The course is conducted in English。

Note: All contents are tentative and subject to change. Course schedule was designed on a 16-week semester basis. Class meets once a week, will adjust the proportion of weekly readings for each meeting upon being noti ed of school schedule. Course Description This course focuses on the role of central banking in contemporary politics in the post-World War II era. Emphasis will be placed on understanding the political processes in various aspects of central banking and their consequences. The first part of the course covers topics of more domestic nature – the origin of central banking, roles and objectives, relations with the state and the market. Armed with this domain knowledge, we further explore the central bank's relations with the rest of society—including foreign countries—in selected issue areas. The second part of the course considers other dimensions of central banking: trade, international finance, and democracy; in particular, we focus on the interactions between international factors and domestic political processes of central banking. Each class meeting begins with a lecture, followed by a discussion of that week's readings. Each week's readings consists of assigned book chapter(s) and/or research articles covering related materials of the same topic. Further readings are NOT mandatory, they serve to provide supplemental information or alternative perspectives to give each week's materials. Recent global and country-specific examples are prioritized to increase their relevance to current events, with the aim of enhancing student learning. Prerequisites Principles for Economics/w Recitation (ECON 1004 and 1005), Intro. to Politics (PS 1005) or equivalent. Mathematics for Economists (ECON 5100) and Statistics and Econometrics with Recitation (ECON 2014/2015) or equivalent are strongly recommended (but not required). Please consult the instructor prior to registration. A number of assigned readings involve technical research methods, primarily statistics. It is strongly recommended that students have the ability to comprehend inferential statistics. Simplified version of more sophisticated readings will be presented in class slides; a good grasp of these would suffice to understand the materials well. Students will NOT be tested on technical materials. Week 1: Introduction Week 2: The role of money Week 3: History of central banking Week 4: Monetary theory Week 5: International monetary system Week 6: Financial market Week 7: Monetary commitment regimes Week 8: Film Week 9: Monetary decisions and the market Week 10: State-central bank relations I Week 11: State-central bank relations II Week 12: School Anniversary (No class) Week 13: Central bank independence Week 14: Trade and monetary policy Week 15: Shocks, crises, and responses Week 16: Final (No class) Week 17: No class

Upon the completion of this course, students will be able to: 1. Familiarize with key issues and related political processes in central banking. 2. Understand the main actors, modes of interaction, and international dimensions in each issue area. 3. Relate and explain observed political and economic phenomena with the theories learned from this course.

[Grading: Assessment and Grading Scale] Assessment methods, definitions of grades, grading scale and letter grade-to-GP/percentage conversions are explained at below. Graduate (Undergraduate) students must achieve B+ (C+) or higher in order to pass this course. [Assessment Methods] Participation: 10% Quizzes (4): 40% Oral presentation: 10% Timed final exam: 40% [Course Requirements] 1. Participation Active participation is essential, and you cannot participate if you have not done the readings; you cannot possibly take part in the discussion unless you attend class. You are therefore expected to have finished all the readings before each week's meeting, and come to class ready to participate in the discussion. When reading the assigned materials, it will be useful to consider the questions listed in each week's course content. While attendance check will not be enforced, the instructor will evaluate students' participation on the basis of their Q&A during the lecture and peers' presentations. 2. Quizzes A total of FOUR quizzes (10 points each) will be assigned during classes to keep students in touch with course materials and help the instructor track students' learning. Quizzes will be closed-book/closed-note in format. 3. Oral Presentation & Feedback Beginning the 4th week of and throughout this semester, students are required to make ONE oral presentations on reading(s) of their own choosing (articles or book chapters) in weeks when that specific readings are assigned. You can (1) pick one or more than one readings from a particular week, (2) summarize one reading and/or compare several of them, and most importantly, (3) articulate your point of view. The entire presentation should last no longer than 10 minutes. Students will receive 5 points as baseline for each presentation with remaining points determined by how well students organize their talk (4 points) and respond to peers' questions (1 point). The oral presentations will count toward 10% of total grade: 5 + 4 + 1 = 10. While fluency and pronunciation are important facilitators in oral expression, more weight will be given to the originality of thoughts and the clarity with which students convey these ideas. Students are allowed to bring note during presentation and coordinate with peers for Q & A, but the key point is to encourage you to get more actively involved in class discussion. 4. Timed final exam In the last week of this semester (Week 16th), students will be required to take a 72-hour (timed) written exam at venue(s) of their own choosing. Once a student determined that (s)he is ready, (s)he will need to email the instructor informing his/her readiness to take the exam, students will then receive the exam from the instructor's reply email. Students are expected to complete the exam and submit the completed exam to the instructor (via email) within 72 hours upon receiving the instructor's reply email. The exam is open-book, open-note, and can take place at any venues. Students can write as many or as little as they prefer, taking a break when necessary, but note that the clock will not stop. At any rates, students MUST complete the exam and submit the completed exam to the instructor in 72 hours. The completed exam should be emailed to the instructor and students shall receive a confirmation email by the instructor. All questions come from weekly questions listed on the syllabus. Students must abide by the honor code. The submitted exam should be the work of one's own. Students are not allowed to consult with peers but are free to consult the instructor.

6-8 hours/week

Thammarak Moenjak, Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability (Singapore: Wiley & Sons, 2014). Carl Walsh, Monetary Theory and Policy 3rd edition (Cambridge, MA: MIT Press, 2010). Michael W. Klein and Jay C. Shambaugh, Exchange Rate Regimes in the Modern Era (Cam-bridge, MA: MIT Press, 2009). Walsh's book builds the theoretical foundation for this course. Explanation and outlines for the models covered in each chapter will be provided in class slides for ease of comprehension. Other readings come from book chapters and articles published in academic journals and websites. Specific readings for each class are identified on this syllabus. Readings marked with a worldwideweb will be available on course website; readings marked with a X means “review” from past weeks. Items marked with m are clickable web-based materials. Items marked with are brief introduction on specific subjects provided by the instructor.

Please refer to each week's course module and syllabus.