Faculty Contact Richard Rice [email protected] Course Description Prerequisites: ECON 201 and 203. An examination of the structure of financial institutions and their role in providing money and near money. The goal is to evaluate how the banking and business environment has changed, describe the functions and measurement of money, discuss and evaluate the money supply creation process, and analyze the impact of the Federal Reserve’s policies on both the U.S. economy and the economies of other nations. Topics include the composition of the Federal Reserve, the money supply creation process, the tools of monetary policy, the term structure of interest rates, the demand for and supply of money, and interest rate theories. Students may receive credit for only one of the following courses: ECON 430 or ECON 431. Course Introduction This course is a broad study of money and banking. By the completion of this course, you will be able to evaluate how the banking and business environment has changed over time; define and describe the functions and measurement of money; discuss and evaluate the money supply creation process; and analyze the impact of the Federal Reserve’s policies on the U.S. and world economies. To do this, you will participate in conferences that relate to current events, create financial charts, and write a research paper on a specific topic relating to money and banking. The primary focus of this course is to examine how money, the Federal Reserve, and the banking system affect the U.S. and world economies. Concepts learned in this course will be directly applicable to careers in the financial industry and government. Course Outcomes After completing this course, you should be able to evaluate how technology, economic conditions, financial innovations, and regulatory and legislative decisions have changed the banking and business environment define and describe the functions and measurement of money to examine the role of money and credit in the economy analyze the Federal Reserve and its impact on the U.S. and world economies by examining its composition, structure, functions, and policies examine the money supply creation process and how the Federal Reserve, with the help of banking institutions, influences the economy through this mechanism Course Materials Click to access your course materials information (http://webapps.umuc.edu/UgcmBook/BPage.cfm? C=ECON%20430&S=6380&Sem=2188) Class Guidelines Faculty Information University of Maryland University College • Adelphi • Syllabus • ECON 430 6380 MONEY AND BANKING (2188) ECON-430 Fall 2018 Section 6380 3 Credits 08/20/2018 to 10/14/2018       To locate information within your LEO classroom, log in and review your faculty member’s information, which is found in the Start Here section of your classroom after clicking on the Content link. Contacting your Faculty Member You can use the Instant Message feature within the classroom to send a message to your faculty member. Click the Classroom Walkthrough Videos link below, and then click The Instant Message link, to view a how-to video on how to use the Instant Message function within the classroom: Classroom Walkthrough Videos Link (http://www.umuc.edu/students/leo/videos.cfm) Within the Content section of your classroom, view the Start Here section or Additional Course Information section within the Syllabus to learn more about contacting your faculty member. News: Check the News section for weekly updates pertaining to the course requirements. Preparation Course duration – This course concludes in eight weeks. As such, it is imperative that students clear their calendar sufficiently to allow time for the rigors of this course. Time on task – A course’s hourly requirement may be higher or lower each week depending on the weekly activities and readings assigned, however, the student should average approximately 15 to 17 hours per week on a 3-credit class. The work completed during these weekly hours should comprise participating in class discussions and learning activities, studying, assigned reading, and preparation of assignments. Student learning styles, goals, tasks, and course topics affect weekly time requirements in this course. You are expected to meet the same learning outcomes and perform the same amount of work in an online course as in an onsite course. Active participation is required in all courses, and you should expect to log in to your online course several times a week. For more information on UMUC’s credit hour standards, please see Policy 160.00 (http://www.umuc.edu/administration/policies-and-reporting/policies/academicaffairs/credit-hour-definition.cfm). Classroom Management Assignments – you are expected to read the assigned material during the week in which it is assigned and to devote significant time to the assignments so that you can reach a sufficient level of critical thinking and rigor required in this course. Participation: In registering for this course, you have made a commitment to participate in your course discussions as well as in other online activities. Weekly learning activities/discussions are mandatory so please plan to participate regularly. Participation for this course is defined as proactive work in weekly discussions and/or activities. This requires you to actively reflect on weekly readings and other course material to develop original ideas in your responses.Students taking a hybrid course are expected to participate in face-to-face