This course has two main objectives. One is to study the role played by banks in modern monetary economies and financial markets, including issues arising from bank regulation, the role of banks in financial intermediation, and the significance of bank behaviour in monetary policy. This includes analysis of monetary innovations through crypto-currencies such as "bit-coin", and the shadow banking systems that played a significant role in the Global Financial Crisis. The second objective is to study the operation of monetary policy generally, in large economies such as the USA, and in small open economies such as Australia.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Understand several key models and concepts of monetary economics and banking theory
2. Understand simple articles concerned with monetary economics and banking theory
3. Apply to current events key models and concepts of monetary economics and banking theory
4. Appreciate the potential importance of monetary phenomenon in the economy

Research-Led Teaching

The course will cover the recent research in the area of monetary economics, money, and banking. Relevant recent papers will be provided in Wattle, often as suggested optional readings, if it is necessary. When feasible, the main findings of those papers will be discussed in the class. The lecturer in charge of this course has research interests in macroeconomics and has published several papers in the top international journals.

Examination Material or equipment

The detailed information regarding the mid-semester exam will be available by week 4 and the detailed information regarding the final exam will be available by week 10 on Wattle.

Required Resources

Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 13th edition (Pearson series in Economics). The physical copies of the book will be available in the campus bookstore. The physical and electronic copies can also be ordered from the publisher's website: https://www.pearson.com.au. The physical and electronic copies will be available for the short term loan in the Chifley Library. 

Staff Feedback

Students will be given feedback in the following forms in this course:

•  Written comments: We will provide brief written comments on the HW Assignment and the mid-semester exam paper.
• All students are encouraged to attend the lecturer's consultation is weeks 8 and 9 to receive verbal comments regarding their standings in the course. More information will be provided in Wattle regarding this.

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Course Delivery

This course consists of one lecture (two hours) and one tutorial (one hour) per week (see the timetable for details on dates, times, and locations). Tutorial meetings start in week 2 (see tutorial registration details below).

Lectures: It is expected that students attend lectures whenever possible and come prepared to them. The handouts will be uploaded to WATTLE at least one day before the lectures.

Tutorials: It is expected that students prepare for tutorial in advance and come ready to answer questions about the problems assigned for each week’s tutorial. You must attend the relevant tutorials in order to be able to take tutorial quizzes.

Extensions and Penalties

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

Please use Harvard style referencing: http://www.anu.edu.au/students/learning-  development/academic-integrity/style-guides

Scaling

Your final mark for the course will be based on the raw marks allocated for each of your assessment items. However, your final mark may not be the same number as produced by that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark will exceed the scaled mark of that student), and may be either up or down.

Other Information

Building Access Hours

Both CBE and HW ARNDT are:

TEACHING PERIOD = Mon – Fri 07.45 to 21.15 and SAT, SUN and Public Holidays is not accessible by students.

Both CBE and HW ARNDT are:

NON TEACHING PERIOD = Mon – Fri 08.00 to 18.00 and SAT, SUN and Public Holidays is not accessible by students.

RSE has a Frequently Asked Questions page where you can find relevant policies and information on a broad range of topics, the onus is on the student to familiarise themselves with this page and the information available.  https://www.rse.anu.edu.au/students/students/frequently-asked-questions/

Support for Students

The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Book: Frederic S. Mishkin, The Economics of Money, Banking, and Financial Markets, 13th edition. Hereafter, I will refer it as Mishkin. Introduction to Financial Markets, Money, and E-money Readings: Mishkin Chapters 1, 2, and 3.
2	Interest Rates Readings: ?Mishkin Chapters 4 and 5.	In class short exam 1
3	Interest Rates Readings: ? Mishkin Chapter 6	In class short exam 2 and tutorial quiz 1
4	Stock Market Readings: ?Mishkin Chapter 7	In class short exam 3
5	Central Banks and Money Supply Readings: Mishkin Chapters 14 and 15	In class short exam 4 and tutorial quiz 2
6	Monetary Policy Readings: Mishkin Chapters 16 and 17	In class short exam 5 and mid-semester exam
7	International Finance and Monetary Policy Readings: Mishkin Chapters 18 and 19	In class short exam 6 and tutorial quiz 3
8	Quantity Theory and the IS, MP, and AD Curves Readings: Mishkin Chapters 20, 21, 22	In class short exam 7
9	AD and AS and Monetary Policy Theory Readings: ? Mishkin Chapter 23	In class short exam 8 and tutorial quiz 4
10	Further Issues in Monetary Policy I Readings: Mishkin Chapters 24 and 25	In class short exam 9 and homework assignment
11	Further Issues in Monetary Policy II Readings: Mishkin Chapter 26	In class short exam 10 and tutorial quiz 5
12	Overview

Tutorial Registration

Tutorials will be delivered both remotely (via Zoom) and on-campus. You are expected to attend one tutorial each week from Week 2 onwards. From Semester 2, 2022 ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage .

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Tutorial Quizzes	10 %	13/03/2023	22/05/2023	1, 2, 3, 4, 5, 6, 7, 8
In class short exams (Participation Marks)	10 %	06/03/2023	22/05/2023	1, 2, 3, 4, 5, 6, 7, 8
Homework Assignment	15 %	08/05/2023	22/05/2023	1, 2, 3, 4, 5, 6, 7, 8
Mid Semester Exam	15 %	27/03/2023	24/04/2023	1, 2, 3, 4, 5, 6, 7, 8
Final Exam	50 %	01/06/2023	29/06/2022	1, 2, 3, 4, 5, 6, 7, 8

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Guideline and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

This course will mostly be taught in-person, with some options for on-line delivery. Course content will mainly be delivered in live in-person lectures each week (2 hours per week) except the lecture in Week 12 (Lecture 12 will be recording only). All lectures are recorded and available online through Echo360 for student who are unable to attend campus. Tutorials will be held each week from week 2. Tutorials will be on campus mainly. If needed there will be an online tutorial as well.

