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Monetary Economics: Theory and Policy

Start:	Thursday, July 19, 2001
End:	Friday, July 27, 2001
Location:

Professor Horwits focuses on money and the economy and starts the lecture with fundamentals of the banking systems and money. He raises questions of money definition and discusses definitions of money commonly used by the FED and banking system and the "GAMO" definition (Money - generally accepted medium of exchange). Speaker gives a detailed description of M1, M2 and M3 and the hierarchy of importance of these three in the monetary economics matters. At the second session Steve Horwitz analyses the role money plays and problems money can cause in inflation and deflation and talks about the intersection between monetary policy and macroeconomics in general. He also touches on demand for money and concludes with a discussion on current policy issues.

Professor Selgin begins the lecture by giving the rationale and operation of the central banks in particular the Federal Reserve System. He examines history behind government control of money as a way to put modern monetary arrangement into a prospective that allows them to be subjected to a greater scrutiny. This course allows participants to better answer such question as:

• - Why is there such a thing as a monetary policy at all?
• - How money came to be centrally or bureaucratically controlled?

On the second session George Selgin focuses on monetary reform and future of money. He discusses what's happening in other countries concerning the retreat from central banking and a move to the alternative arrangements. Speaker argues that FED ought to focus on the maintenance of a stable level of spending.

Schedule:

Session One: Thursday, July 19
Money and the Banking System: Beginnings and Impact
Steven Horwitz, Ph.D
Professor of Economics, St. Lawrence University

Session Two: Friday, July  20
Money and the Economy: Business Cycles, Credit, and Interest Rates
Steven Horwitz, Ph.D
Professor of Economics, St. Lawrence University

Session Three: Thursday, July 26
The Functions and Structure of the Federal Reserve System
George Selgin, Ph.D
Professor of Economics, University of Georgia

Session Four: Friday, July 27
Monetary Reform and the Future of Money
George Selgin, Ph.D
Professor of Economics, University of Georgia

Associated People

• Steven Horwitz