University of national and world economy



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UNIVERSITY OF NATIONAL AND WORLD ECONOMY


Adopted with Faculty Council decision

of Faculty of Finance and Accounting






Approved by:

Protocol № ….. / ………




Dean of Faculty







Prof. Dr. Snezhana Basheva









SYLLABUS




Course




Monetary Theory and monetary policy-I level

Парична теория и парична политика-първо ниво




Educational and Qualification Degree




bachelor degree

Бакалавърска степен




Course Category




faculty compulsory course

Факултетна задължителна дисциплина




Area of Study




3. SOCIAL SCIENCES, ECONOMICS AND LAW/ 3. Социални, стопански и правни науки




Field of Study




3.8 Economics

3.8 Икономика




Degree Programme




Finance and accounting

Финанси и счетоводство с преподаване на английски език




Faculty




Finance and accounting Faculty

Финансово-счетоводен факултет




Department




Finance

Финанси




Academic Hours




Full Time

75 houers

75 часа


Distance Learning




Extracurricular Academic Hours




Full Time

75 houers

75 часа


Distance Learning




Credits




6

6




Lecturer




Associate Professor Lena Roussenova, PhD






COURSE DESCRIPTION

  1. 1. The course „ Monetary Theory and Monetary Policy-first level “ is taught to students enrolled in “Finance and Accounting“ degree programme for “bachelors” EQD.



  1. 2. Content description: (between 850 and 1000 symbols, with intervals included)

  1. 2. The course “Monetary Theory and Monetary Policy-first level” acquaints students with the functions of money, monetary aggregates, financial intermediaries, interest rates and prices of financial instruments, the behavior of interest rates and their risk and term structure. The course explains the central bank functions and monetary policy tools, goals and targets. It introduces the difference between central banks and currency boards and acquaints students with multiple deposit creation and the money supply process. The analysis of different financial crises, including the recent financial crisis, as well as the European Central Bank’s monetary policy response to the Euro area crisis are among the topics of the course. The course introduces the different theories of the demand for money, as well as the relationships between money and inflation, and money and economic activity. It explains how the IS-LM and aggregate demand and supply models help policy makers predict the effectiveness of monetary and fiscal policies on aggregate production, prices and interest rates. The course covers various theoretical concepts of monetary theory and policy and gives practical examples from the experience of the Federal Reserve System, the European Central Bank and different central banks belonging to the European System of Central Banks.

  2. 3. Language of instruction: English

CONTENT



TOPIC

Academic Hours










Full Time

Distance Learning







L

S

L

S

1.

Money and Functions of Money. Measuring Money Supply

2

1







2.

Financial Intermediaries and Financial Markets

2

1







3.

Interest Rates and Prices of Financial Instruments. Inflation and Interest Rates

5

2







4.

The Behaviour of Interest Rates

4

2







5.

The Risk and Term Structure of Interest Rates

2

2







6.

Central Banks. The Balance Sheet of the Central Bank

2

2







7.

Multiple Deposit Creation and the Money Supply Process

4

2







8.

Determinants of the Money Supply

2

2







9.

Monetary Policy Instruments and Conduct of Monetary Policy

4

2







10.

The Recent Euro Area Crisis and the European Central Bank’s Conventional and Unconventional Instruments of Monetary Policy. The European Banking Union

4

2







11.

Currency Boards. The 1996-1997 Financial Crisis in Bulgaria and the Introduction of a Currency Board

4

2







12.

The Demand for Money

2

2







13.

Monetary and Fiscal Policy in the ISLM Model

2

2







14.

Aggregate Demand and Supply Analysis

2

2







15.

Money and Inflation

2

2







16.

Rational Expectations. The Role of Expectations for Monetary Theory and Policy

2

2










Total

45

30







Legend: L – Lectures; S – Seminars

Teaching and learning methods

A combination of different teaching techniques is being used, such as: lectures, seminars, discussions, individual tasks, reports, surveys, case studies, etc.

