Feb. 24 - 28Week 8
March 2 - 6
Week 4
Jan. 13 - 17
Week 1Money Basics and money measures
Money Creation
Supply and Demand for Money; Bank types; Asymmetric information
Bank structures and management
Week 12April 6 - 10Week 13
April 13 - 17Week 14
April 20 - 24Week 15
April 27 - May 1
Foreign exchange
Money demand and the AS/AD model
The Austrian Business Cycle Theory
Final Exam: Any 2 hour period from Sunday night (May 3) midnight to Tuesday (May 5) midnight
March 30 - April 3
Midterm Exam - All material to date
Week 9March 9 - 13
Week 10March 23 - 27
Week 11
Feb. 3 - 7Week 5
Feb. 10 - 14Week 6
Week 2Jan. 20 - 24
Week 3Jan. 27 - 31
Appendix 1 - W.A. Franke College of Business Student Code of Conduct
Responsibility: I will be on time, prepared, attentive, and professional in my scholastic endeavors. I will take responsibility for my actions and make every effort to learn as much as possible from the educational opportunities presented to me.
Respect: I will meet my commitments to others and treat everyone with respect and civility. I will respect our learning environment and help preserve its physical condition.
Integrity: I will be a reliable and honest contributor to individual and group assignments. I will not seek or help others gain unfair advantage in completing academic requirements. I understand that there are severe consequences for academic dishonesty.
Expectations of BehaviorResponsibility:
Attend all classes and meetings on time Do not wander in and out of classes Participate but don’t dominate Pay attention
Respect: Turn off cell phones when you are in class Do not use computers during lectures for non class-related purposes Make sure language and conversations are appropriate to the classroom setting Behave in a polite and professional manner
Integrity:Do not engage in any act of academic dishonesty, including but not limited to:
sharing a calculator during a quiz or exam pre-programming a calculator for use during a quiz or exam unless specifically authorized by the instructor using notes or books during an exam unless specifically authorized by the instructor looking at another's exam or allowing another student to look at your exam exchanging exams, passing notes or text messages discussing answers during an exam having another take an exam for you or taking an exam for another unauthorized possession of or access to examination materials by any means, including electronic
transmission, theft, photocopying, electronic or failing to return exams altering exams or assignments while in student's possession for review in an attempt to obtain a more
favorable grade unauthorized collaboration on assignments submitting the same paper or substantial portions of a paper for multiple classes fabrication of information and citations submitting other's words, ideas, materials or work without properly acknowledging and appropriately
referencing them altering, forging, or misusing an academic record electronic theft of computer programs, data, or text belonging to another.
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Appendix 2 - POLICY STATEMENTS FOR COURSE SYLLABINORTHERN ARIZONA UNIVERSITY
https://nau.edu/university-policy-library/wp-content/uploads/sites/26/Syllabus-Policy-Statements.pdf
ACADEMIC INTEGRITYNAU expects every student to firmly adhere to a strong ethical code of academic integrity in all their scholarly pursuits. The primary attributes of academic integrity are honesty, trustworthiness, fairness, and responsibility. As a student, you are expected to submit original work while giving proper credit to other people’s ideas or contributions. Acting with academic integrity means completing your assignments independently while truthfully acknowledging all sources of information, or collaboration with others when appropriate. When you submit your work, you are implicitly declaring that the work is your own. Academic integrity is expected not only during formal coursework, but in all your relationships or interactions that are connected to the educational enterprise. All forms of academic deceit such as plagiarism, cheating, collusion, falsification or fabrication of results or records, permitting your work to be submitted by another, or inappropriately recycling your own work from one class to another, constitute academic misconduct that may result in serious disciplinary consequences. All students and faculty members are responsible for reporting suspected instances of academic misconduct. All students are encouraged to complete NAU’s online academic integrity workshop available in the E-Learning Center and should review the full academic integrity policy available at https://policy.nau.edu/policy/policy.aspx?num=100601.
COURSE TIME COMMITMENTPursuant to Arizona Board of Regents guidance (Academic Credit Policy 2-224), for every unit of credit, a student should expect, on average, to do a minimum of three hours of work per week, including but not limited to class time, preparation, homework, and studying.
