Department of Economics
ECON 4100 MONETARY ECONOMICS	WILLIAM D. LASTRAPES Fall 2008
Course Outline 1. Money: Basic ideas (overheads) Hubbard: Chapters 1, 2 Friedman: Chapter 1, 2 (Optional) Adam Smith., The Wealth of Nations, Book I, Chapter 4 Book 1.4 (Optional) Mill, John Stuart. On an Inconvertible Paper Currency. Principles of Political Economy, Book III, Chapters XII and XIII, 1848. 2. Commodity money (overheads) Friedman: Chapters 3, 6, 7. Lecture notes: A model of the Gold Standard. R.A. Radford, “The Economic Organization of a POW Camp.” Economica XII(48), November 1945,189-210. Michael David Bordo. “The Classical Gold Standard: Some Lessons for Today,” Federal Reserve Bank of St. Louis Review, 1981. (Optional) Angela Redish. “Anchors Aweigh: The Transition from Commodity Money to Fiat Money in Western Economies,” The Canadian Journal of Economics, Nov. 1993. (Optional) Gordon Tullock. “Paper Money: A Cycle in Cathay,” Economic History Review, 1956. 3. Banking and money (overheads) Hubbard: Chapters 13 (pp. 278-93) , 14 (pp. 308-21) and 15 (pp. 338-42). Michael David Bordo. “The Lender of Last Resort: Alternative Views and Historical Experience.” Kevin Dowd, “The Establishment of Central Banking.” (Optional) C.A.E. Goodhart, “Why Do Banks Need a Central Bank?” Oxford Economic Papers, 1987. (Optional) Larry White and George Selgin. The Evolution of a Free Banking System, Economic Inquiry, 1987. 4. A brief history of money and banking in the U.S. (Optional) Murray N. Rothbard. A History of Money and Banking in the United States, von Mises Institute, 2002. [This is a long book, so I list it as an optional reference only. Consider reading it, or parts of it, if you are especially interested in US monetary history.] 5. The financial system (overheads) Hubbard: Chapters 3,4,6,7,8 (Optional) Daniel J. McDonald and Daniel L. Thornton. “A Primer on the Mortgage Market and Mortgage Finance,” Federal Reserve Bank of St. Louis Review, Jan/Feb. 2008. 6. Money supply and monetary policy (overheads) Hubbard: Chapters 17-20 William D. Lastrapes and George Selgin. “The Check Tax: Fiscal Folly and the Great Monetary Contraction,” J. of Economic History, 1997. 7. Conduct and strategy of monetary policy (overheads) Hubbard: Chapters 21, 22  Friedman: Chapters 9, 10, 11 (Optional) Robert H. Rasche and Marcela M. Williams. “The Effectiveness of Monetary Policy,” Federal Reserve Bank of St. Louis Review, Sept/Oct. 2008. 8. Money and the Economy (overheads) Hubbard: Chapters 23, 25 Friedman: Chapter 8 Jerry L. Jordan. “Money and Monetary Policy for the Twenty-First Century.” Federal Reserve Bank of St. Louis Review, Nov/Dec. 2006.	E-mail: last@terry.uga.edu Phone: 706 542 3569 Office: 505 Brooks Hall Web: terry.uga.edu/~last/personal/ Listserv: econ4100-f08 Class period: 9:30 to 10:45 TT Classroom: 348 SLC Office hours: 10:00 to 11:00 MWF Final exam: Tues. 16 Dec., 8 to 11AM Course outline Homework Team project 4100 Home