| 授業名 | Monetary Policy |
|---|---|
| Course Title | Monetary Policy |
| 担当教員 Instructor Name | 矢野 順治（Junji Yano） |
| 授業形態 Class Type | 講義 Regular course |
| 単位 Credits | 2 |
| 言語 Language | EN |
| 学位 Degree | BBA |
| 開講情報 Terms / Location | 2020 UG Nisshin Term4 |
| コード Couse Code | NUC413_N20B |
授業の概要 Course Overview
Mission Statementとの関係性 / Connection to our Mission Statement
授業の目的（意義） / Importance of this course
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.
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.
学修到達目標 / Achievement Goal
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
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.
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 % |
事前学修と事後学修の内容、レポート、課題に対するフィードバック方法 Pre- and Post-Course Learning, 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.,
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 worldHistory, function, objectives, Federal Reserve, ECB, BOJ
第2日（Day2）
Controlling money supplycentral bank's balance sheet, deposit creation, money mutliplier
第3日（Day3）
Controlling interest ratereserve market, corridor system, yield curve
第4日（Day4）
Target level of policy interest raterules 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。
*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
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
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.