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Modern Theories of Money and Monetary Policy

 

This question paper consists of 2 printed pages, each is identified by the Code Number

LUBS343001

© UNIVERSITY OF LEEDS

(Semester 1, 2021/2022) Assessed Coursework

LUBS3430 Modern Theories of Money and Monetary Policy

 

100% Assignment

 

 

  • There are 2 sections to this assignment: Section A and Section B
  • Section A is worth 50% marks.
  • Section B is worth 50% marks.
  • Answer ONE question from Section A, and ONE question from Section B.
  • All questions are worth equal marks.

 

 

SECTION A

  1. Money can be seen as developing from a competitive market process or through an authority imposing taxes. Explain and critically assess these two views on the nature and origin of money.
  2. Discuss the two main tenets of the endogenous money theory, namely

that ‘loans create deposits’ and that ‘deposits generate reserves’ and their policy implications. Illustrate your answer using relevant diagrams and/or a balance sheet approach.

 

SECTION B

  1. Describe the monetary policy transmission mechanism in the New Consensus Macroeconomics (NCM) model. What are the crucial assumptions behind the different stages of this transmission mechanism?
  2. “Stability – or tranquillity is destabilising”. Discuss this statement and its policy implications, using Minsky’s financial instability hypothesis. Illustrate your answer using relevant diagrams.

 

 

 

Assignments should be a maximum of 3000 words in length.

 

All coursework assignments that contribute to the assessment of a module are subject to a word limit, as specified in the online module handbook in the relevant module area of the MINERVA. The word limit is an extremely important aspect of good academic practice, and must be adhered to.

Unless stated specifically otherwise in the relevant module handbook, the word count includes

 

EVERYTHING (i.e. all text in the main body of the assignment including summaries, subtitles, contents pages, tables, supportive material whether in footnotes or in-text references) except the main title, reference list and/or bibliography and any appendices. It is not acceptable to present matters of substance, which should be included in the main body of the text, in the appendices (“appendix abuse”). It is not acceptable to attempt to hide words in graphs and diagrams; only text which is strictly necessary should be included in graphs and diagrams.

 

You are required to adhere to the word limit specified and state an accurate word count on the cover page of your assignment brief. Your declared word count must be accurate, and should not mislead. Making a fraudulent statement concerning the work submitted for assessment could be considered academic malpractice and investigated as such. If the amount of work submitted is higher than that specified by the word limit or that declared on your word count, this may be reflected in the mark awarded and noted through individual feedback given to you.

 

The deadline date for this assignment is 12:00:00 noon on Thursday 6th January 2022.

An electronic copy of the assignment must be submitted to the Assignment Submission area within the module resource on the Blackboard MINERVA website no later than 12:00:00 noon prompt on the deadline date.

 

Faxed, emailed or hard copies of the assignment will not be accepted.

 

Failure to meet this initial deadline will result in a reduction of marks, details of which can be found at the following place:

https://students.business.leeds.ac.uk/assessment/code-of-practice-on-assessment/

 

SUBMISSION

Please ensure that you leave sufficient time to complete the online submission process, as upload times can vary. Accessing the submission link before the deadline does NOT constitute completion of submission. You MUST click the ‘CONFIRM’ button before 12:00:00 noon for your assignment to be classed as submitted on time, if not you will need to submit to the Late Area and your assignment will be marked as late. It is your responsibility to ensure you upload the correct file to the MINERVA, and that it has uploaded successfully.

It is important that any file submitted follows the conventions stated below: FILE NAME

The name of the file that you upload must be your student ID only.

 

ASSIGNMENT TITLE

During the submission process the system will ask you to enter the title of your submission. This should also be your student ID only.

 

FRONT COVER

The first page of your assignment should always be the Assessed Coursework Coversheet (individual), which is available to download from the following location:

https://students.business.leeds.ac.uk/forms-guidance-and-coversheets/

 

STUDENT NAME

You should NOT include your name anywhere on your assignment

Main Readings
P. Arestis and M.C. Sawyer (eds.), A handbook of alternative monetary economics , 2006 (Econ F-0 ARE;
 
G. Fontana and M. Setterfield (eds.), Macroeconomic theory and macroeconomic pedagogy , Palgrave MacMillan, Forthcoming December 2008.
 
Other Readings
K. Bain and P. Howells, Monetary economics : policy and its theoretical basis , 2003 (Econ F-3 BAI)
 
W. Carlin and D. Soskice, Macroeconomics : imperfections, institutions, and policies , 2006 (Econ D-50 CAR)
 
J. Handa, Monetary economics , 2000 (Econ F-3 HAN)
 
M. Setterfield (ed.), Complexity, endogenous money and macroeconomic theory : essays in honour of Basil J. Moore , 2006 (Econ D-10 MOO)
 
M. Woodford, Interest and prices : foundations of a theory of monetary policy (Econ F-0 WOO)

 

 

END

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