module : Money and Credit

module : Money and Credit

Order Descriptiontion for 2o minutes in my own but with your help writing the presentat

Money and Credit

Assignment brief: Every Friday before the official meeting of the monetary policy committee there is a half-day meeting, where staff economists give presentations on

current economic topics. Your task is to choose one of the topics below, together with two fellow students. You will have to prepare a joint report. You are required

to divide the report into equal parts at an initial meeting. Each student then has to prepare one part on his or her own, without the help of the other. It has to be

completely clear who prepared what part. You then need to either meet up or discuss by email how to ensure that both parts fit together and then prepare a presentation

designed to explain the main findings and to make policy recommendations. It is up to you, whether you will give the actual task of presenting to one of you, with the

other in a supporting role or whether you split up the presentation. However, the presentation will have to cover the whole topic.
The mark will be based on the report, but the presentations will help you with the report.
Word limit: 3000 words per person (+/- 10%)
Deadline for notifying me by email of team members, topic chosen and who is responsible for which part: 30. 11. 2014 5 PM
Deadline for report: 27. 03. 2014 4 PM
Time of presentations: Different dates before the end of March
Length of presentations: 20 minutes each
Learning outcomes:
• Discuss and analyse the transmission mechanism of monetary policy
• Critically evaluate the role of central banks and commercial banks
• Discuss different theories of money supply and demand
Further instructions: You need to address your report to the members of the monetary policy committee. Although all of the members will have no problem understanding

economic arguments, they might not all be familiar with the specific theoretic concepts you are covering. You therefore need to briefly discuss them. However, the

emphasis will be on discussing real data in the context of those theories and to make policy recommendations that clearly arise from those theories and the data. To

get good marks you need to make a reasoned argument, why it is more appropriate to use one approach than the other and then base your recommendations firmly on that

approach.
You should start with the textbook, but also consult suitable academic discussion papers or articles in academic journals. The data can be retrieved from quality

specialist publications, like the Economist or FT and official sources like the Bank of England (for example the quarterly inflation report) and the ECB, other central

banks or the IMF.
Topics:
1. Report on recent developments in the asset markets, including the housing market, and the significance for monetary policy. Make recommendations on what impact

those observations should have on the next interest rate decision and whether monetary policy should try and influence asset markets and/or react to them.
2 Given recent UK experience, what theories of the transmission mechanism (i.e. how monetary policy effects the economy) might be most suitable to base future monetary

policy on?
3. The BOE has recently employed a policy called quantitative easing. Evaluate the policy using different theories of the transmission mechanism and the determination

of the money supply and use recent and current data to inform your discussion.
Generic marking scheme:

Grade % Mark Requirements
F
(Fail) 0 No answer has been attempted or evidence of unfair practice.
1 – 9 The work presented for assessment may be incomplete and/or irrelevant and demonstrates a serious lack of comprehension and/or engagement with the set task.

Attainment of the learning outcomes is minimal and assessment criteria are not addressed.
10 – 19 Misunderstanding or misinterpretation of the set task, providing a short and/or largely irrelevant response. Consequently, no learning outcomes are met in full

although there may be minimal attainment in relation to one or two.
20 – 29 Minimal understanding of the set task and will partially have met some of the learning outcomes. Little knowledge and understanding of the field of study

relevant to the task. Limited ability shown to communicate simple concepts and/or factual information. Significant difficulties in the report’s structure and

organisation detract from the clarity and meaning overall. Evidence of individual reading and investigation is negligible and the limited referencing of literature and

other sources is frequently inaccurate. Demonstrates some ability to describe and report but very little evidence is available to indicate an ability to engage in

critical evaluation and reflection.
30 – 39 Partial understanding of the set task and some of the associated learning outcomes met at a basic level. Factual inaccuracies, errors and misconceptions are

evident in important areas and elements of the assessed work may be irrelevant to the task. If attempted, the presentation of arguments and more complex ideas may be

confused and clumsily expressed. Some enquiry and analysis relevant to the task attempted but outcomes may be naïve, simplistic and/or unconvincing. Demonstrates