activities as well as participate in mandatory online learning activities/discussions. Credit is earned for both types of activities. Online etiquette – You are expected to adhere to the general rules of online etiquette. The following provides a set of online etiquette general rules: http://madisoncollege.edu/online-etiquette-guide (http://madisoncollege.edu/online-etiquette-guide) Time Zone- Students should be aware that all courses, due dates, deadlines, and references to time (example: By midnight) all refer to eastern standard time (EST). Late Policy – It is important that all students stay current with their work in the eight week course environment. There is not enough time to catch up. To encourage students to get their work in on time and to be fair to the students who do, the following late policy is in effect. Discussions: Credit is not normally granted for discussion postings or a response entered after the work is due. By the next day, the class has moved on to the next set of discussions and late contributions are rarely read and thus do not contribute to the learning process. Written assignments: All assignments are due on the stated date. Under unusual circumstances, during the term, late work may be accepted after the due date, but; if it is accepted, it may be penalized. All work must be submitted before the end of the course. If a student has a substantive and verifiable reason for being late the faculty may consider an exception to the late policy. It is far better to inform your instructor in advance if possible. If an exception to the late policy is being considered, verification for the reason for lateness may be required. Extra Credit – Extra credit is not granted in this course. Plagiarism is a concern in major research assignments and papers and in the discussion responses. Please review the UMUC Policy 150.25 – Academic Dishonesty and Plagiarism (http://www.umuc.edu/policies/academicpolicies/aa15025.cfm). Plagiarism will not be tolerated in any academic activity in the program Paraphrasing is defined as expressing another person’s views/ideas using different words. When citing a resource or paraphrasing, remember to put the resource in your own words to avoid plagiarizing another’s work. If you use another person’s exact words or thoughts, remember to follow the APA rules regarding intext and reference citations Submitting Your Own Work-All individual work must be completed by that individual student. This means that all work must be an original composition by the student and the student alone (unless indicated otherwise by group work). Using another person’s work without citation, sourcing a completed paper from an online resource, or attempting to pass another person’s work as your own is a violation of UMUC’s Academic Integrity Policy. LEO News – Your faculty member uses the News section of the LEO Homepage to provide important information on the course. Be sure to check it frequently. You are responsible for the content. LEO Server Issues – In the unlikely event that LEO is inaccessible because of outages; deadlines for assignments will be modified. Deadline extensions will be posted in class news when service is restored. Technical difficulties with personal computers or Internet access will not constitute an excuse for late assignments. Preferred Contact Method – All work, student feedback, and communications will occur in the LEO classroom to ensure a complete record of course conduct. You can use the Pager feature within the classroom to send a message to your faculty member. Click the Classroom Walkthrough Videos link below, and then click The Pager link, to view a how-to video on how to use the Pager function within the classroom: Classroom Walkthrough Videos Link (http://www.umuc.edu/students/leo/videos.cfm) Supplemental materials – Any supplementary material will be found in the Weekly Study Plans (Content>Weekly Study Plans) or in Course Resources (Content>Course Resources) General Guidelines for All Written Work All written projects should conform to standards of formatting and documentation, including proper citations and references found in an acceptable college-level writing guide such as APA or UMUC’s Guide to Writing and Research. Written projects must be: 1. typed, double-spaced, in 12-point Times New Roman or Arial font, with margins no wider than one inch 2. have footnotes or endnotes, with correct citations 3. have a bibliography of sources used 4. include, for each entry, the author, title, city and state of publisher, publisher’s name, year, and page numbers 5. prepared using word processing software (Microsoft Word preferred), in a manner similar to the preparation of a written assignment for classroom submission Detailed instructions and rubrics for these assignments will be found in the Weekly Study Guides in the LEO classroom and are also present in the Assignment and Discussion Folders in the LEO classroom. Complete the weekly readings Participate actively in the class activities and/or discussions Grading Information This course consists of the following graded items: This course consists of the following graded items: Case study/project 1 @ 15% 15% Quizzes 3 @ 12 pts 36% Discussions 8 @ 3 pts each 24% Term paper 25% Total 100% Grading Rubrics Refer to your classroom for the current version of discussion, assignment, and project grading rubrics. Project Descriptions 1) Case Study/Project ECON 430: Case Study Paper 15% of Total Grade Due: Sunday, end of Week 5 Purpose: The purpose of this assignment is to provide students with an opportunity to develop a short case study and analysis of an issue related to money and banking using concepts and theories learned in class. Description: Select an article on an economic topic from a major newspaper or business journal (e.g., The Economist, Wall Street Journal, New York Times) dated within the previous two months and analyze the issue using the economic concepts and theory learned in class. Possible topics include: Quantitative Easing Money supply Monetary policy Inflation Control Deflation Raising interest rates The paper should begin with a concise summary paragraph that (1) states the problem/issue/topic you have selected and (2) summarizes your position on the topic, anticipating your conclusion. The remainder of the paper should explain and support your position. Specifications: Your paper should include:   A narrative of up to 3 pages (not including title page, reference list, or appendices). A title page A reference list (using APA format) with at least three sources, and At least one graph and/or table In addition, at the conclusion of your paper please include a brief statement reflecting on what you feel you have learned from the assignment and how that learning may be applied to your life or work going forward. Please use APA format in-text citations for all facts and figures in the body of your paper and proof your paper for grammar and spelling. 2) Quizzes There are three quizzes in the course each worth 12 points for a total of 36% of your total grade. The quizzes will be posted on Monday and due the following Sunday at midnight EST of weeks 2, 4 and 8. The quizzes will be a blend of multiple choice and problems or short essays questions. Directions for the taking of the quizzes will be provided with each quiz. 3) Discussions There are 8 discussion sessions individually weighted at 3% each for a total of 24% of your total grade. Discussion questions are intended to further develop your critical thinking and economic analysis skills and to assist with your development of economic maturity and informed citizenship. To earn full credit each week you are expected to make one original or primary post by Wednesday at midnight EST that directly addresses that week’s topic or question. Additionally you should make at least 2 secondary posts by Sunday night at midnight EST that respond to the posts of one or more of your classmates and challenge and further develop the topic that week. Participation in the discussion forums is critical for maximizing student learning experiences in any online course. In this course, students are required to be a part of an online community of learners who collectively interact, through discussion, to enhance and support the professional performance of each other. Part of the assessment criteria for the course includes evaluating the quality and quantity of your participation in the discussion forum. As the instructor, I will facilitate student discussions but I will not address every single post. In most cases, I might share a related idea, intervene when the discussion goes off-track, or tie student comments together to help deepen student learning. Consequently, I will not directly answer questions in the discussion area unless they are addressed to me. I will check the discussions daily during the week, and occasionally on the weekends. Some characteristics I consider to be part of excellent discussion contributions are outlined below. I will consider these characteristics when assessing the quality and level of student participation. Submit initial post(s) early in the session, and subsequent responses to the posts of other learners at timely intervals throughout the duration of the session. The goal is to have a dynamic discussion around the topic that lasts throughout the entire session. Posts and responses should be thorough and thoughtful. Just posting an “I agree” or “Good ideas” will not be considered adequate. Support statements with examples, experiences, or references. Be brief — keep each post and response to one or two short paragraphs. Keep in mind that fellow learners will be reading and responding to you, too. Posts should be within a range of 75-150 words. If a post does not meet the minimum word count of 75, I will not count it toward your grade. Make certain that all posts and responses address the question, problem, or situation as presented for discussion. This does not mean you should not extend the topic, but do not stray from the topic. Discussions occur when there is dialogue; therefore, you need to build upon the posts and responses of other learners to create discussion threads. Make sure to revisit the discussion forum and respond (if necessary) to what other learners have posted to your initial responses. When relevant, add to the discussion by including prior knowledge, work experiences, references, web sites, resources, etc. (giving credit when appropriate). Contributions to the discussions (posts and responses) should be complete and free of grammatical or structural errors. 