DISRUPTIVE BEHAVIOR Membership in NAU’s academic community entails a special obligation to maintain class environments that are conductive to learning, whether instruction is taking place in the classroom, a laboratory or clinical setting, during course-related fieldwork, or online. Students have the obligation to engage in the educational process in a manner that does not breach the peace, interfere with normal class activities, or violate the rights of others. Instructors have the authority and responsibility to address disruptive behavior that interferes with student learning, which can include the involuntary withdrawal of a student from a course with a grade of “W”. For additional information, see NAU’s disruptive behavior policy at https://nau.edu/university-policy-library/disruptive-behavior.
NONDISCRIMINATION AND ANTI-HARASSMENTNAU prohibits discrimination and harassment based on sex, gender, gender identity, race, color, age, national origin, religion, sexual orientation, disability, or veteran status. Due to potentially unethical consequences, certain consensual amorous or sexual relationships between faculty and students are also prohibited. The Equity and Access Office (EAO) responds to complaints regarding discrimination and harassment that fall under NAU’s Safe Working and Learning Environment (SWALE) policy. EAO also assists with religious accommodations. For additional information about SWALE or to file a complaint, contact EAO located in Old Main (building 10), Room 113, PO Box 4083, Flagstaff, AZ 86011, or by phone at 928-523-3312 (TTY: 928-523-1006), fax at 928-523-9977, email at [email protected], or via the EAO website at https://nau.edu/equity-and-access.
TITLE IXTitle IX is the primary federal law that prohibits discrimination on the basis of sex or gender in educational programs or activities. Sex discrimination for this purpose includes sexual harassment, sexual assault or relationship violence, and stalking (including cyber-stalking). Title IX requires that universities appoint a “Title IX Coordinator” to monitor the institution’s compliance with this important civil rights law. NAU’s Title IX Coordinator
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is Pamela Heinonen, Director of the Equity and Access Office located in Old Main (building 10), Room 113, PO Box 4083, Flagstaff, AZ 86011. The Title IX Coordinator is available to meet with any student to discuss any Title IX issue or concern. You may contact the Title IX Coordinator by phone at 928-523-3312 (TTY: 928-523-1006), by fax at 928-523-9977, or by email at [email protected]. In furtherance of its Title IX obligations, NAU will promptly investigate and equitably resolve all reports of sex or gender-based discrimination, harassment, or sexual misconduct and will eliminate any hostile environment as defined by law. Additional important information about Title IX and related student resources, including how to request immediate help or confidential support following an act of sexual violence, is available at http://nau.edu/equity-and-access/title-ix.
ACCESSIBILITYProfessional disability specialists are available at Disability Resources to facilitate a range of academic support services and accommodations for students with disabilities. If you have a documented disability, you can request assistance by contacting Disability Resources at 928-523-8773 (voice), 928-523-6906 (TTY), 928-523-8747 (fax), or [email protected] (e-mail). Once eligibility has been determined, students register with Disability Resources every semester to activate their approved accommodations. Although a student may request an accommodation at any time, it is best to initiate the application process at least four weeks before a student wishes to receive an accommodation. Students may begin the accommodation process by submitting a self-identification form online at https://nau.edu/disability-resources/student-eligibility-process or by contacting Disability Resources. The Director of Disability Resources, Jamie Axelrod, serves as NAU’s Americans with Disabilities Act Coordinator and Section 504 Compliance Officer. He can be reached at [email protected].
RESPONSIBLE CONDUCT OF RESEARCHStudents who engage in research at NAU must receive appropriate Responsible Conduct of Research (RCR) training. This instruction is designed to help ensure proper awareness and application of well-established professional norms and ethical principles related to the performance of all scientific research activities. More information regarding RCR training is available at https://nau.edu/research/compliance/research-integrity.
MISCONDUCT IN RESEARCHAs noted, NAU expects every student to firmly adhere to a strong code of academic integrity in all their scholarly pursuits. This includes avoiding fabrication, falsification, or plagiarism when conducting research or reporting research results. Engaging in research misconduct may result in serious disciplinary consequences. Students must also report any suspected or actual instances of research misconduct of which they become aware. Allegations of research misconduct should be reported to your instructor or the University’s Research Integrity Officer, Dr. David Faguy, who can be reached at [email protected] or 928-523-6117. More information about Misconduct in Research is available at https://nau.edu/university-policy-library/misconduct-in-research.
SENSITIVE COURSE MATERIALSUniversity education aims to expand student understanding and awareness. Thus, it necessarily involves engagement with a wide range of information, ideas, and creative representations. In their college studies, students can expect to encounter and to critically appraise materials that may differ from and perhaps challenge familiar understandings, ideas, and beliefs. Students are encouraged to discuss these matters with faculty.
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