This is the class website for University College Dublin module International Money and Banking (ECON30150) being taught by Professor Karl Whelan in Spring 2020.
Here is a handout describing the structure of the module, assessment and other details.
The midterm will take place on Tuesday March 3 at 6pm in Theatre L in the Newman Building. Here is the midterm test set last term. Note that the contents of the midterm can vary considerably from term to term but this gives a good sense of the style of the questions.
Here are some guidelines for the final exam posted February 18. These will be updated as the term goes on.
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.
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”
Karl Whelan: How Is Bitcoin Different From The Dollar?
Karl Whelan: So What’s So Special About Bitcoin?
Bank of Ireland 2018 Annual Report
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: Article on Reserve Bank of New Zealand
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?
Paul De Grauwe and Magdalena Polan: Is Inflation Always and Everywhere a Monetary Phenomenon?
Steve H. Hanke and Nicholas Krus: World Hyperinflations
New York Times: Venezuala Issues New Banknotes Because of Hyperinflation
Todd Keister and James McAndrews Why Are Banks Holding So Many Excess Reserves?
ECB Protocol (i.e. the legal statute underlying the ECB and Eurosystem).
ECB monetary policy meeting accounts
San Francisco Fed: Information on the Fed’s role in banking supervision.
Joseph Gagnon and Brian Sack: Monetary Policy with Abundant Liquidity: A New Operating Framework for the Federal Reserve
New York Fed (2019). Stressed Outflows and the Supply of Central Bank Reserves
Steve Cechetti and Kermit Schoenholz (2019). The Brave New World of Monetary Policy Operations
Karl Whelan: The Secret Tool Draghi Uses to Run Europe
The ECB’s ELA Procedures
Vítor Constâncio (2018). Past and future of the ECB monetary policy
Karl Whelan (2019): Recommendations for the ECB’s Monetary Policy Strategy Review
Philip Lane (2019). Monetary Policy and Below-Target Inflation