International Money and Banking

This is the class website for University College Dublin module International Money and Banking (ECON30150) being taught by Professor Karl Whelan in Spring 2017

Here is a handout describing the structure of the module, assessment and other details.

The midterm exam is a one hour test that will take place on Monday March 6 (Week 7) at 7.30pm in the Blackrock exam centre. Here is last year’s midterm test.

Some sample final exam questions (Updated: February 18).

Lecture Notes

0. Introduction

1. Money as a Medium of Exchange

2. Banks and Financial Intermediation

3. Liquidity and Solvency

4. Central Banks

5. The Money Supply and Monetarism

6. Problems with Monetarism

7. The Fed and the ECB

8. Central Banks and Interest Rates

Source Material and Readings

A Comparative Chronology of Money. Website based on A History of Money from Ancient Times to the Present Day by Glyn Davies.

Jevons on Barter

Milton Friedman: The Island of Stone Money

R. A. Radford:  The Economic Organisation of a P.O.W. Camp

Charles Goodhart: Two Concepts of Money

A History of Money: From AD 800 by John F. Chown. Google Books version. Chapter 5 is “The Great Debasement of Henry VIII’s Reign”

Bank of England: A Brief History of Bank Notes

Major Developments in the History of the Bank of England

Karl Whelan: How Is Bitcoin Different From The Dollar?

Karl Whelan: So What’s So Special About Bitcoin?

Bank of Ireland’s Interim Report with June 2016 results.

Cleveland Fed: Bank Capital Requirements: A Conversation with the Experts

Patrick Honohan’s Report: The Irish Banking Crisis Regulatory and Financial Stability Policy 2003-2008.

Bank of England: Understanding the fair value of banks’ loans

Bad Journalism on Bank Capital Example One: London Review of Books

Bad Journalism on Bank Capital Example Two: Fortune

Bad Journalism on Bank Capital Example Three: New York Times

Federal Reserve: Recent Balance Sheet Trends

The weekly consolidated balance sheet of the Eurosystem from the ECB.

Karl Whelan:  Is the ECB Risking Insolvency? Does it Matter?

Karl Whelan: Should Monetary Policy be Separated From Banking Supervision?

Information on Payments Systems: TARGET2 and Fedwire.

ECB: The demand for currency in the euro area and the impact of the euro cash changeover

Paul De Grauwe and Magdalena Polan: Is Inflation Always and Everywhere a Monetary Phenomenon?

Steve H. Hanke and Nicholas Krus: World Hyperinflations

Top Five Hyperinflations

AFP: Venezuela releases new banknotes in cash crisis

New York Times: Venezuala Issues New Banknotes Because of Hyperinflation

Todd Keister and James McAndrews Why Are Banks Holding So Many Excess Reserves?

Guy Debelle: On Europe’s Effects on Australian Financial Markets

ECB Protocol (i.e. the legal statute underlying the ECB and Eurosystem).

ECB Press Conferences: Transcripts and Video

ECB monetary policy meeting accounts

ECB: Banking Supervision

Karl Whelan: An ECB QEsplainer

San Francisco Fed: Information on the the Fed’s role in banking supervision.

FOMC Statements, Minutes, and Transcripts

Ben Bernanke: Implementing Monetary Policy

Daily Data from the NY Fed: Fed Funds Rates and Details of Open Market Operations

Joseph Gagnon and Brian Sack: Monetary Policy with Abundant Liquidity: A New Operating Framework for the Federal Reserve

Josh Frost et al: Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations

Karl Whelan: The Secret Tool Draghi Uses to Run Europe

The ECB’s ELA Procedures