4) Term Paper ECON 430: Term Paper 25% of Total Grade Due: Sunday, end of Week 7 Purpose: The purpose of this assignment is to provide students with an opportunity to develop an independent analysis of an issue related to money and banking using concepts and theories learned in class. Description: The term paper for this course is an open-ended assignment that is intended to sharpen your writing, research and critical analysis skills. The project is designed to ensure that you are familiar with the process of collecting financial/economic data from the web and analyzing it using the concepts and theories learned in class. The paper should focus on a topic of your choosing related to material covered in the course. You should develop a position related to your topic and support that position through online research. Possible topics include: Banking Reform and Regulation Monetary policy The 2007-2008 Financial Crisis Money supply Market Consolidation in Banking/Finance Quantitative Easing Raising/lowering Interest rates Technology and Innovation in Banking/Finance The paper should begin with a concise summary paragraph that (1) states the problem/issue/topic you have selected and (2) summarizes your position on the topic, anticipating your conclusion. The remainder of the paper should explain and support your position. Specifications: Please submit your topic for approval in the “Term Paper Topics” folder in the assignments section of the online classroom. Your paper should include: A narrative of up to 8 pages (not including title page, reference list, or appendices). A title page A reference list (using APA format) with at least seven sources, and At least two graphs and/or tables In addition, at the conclusion of your paper please include a brief statement reflecting on what you feel you have learned from the assignment and how that learning may be applied to your life or work going forward. Please use APA format in-text citations in the body of your paper for all facts and figures and proof your paper for grammar and spelling. Academic Policies Academic Policies and Guidelines ACADEMIC INTEGRITY As a member of the University of Maryland University College (UMUC) academic community that honors integrity and respect for others you are expected to maintain a high level of personal integrity in your academic work at all times. Your work should be original and must not be reused in other courses. CLASSROOM CIVILITY  Students are expected to work together cooperatively, and treat fellow students and faculty with respect, showing professionalism and courtesy in all interactions. Please review the Code of Civility for more guidance on interacting in UMUC classrooms: https://www.umuc.edu/students/support/studentlife/conduct/code.cfm (https://www.umuc.edu/students/support/studentlife/conduct/code.cfm). POLICIES AND PROCEDURES UMUC is committed to ensuring that all individuals are treated equally according to Policy 040.30 Affirmative Action, Equal Opportunity, and Sexual Harassment (https://www.umuc.edu/policies/adminpolicies/admin04030.cfm). Students with disabilities who need accommodations in a course are encouraged to contact the Office of Accessibility Services (OAS) at [email protected] (mailto:[email protected]), or call 800-888-UMUC (8682) or 240-684-2287. The following academic policies and procedures apply to this course and your studies at UMUC. 150.25 Academic Dishonesty and Plagiarism (https://www.umuc.edu/policies/academicpolicies/aa15025.cfm) – UMUC defines academic dishonesty as the failure to maintain academic integrity. All charges of academic dishonesty will be brought in accordance with this Policy. Note: In this course, your instructor has access to use Turnitin.com, a tool that helps to evaluate the originality of student work. Your instructor may use Turnitin or other resources to check the authenticity of your work and the accuracy of your use of sources. To learn more about Turnitin, the feedback it provides, and your options regarding the storage of your work in the Turnitin database go to the UMUC guides at umuc.edu/library/libresources/turnitinstudents.cfm (https://www.umuc.edu/library/libresources/turnitin.cfm) and http://sites.umuc.edu/library/libresources/turnitin.cfm#studentcopyright (http://sites.umuc.edu/library/libresources/turnitin.cfm). If you have questions about academic integrity or how to cite your sources go to the UMUC Academic Integrity Resources page at http://www.umuc.edu/current-students/learning-resources/academic-integrity/resources.cfm (http://www.umuc.edu/current-%20students/learning-resources/academicintegrity/resources.cfm). 151.00 Code of Student Conduct (https://www.umuc.edu/policies/studentpolicies/stud15100.cfm) 170.40 170.41 170.42 The following policies describe the requirements for the award of each degree: Degree Completion Requirements for the Graduate School (https://www.umuc.edu/policies/academicpolicies/aa17040.cfm) Degree Completion Requirements for a Bachelor’s Degree (https://www.umuc.edu/policies/academicpolicies/aa17041.cfm) Degree Completion Requirements for an Associate’s Degree (https://www.umuc.edu/policies/academicpolicies/aa17042.cfm) 170.71 Policy on Grade of Incomplete (https://www.umuc.edu/policies/academicpolicies/aa17071.cfm) – The mark of I is exceptional and considered only for certain courses. Students who have completed 60% of their coursework with a grade of B or better for graduate courses or C or better for undergraduate courses and request an I before the end of the term. The mark of I is not available for noncredit courses. 170.72 Course Withdrawal Policy (https://www.umuc.edu/policies/academicpolicies/aa17072.cfm) – Students must follow drop and withdrawal procedures and deadlines available at https://www.umuc.edu/ (https://www.umuc.edu/) under Academic Calendar. 