Department of Economics
ECON 4100 MONETARY ECONOMICS	WILLIAM D. LASTRAPES Fall 2008
Team Research Project During the first week or two of the semester, I will randomly select teams of 4 to 5 students. Each team will be responsible for completing two homework assignments and a research project. This page describes the research project. Purpose: The main purpose of this team exercise is to provide you with an opportunity to research a relevant topic in detail, to practice written and oral communication, and to benefit from a collaborative experience. Assignment: Each team is to write a research paper on a topic in monetary economics. Each team is responsible for selecting a topic and writing a brief (one-paragraph) proposal. This proposal should be submitted to me so that I can approve it before the official mid-term date (October 9). The completed paper is due to me at the beginning of class on Tuesday, Dec. 2. Please provide me with both a hard copy and an electronic version (Word or PDF) of the paper, the latter by e-mail. Topics: The paper topic must be related in some way to the content of the course. It should be as narrow as possible, so that a thorough analysis is feasible within the suggested number of pages (see below). For example, “US monetary policy” is much too broad, whereas “The inflationary experience of Zimbabwe since 1980” would be more manageable (and interesting). Here are some general ideas for selecting a topic. 1) Choose an episode in monetary history (e.g. the Coinage Act of 1834, or the Bank of England’s suspension of convertibility in 1797), and provide and in-depth analysis of the event, its historical context and its relevance for money and monetary policy today. 2) Use an economic model developed in class to shed light on current monetary events. 3) Perform a simple statistical/data exercise to illustrate a principle or concept, or test a theoretical model, in monetary economics. Or use interesting and relevant data to characterize the behavior of money, monetary policy and its relation to an economy. An acceptable strategy along these lines is to replicate an existing study, using an updated data set, or data from a different country. 4) Compare and contrast monetary institutions/policy in two (or more) countries (such as the US and New Zealand). Or, along these same lines, take a country besides the US or England and provide an in-depth analysis of its monetary system, monetary history, policy institutions, current challenges, etc. These are just rough guidelines for how to think about a topic; other directions are surely worth considering. Finally, many of you will be working concurrently on other papers (e.g. a senior thesis) during the semester. While your team project can be related to other papers you have written or are in the process of writing, it cannot be identical to this prior work. A few general hints on choosing a topic: 1) Reading and thinking are essential; some excellent starting points would be looking over publications of the Federal Reserve Banks (e.g. the St. Louis Federal Reserve Bank’s Review, and that bank’s Monetary Trends), and writings in the popular press like the Wall Street Journal and The Economist. 2) Keep a record of what you read, including notes on ideas, directions, and so on. This will help you stay organized and synthesize ideas. 3) Use the collaborative aspect of this team exercise to full effect: discuss ideas and thoughts with your team members. References: All good research in economics relies on the work of others. Your paper should cite and list the prior work you build on. Searching the literature is easier than it used to be with the power of the internet. There are many good web sites that can help you search by topic (besides general engines like Google); a good one is EconLit, which is accessible from the UGA library site. A word of caution: do not rely solely on Wikipedia for source material. It is often a good place to start, and to find relevant references, but your reference list should not consist primarily of Wikipedia articles. Format: The ideal length of the paper should be in the neighborhood of ten to twelve pages (not including title page and reference list). The paper should be well-organized and consist of an introduction (containing background, motivation and a statement of what the paper does), analysis, and conclusion (which summarizes the paper and lays out the mains ideas to be taken away by the reader). In addition, include a separate title page with paper title, author list (in alphabetical order), and date, and a separate page with the reference list. The reference list should contain only sources that are cited in the text of the paper. I am not concerned with the specific form of the reference list, but each entry should contain enough information for a reader to be able to quickly locate the work. Citations in the text should be of the form: name of author and date of publication; for example: “… and the findings of Smith (1994) and Jones, Johnson and Jackson (2008) are consistent with …”. Pay appropriate attention to the writing of the paper. It should be organized, clear and concise, and should closely conform to the basic rules of grammar and style. As you proofread the paper, try to imagine how an independent reader will understand and interpret your words. Proofreading and revisions are essential to informative writing. The target audience is a person of average intelligence who has not taken a course in economics; don’t use economic jargon without a clear definition. Presentation: During the last two (perhaps three) class periods, each team will give a ten minute presentation on the topic and findings. I will hold you strictly to the time limit, so you must use care in carving a concise presentation out of the paper. The order of the presentation will be random. Assessment: I will assess your performance based on the topic choice, content and validity of the analysis, effectiveness in writing, and effectiveness of the presentation. After your presentation, I will ask each of you to provide me with your perception of the percentage contribution of each team member. If all team members contribute an equal percentage, which is my expectation, then each member will receive the same grade. To be sure, ‘equal contribution’ does not mean that each member must contribute the same to each aspect of the process. Specialization is acceptable (and encouraged), shirking is not. A final word: This is the first time I have assigned a project of this sort, so there will be learning on both sides. If we need to make adjustments along the way, we will. And don’t hesitate to let me know of any problems or concerns. However, my expectations regarding the quality of your research and presentations will be high.	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 Team member evaluation