The necessary technical resources for the purpose of education are: computer and multimedia projector, digitally-aided education and other digital means.

The individual course preparation for the students enrolled in distance form of education includes individual student work with different sources in order to get better acquainted with various theoretical and practical questions.



Extracurricular Academic Hours

Components

Number of Hours




Full Time

Distance Learning

  1. 1. Practical training







  1. 2. Course project







  1. 3. Essay







  1. 4. Case study

10




  1. 5. Individual/ team activity







  1. 6. Laboratory training







  1. 7. Mid-term exam/ test







  1. 8. Grade, based on semester control

15




  1. 9. Exam

50




Total

75




VALUATION

The course valuation consists of several components.

For full time students the final grade is formed as follows:

FG = 0.7* MTE + 0.1* GBSC + 0.2* IA,

where:


FG = Final Grade;

MTE = Mid-Term Exam;

GBSC = Grade Based on Semester Control;

IA = Individual Activity.

The final grade is based on a six-point scale, in which the lowest grade for successful completion of the course is 3. Converted to the ECTS the grading scale is as follows:



Excellent /6/

Very Good /5/

Good /4/

Average /3/

Poor /2/







A

B

C

D

E

FX

F

The corresponding number of ECTS credit points is being allocated

No ECTS credit points are being allocated
















qualification goals

This course is designed in accordance with the requirements of the National Qualification Frame in terms of acquired knowledge, skills and competences for the corresponding EQD.

The course provides the students with the knowledge of:


  • • the meaning and essence of money and monetary aggregates, interest rates, multiple deposit creation;

  • • the determinants of money supply and the different demand for money theories;

  • • the conduct of monetary policy and application of monetary policy tools by central banks.

The course will help students acquire skills, such as:

  • • explain and discuss the functioning of the European Central Bank and the European Banking Union;

  • • analyse of the effects of the different conventional and unconventional tools of monetary policy, applied by central banks during the recent financial crises;

  • • explain of the relationship between money and inflation, and money and economic activity.

DISSEMINATION OF THE COURSE

1. University of Sheffield (Postgraduate)

2. Central European University (Master)

3. London School of Economic (Master)



Literature

А. Basic/ Main

  1. 1. Mishkin, F. S., The Economics of Money, Banking and Financial Markets, 10th Edition, New York: Addison-Wesley, 2013.

  2. 2. Hubbard, R.G., Money, the Financial System, and the Economy, 6th ed., 2008.

  3. 3. Mihaylova-Borisova, Gergana, Money, Banking and Monetary Policy, UNWE (in Bulgarian language), 2014.

B. Additional

1.European Central Bank. The European Central Bank, the Eurosystem, the European System of Central Banks. 2011.

2. European Central Bank. Monetary policy transmission in the Euro Area, a decade after introduction of the euro. Monthly bulletin, No 5. 2010.

3. Fabris, N., Rodic, G. The efficiency of the currency board arrangement, Journal of Central Banking Theory and Practice, Vol 1, pp 157-176, 2013.

4. Nenovsky, N., Hristov, K. New Currency Boards and Discretion. The Empirical Evidence from Bulgaria. - Economic Systems, 2002, Vol.26., No. 1, p. 55-72.

5. Roussenova, L. The 1996-1997 financial crisis in Bulgaria, International seminar on comperative experiences in confronting banking sector problems in Central/Eastern Europe and Central Asia, April 22-24, Poland, 2002.

6. Roussenova, L. Towards Establishing a Genuine Resolution Regime for Banks in the European Union, Economic Thought, Sofia, 2014/6

7. Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010

8. Communication from the Commission to the European Parliament and the Council, A Roadmap towards a Banking Union / COM/2012/0510 final-2012/

9. Council Regulation (EU) No 1024/2013 of October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions



Author/lecturer:







(Associate Professor Dr. Lena Roussenova )







Head of Department:







(Associate Professor Dr. Presiana Nenkova)







Dean of Faculty:







(Professor Dr. Snezhana Basheva)


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