130.80 Procedures for Review of Alleged Arbitrary and Capricious Grading (https://www.umuc.edu/policies/academicpolicies/aa13080.cfm) – appeals may be made on final course grades as described herein. 205.06 Calculation Of Grade-Point Average (GPA) for Inclusion on Transcripts and Transcript Requests (https://www.umuc.edu/policies/academicpolicies/aa20506.cfm) – Note: Undergraduate and Graduate Schools have different Grading Policies (i.e. The Graduate School does not award the grade of D). See Course Syllabus for Grading Policies. GRADING According to UMUC’s grading policy, the following marks are used: Undergraduate Graduate A 90-100 90-100 B 80-89 80-89 C 70-79 70-79* D 60-69 N/A** F 59 or below 69 or below FN Failure-Non attendance Failure-Non attendance G Grade Pending Grade Pending P Passing Passing S Satisfactory Satisfactory U Unsatisfactory Unsatisfactory I Incomplete Incomplete AU Audit Audit W Withdrew Withdrew * The grade of “B” represents the benchmark for The Graduate School. Students must maintain a Grade Point Average (GPA) of 3.0 or higher. Classes where final grade of C or F places a student on Academic Probation must be repeated. ** The Graduate School does not award the grade of D. COURSE EVALUATION SURVEY UMUC values its students’ feedback. You will be asked to complete an online evaluation toward the end of the term. The primary purpose of this evaluation process is to assess the effectiveness of classroom instruction in order to provide the best learning experience possible and make continuous improvements to every class. Responses are kept confidential. Please take full advantage of this opportunity to provide your feedback. LIBRARY SUPPORT Extensive library resources and services are available online, 24 hours a day, seven days a week at https://www.umuc.edu/library/index.cfm (https://www.umuc.edu/library/index.cfm) to support you in your studies. The UMUC Library provides research assistance in creating search strategies, selecting relevant databases, and evaluating and citing resources in a variety of formats via its Ask a Librarian service at https://www.umuc.edu/library/libask/index.cfm (https://www.umuc.edu/library/libask/index.cfm). EXTERNAL LINK DISCLAIMER This course may contain links to external sites neither owned nor maintained by UMUC. UMUC bears no responsibility for the accuracy, legality, or content of external sites or for that of subsequent links. In addition, the terms of use, security policies, and privacy policies may differ from those of UMUC. Contact the external site for answers to questions regarding its content, terms of use, and policies. LEARNING MANAGEMENT SYSTEM SUPPORT To successfully navigate the online classroom new students are encouraged to view the Classroom Walkthrough under Help in the upper right menu of the LEO classroom. Those requiring technical assistance can access [email protected] Support directly in LEO under the Help menu. Additional technical support is available 24 hours a day, seven days a week via self-help and live chat at https://www.umuc.edu/help (https://www.umuc.edu/help) or by phone toll-free at 888-360-UMUC (8682). SYLLABUS CHANGES All items on this syllabus are subject to change at the discretion of the Instructor and the Office of Academic Affairs. Class & Assignment Schedule Students can access their complete list of assignments and their corresponding due dates within the Assignments section of the classroom by navigating to the Assignments section of the class from the main navigation bar. Follow the link below, and then click Assignments, for a video demonstration on how to utilize this feature. Classroom Walkthrough Videos Link (http://www.umuc.edu/students/leo/videos.cfm) Students also have access to a calendar tool on the course homepage within the classroom. Topic and Date ECON 430: Weekly readings and activities Due Date Pre-week: Introductions  Week 1: Money, Banking and Your World, The Financial System, Money Read: Assigned Readings View: Assigned links Do: Read chap. 1 & 2 & 3 Introductory Conf M&B Conf #1 Term Paper Topic Due Week 2: Economics of InterestRate Fluctuations, Economics of InterestRate Spreads and Yield Curves, Bank Management Read: Assigned readings View: Assigned videos & Assigned links Do: Read chap. 4 & 5 & 6 Quiz #1 Posted M&B Conf #2 Quiz #1 Week 3: Innovation and Structure in Banking and Finance, and Bank Management, Read: Assigned Readings View: Assigned videos & Assigned links Do: Read Chap. 8 & 9 & 10 M&B Conf # 3 Week 4: Economics of Financial Regulation; Financial Crisis of 2008; Central Banking Read: Assigned Readings View: Assigned videos & Assigned links DO: Read Chap. 11 & 12 & 13 Quiz # 2 posted M&B Conf # 4 Quiz #2 Due Week 5: Money Supply; Money Multiplier; Tools of Monetary Policy Read: Assigned readings View: Assigned videos Assigned links Do: Read Chap. 14 & 15 & 16 M&B Conf # 5 Case study project due Week 6: Monetary Policy Targets; Foreign Exchange; International Monetary Regimes Read: Assigned readings View: Assigned videos Assigned links Do: Read Chap. 17 & 18 & 19 M&B Conf # 6 Week 7: Demand for Money and IS-LM Analysis Read: Assigned Readings View: Assigned videos Assigned links Do: Read Chap. 20 & 21 M&B Conf # 7 Term paper due Week 8: Monetary Policy; Inflation and Money,Rational Expectations, Monetary Policy Implications Read: Assigned readings View: Assigned links Do: Read Chap. 24 & 25 & 26 Quiz # 3 posted M&B Conf #8 Quiz # 3 due