Dsss Essay

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ECONOMICS 311 MONETARY ECONOMICS Professor Steven Horwitz Fall 2000 108 Hepburn Hall MWF 10:50 – 11:50 229-5731 (office) 111 Hepburn Hall 379-9737 (home before 9pm) Office Hours: M,W 1-2 and F 9- 10:30 and by appointment EMAIL: sghorwitz@stlawu.edu AIM: sghorwitz WEB: http://it.stlawu.edu/shor Whatever you might think about money walking into this class, my guess is that you won’t think the same after you walk out. There is no good so important to human economic and social order as money. In addition to being important, money is also mysterious, perplexing, and powerful. This class is designed to both understand money’s importance and unlock some of its mysteries. This class focuses fairly narrowly on monetary institutions and policy. We are going to spend little time discussing the world of stocks, bonds and high finance. For those of you interested in such topics, you should (also) take Economics 313. Instead, we will concentrate on the political economy of money and banking. It will be taken for granted that you’ve all had intermediate macro (252). Though I won’t expect you to have remembered every detail, I will assume that you have some familiarity with the various macro models (especially Keynesianism) and the Phillips curve. There are several goals in this class. First, we will try to understand the history, institutions, and operation of the American banking system. Although such knowledge is important for its own sake, the purpose here is to use it to understand how monetary institutions and policy affect real economic growth, both positively and negatively. Second, we will look at how central banks function, the goals they set for themselves, and how they operate in the very real political environment that surrounds them. Third, we will explore the importance of monetary stability by examining the

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