Attendance at all teaching events, either in-person or online, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).

Assessment Task 1

Tutorial Quizzes

There will be 5 tutorial quizzes. If you miss a quiz with a valid reason, your quizzes will be re-weighted. The quizzes will take place in Weeks 3, 5, 7, 9, and 11.

Students need to attend the tutorials in the quiz week so that their marks to be counted on. For instance, in order to take the quiz in Week 3 you must attend your registered tutorial in Week 3.

The quizzes will be online and opened up right after the end of your tutorial.

Each quiz will take 20 minutes to complete and there will be 15 multiple choice questions to answer.

The quiz will be stayed open for 2 hours. During the 2 hour time frame, you need to complete the quiz at one attempt.

You need to complete the quiz right after your registered tutorial. If you want to take the quiz at another time, you need to inform your tutor and get permission to attend another tutorial class and take the exam at the end of that tutorial class.

The quizzes will cover the materials from the previous lectures.

• Week 3 Quiz: Lecture 1
• Week 5 Quiz: Lecture 2 and 3
• Week 7 Quiz: Lecture 4 and Lecture 5
• Week 9 Quiz: Lecture 6 and Lecture 7
• Week 11 Quiz: Lecture 8 and Lecture 9

The value of each quiz is 2%.

These quizzes will try to measure your understanding of the material during the semester and to give you timely feedback.

The feedbacks from quizzes will be given on Fridays in the quiz week. For instance, the feedback for the quiz in Week 3 will be given on Friday in Week 3.

More information regarding quizzes will be available in the course Wattle in Week 0.

Assessment Task 2

In class short exams (Participation Marks)

·      There will be 10 in-class-short-exams to allocate marks for the class participation. You will answer short essay type questions based on the lectures of a given week. Hence, reading the relevant chapters before the lectures and attending the lectures (or listening recordings) are necessary.

·      These exams are designed to allocate participation marks to the students in a large class setting.

·      Notice that attendance and participation are not the same. In order to receive participation mark, attendance (physical attendance or listening recordings) and taking the short exam must be satisfied at the same time.

·      Each exam's worth is 1 mark. Depending on the quality of your answer you will receive 1 mark (complete understanding), half mark (limited understanding) and zero mark (no understanding).

·      In order to receive the class participation mark, you need to attend the lecture and take the in class short exam right after the lecture.

·      The exam will take 10 minutes and needs to be completed in 1-hour timeframe.

·      The exam will be conducted via Wattle.

·      If you were not being able to attend the lecture in a given week, you need to listen the recording and take the exam at 5 pm on Thursdays (weeks 2-11). Notice that you can't take the exam without listening the lecture recordings. The lecture recordings will be available right after the class.

·      If you miss an in-class-short-exam with a valid reason (i.e. being sick), your short exams will be re-weighted.

·      You can opt out in class short exams by asking a question, making a comment, or answering a question during lectures. In that case you will receive 1 or half mark (depending on the quality of your comment, question, or answer). In this case you do NOT need to take the in class short exam to receive participation marks in that week. As in above 1 mark will be given when the class participation demonstrates complete understanding of the material in a form of asking question, making comment, or answering question. Otherwise, the student will receive half marks.

·      The feedbacks from short exams will be given on next Thursday.

·      More information regarding in class short exams will be available in the course Wattle in Week 0.

Assessment Task 3

Homework Assignment

Students need to answer various short-essay, data manipulation, or analytical questions individually. The assignment questions will be posted to Wattle at least a week before its due date. The assignment should be typed. The font size should be 12 and the line spacing should be 1.5 lines. The normal margin should be used. Please submit a PDF file version of your work through Turnitin.

Presentation requirements: No

As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions.

Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Integrity Rule.

Assessment Task 4

Mid Semester Exam

This exam is compulsory and not-redeemable. Exam covers topics studied in week 1-5 (inclusive) and will be 75 minutes long on-line exam. The date and time of the exam will be determined by Timetabling and be announced on Wattle.

This is a closed-book exam with a mix of short answer and long answer questions. The answers will be uploaded to Turnitin as a pdf file. The exam will be an invigilated online exam via ZOOM (If the ANU retuns to the traditional on campus exams, the exam will be on campus).

Details regarding the exam will be provided on Wattle by week 4.

Assessment Task 5

Final Exam

This exam is compulsory and not-redeemable. Exam covers all topics studied in week 1-12 (inclusive) and will be 2 hours long.

This is a closed-book exam with a mix of short answer and long answer questions. The answers will be uploaded to Turnitin as a pdf file. The exam will be an invigilated online exam via ZOOM (If the ANU returns to the traditional on campus exams, the exam will be on campus).

More information will be provided on Wattle by week 10.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) as submission must be through Turnitin.

Students may choose not to submit assessment items through Turnitin. In this instance you will be required to submit, alongside the assessment item itself, copies of all references included in the assessment item.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

Returning Assignments

Comments to the assignment will be provided through Wattle.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

Re-submission of the assignment will not be allowed.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Access and inclusion for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students