シラバス Syllabus

授業名 Monetary Policy
Course Title Monetary Policy
担当教員 Instructor Name 矢野 順治(Junji Yano)
コード Couse Code NUC413_N20B
授業形態 Class Type 講義 Regular course
授業形式 Class Format
単位 Credits 2
言語 Language EN
科目区分 Course Category
学位 Degree BBA
開講情報 Terms / Location 2020 UG Nisshin Term4

授業の概要 Course Overview


The recent financial crisis and the ensuing Great Recession demonstrated the dependence of the economy on well-functioning financial system. Disruption in certain parts of the financial markets spread throughout the financial system and led to the most severe economic downturn since the Great Depression of the 1930s.
The modern financial system is admittedly complex system. But monetary policy does play a vital role for the well-functioning of the system. It goes without saying that understanding of monetary policy is of extreme importance and well recognized studies regarding monetary policy have been readily available. However, since Great Recession studies of monetary policy has been one of the most active area of academic research. Some of the topics we discuss in this class is very much controversial even today. The purpose of the course is not only learning the basics of monetary policy but also fully understanding the contribution of late developments. Moreover, international dimensions will be featured throughout the course.

本授業の該当ラーニングゴール Learning Goals

*本学の教育ミッションを具現化する形で設定されています。

LG1 Critical Thinking
LG2 Diversity Awareness

受講後得られる具体的スキルや知識 Learning Outcomes


Students will be able to get a firm grips on comprehension of late developments in monetary policy.

SDGsとの関連性 Relevance to Sustainable Development Goals

教育手法 Teaching Method

教育手法 Teaching Method % of Course Time
インプット型 Traditional 50 %
参加者中心型 Participant-Centered Learning ケースメソッド Case Method 50 %
フィールドメソッド Field Method 0 %
合計 Total 100 %

学習方法、レポート、課題に対するフィードバック方法 Course Approach, Report, Feedback methods

The assignments must be submitted before next class through e-mail.
Class discussion will be based on assignments.
Assignments will be graded and returned in the class.,

授業スケジュール Course Schedule

第1日(Day1)

Central banks in the world
History, function, objectives, Federal Reserve, ECB, BOJ





第2日(Day2)

Controlling money supply
central bank's balance sheet, deposit creation, money mutliplier



第3日(Day3)

Controlling interest rate
reserve market, corridor system, yield curve



第4日(Day4)

Target level of policy interest rate
rules versus discretion, money supply rule, Taylor rule

●使用するケース
“Critiques of Monetary Policy”, P1-16, HBS

第5日(Day5)

Non-conventional monetary policy I: ZIRP(Zero interest rate policy)
background, structure, effects and limits


第6日(Day6)

Non-conventional monetary policy II: QE(quantitative easing policy) and CE(credit easing policy)
history, mechanism, effects and limits


●使用するケース
“Quantitative Easing in the Great Recession”, p1-p10, HBS

第7日(Day7)

Non-conventional monetary policy III: NIRP(negative interest rate policy)
overview, ECB and BOJ, effects and limits

●使用するケース
“Japan's monetary policy accommodating Inflation Uncertainty”, HBS

成績評価方法 Evaluation Criteria

*成績は下記該当項目を基に決定されます。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
講師用内規準拠 Method of Assessment Weights
コールドコール Cold Call 0 %
授業内での挙手発言 Class Contribution 20 %
クラス貢献度合計 Class Contribution Total 20 %
予習レポート Preparation Report 30 %
小テスト Quizzes / Tests 30 %
シミュレーション成績 Simulation 0 %
ケース試験 Case Exam 0 %
最終レポート Final Report 20 %
期末試験 Final Exam 0 %
参加者による相互評価 Peer Assessment 0 %
合計 Total 100 %

評価の留意事項 Notes on Evaluation Criteria

使用ケース一覧 List of Cases

    ケースは使用しません。

教科書 Textbook

  • Stephen G. Cecchetti「Money, Banking, and Financial Markets」Mcgraw-Hill education international(2017) 978-1-259-92225-1

参考文献・資料 Additional Readings and Resource

[1] Frederic S. Mishkin, The Economics of Money, Banking and Financial Markets, Global Edition 2015/6/15, Pearson Education Limited; 11th ed.
ISBN-10: 1292094184
ISBN-13: 978-1292094182
[2] Ulrich Bindseil, Monetary Policy Operations and the Financial System, 2014/11/11, Oxford Univ Press.
ISBN-10: 0198716907
ISBN-13: 978-019871690

[3] Thomas D. Simpson, Financial Markets, Banking, and Monetary Policy (Wiley Finance) 2014/8/4
ISBN-10: 1118872231
ISBN-13: 978-1118872239

授業調査に対するコメント Comment on Course Evaluation

Difficulty of lecture contents has been taken into serious consideration.

担当教員のプロフィール About the Instructor 









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