Monetary economics is concerned with the effects of monetary institutions (such as Reserve Bank of Australia, RBA) and policy actions on economic variables (such as inflation and interest rates) that are of importance to individuals and firms. Money and monetary policy is an important argument in decision making in the fields of Accounting, Economics, and Finance as well as Business majors. This subject aims to provide basic understating of money and monetary policy with special reference of monetary policy in Australia. The subject will consist of two parts. In the first part (first half), we will study the role of money in the economy, the use of money in the digital economy, the structure of financial markets; determination and structure of interest rates; determination of exchange rates; theories of money demand and the money supply process. The second part of the subject examines monetary policy with a special reference to monetary policy by the Reserve Bank of Australia. The specific topics include choice of targets and instruments of monetary policy; monetary policy in an open economy; money and inflation, transmission mechanism of monetary policy; rules versus discretion in monetary policy and the issue of central bank independence.
|Academic unit:||Bond Business School|
|Subject title:||Money and Monetary Policy|
Delivery & attendance
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Our students will demonstrate knowledge toanalyse the monetary theory and the role and functions of central banks in the design and implementation of monetary policy for a specific countryunderstand the structure and operations of the Reserve Bank of Australia (RBA) and its monetary policy objectivesanalyse the empirical validity of monetary theory and be able to assess cross-country comparisons.[Attribute 1: Knowledge and Critical Thinking; Attribute 3: Communication Skills; Attribute 4: Global orientation]
- Our students will demonstrate understanding of contemporary issues in monetary theory and monetary policy with a focus on the cross-country differences in designing the monetary policy especially in view of the recent global financial crisis.[Attribute 1: Knowledge and Critical Thinking; Attribute 3: Communication Skills; Attribute 4: Global orientation; Attribute 5: Responsibility and Ethics; Attribute 6: Entrepreneurship]
- Our students will be able to complete a term paper on an assigned topic to review the literature, apply monetary theory to analyse the real life applications and suggest ways to improve current practices and finally present their findings. [Attribute 1: Knowledge and Critical Thinking; Attribute 3: Communication Skills; Attribute 4: Global orientation; Attribute 5: Responsibility and Ethics]
- Our students will be able to cooperate as a member and /or a leader in a functional team to discuss presentations by fellow students.[Attribute 1: Knowledge and Critical Thinking; Attribute 2: Leadership, Initiative and Teamwork; Attribute 3: Communication Skills; Attribute 5: Responsibility and Ethics]
- Students will demonstrate the ability to collect, analyse and organise information and ideas and convey those ideas clearly and fluently in written and oral forms.[Attribute 1: Knowledge and Critical Thinking; Attribute 3: Communication Skills; Attribute 6: Entrepreneurship]
- Our studetns will have the skills and confidences to discuss ethical issues related to contemporary issues in monetary policy in a global world. This could be achieved through guest lectures on important topics such as Global Financial Crisis, Islamic banking, etc. [Attribute 1: Knowledge and Critical Thinking; Attribute 2: Leadership, Initiative and Teamwork; Attribute 3: Communication Skills; Attribute 4: Global orientation; Attribute 5: Responsibility and Ethics]
|Oral Pitch||Seminar Presentations||5%||Ongoing||1, 2, 3, 4, 5, 6.|
|Written Report||Term Paper||10%||Ongoing||1, 2, 3, 4, 5, 6.|
|Written Report||Assignments (2)||10%||Ongoing||1, 2, 6.|
|Paper-based Examination (Closed)||Mid-semester Examination||25%||Mid-Semester Examination Period||1, 2, 5, 6.|
|Paper-based Examination (Closed)||Final Examination||50%||Final Examination Period||1, 2, 5, 6.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
HO: Ch. 15 (Tutorial Exercises-Term paper due)
HO: Ch. 18 (Tutorial Exercises)