limited knowledge of current research/scholarship in the discipline. A restricted range of sources are used but overall, there is an over-reliance on programme

materials with little evidence of individual reading and investigation. There are frequent errors in the referencing of literature and other sources. The work is

largely descriptive and arguments, if attempted, are rarely substantiated.
D
(Third) 40 – 49 Demonstrates a basic understanding of the set task and an ability to have met the associated learning outcomes and addresses the assessment criteria at

a threshold level. Displays a basic knowledge and understanding of many aspects of the field of study relevant to the task. Reproduction of information received from

elsewhere (e.g. programme materials). Errors and misconceptions will be evident but these are outweighed by the degree of knowledge and understanding demonstrated

overall. More success is achieved in describing and reporting factual information rather than communicating complex ideas. Generally, the work is appropriately

structured although key points may not be logically sequenced. Some limited analysis and enquiry relevant to the task/discipline included and has intermittent success

in presenting and commenting on outcomes. A limited ability to critically evaluate and reflect. Although some critical reflection is evident, the balance within the

work is likely to be in favour of description and factual presentation.
C
(Lower Second) 50 – 59 A secure understanding of the set task and an ability to have met the associated learning outcomes and address the assessment criteria at a

satisfactory level. Displays a sound knowledge and understanding of most key aspects of the field of study relevant to the task and there is some evidence of an

ability to apply such knowledge. Some evidence of independent thinking beyond programme notes. Overall, the structure and format of the work are appropriate.

Occasional faults in the presentation of work, but overall, these do not detract from the clarity of expression. Examples of research/scholarship referred to in the

work demonstrate individual reading and investigative ability to critically evaluate and reflect although there may be some over-reliance on description and factual

presentation. Arguments are usually substantiated.
B
(Upper Second) 60-69 Demonstrates a full understanding of the set task and an ability to have met the learning outcomes and address the assessment criteria at a good

level. A detailed knowledge and thorough understanding of key aspects of the field of study relevant to the task are shown. There is clear evidence of an ability to

apply such knowledge and, in some contexts, to extend and transform it. Discussion of complex concepts is often tackled successfully and there is evidence of

independent thinking. Displays an ability to communicate information, ideas and concepts clearly and succinctly. Work is well presented and the format appropriate. Key

points are appropriately organised and the writing style is fluent and arguments are well articulated. Detailed analysis and critical enquiry relevant to the

task/discipline is undertaken by making use of appropriate techniques and has considerable success in presenting and commenting on outcomes. There is some linkage

between theory and practice. Examples referred to indicate a breadth and depth of individual reading and investigation that extend beyond the sources provided. The

referencing of literature and other sources is almost always accurate. Arguments are clearly considered and substantiated and there is evidence of an ability to make

appropriate judgements and to suggest solutions to problems.
A
(First) 70 – 79 Demonstrates a full and detailed understanding of the set task and an ability to have met the learning outcomes and address the assessment criteria at

a very good level.
A detailed knowledge and systematic understanding of key aspects of the field of study relevant to the task are evident. There is strong evidence of an ability to

extend, transform and apply such knowledge. The student also demonstrates an ability to engage in confident discussion of complex concepts and to recognise the

limitations and ambiguity of disciplinary knowledge. Independent thinking and original insights are also present in the essay. Ability shown in communicating

information, complex ideas and concepts in a coherent and succinct manner. The standard of presentation is high and the format appropriate. Key points are logically

organised and in written work, the style is lucid and mature. Detailed and thorough knowledge of current research/advanced scholarship in the discipline. The use of

scholarly reviews/primary sources is confident and a breadth and depth of individual reading and investigation, extending beyond the sources provided, is apparent. The

referencing of literature and other sources is accurate and in line with academic conventions. An ability to engage in critical evaluation of concepts/arguments/data

and to make appropriate and informed judgements is shown. Arguments are well developed, sustained and substantiated. Where relevant, assumptions are challenged and

there is clear recognition of the complexities of academic debate. Appropriate and sometimes innovative solutions are offered to problems.
80 – 89 Beyond the above, a full and detailed understanding of the set task and an ability to have met the learning outcomes and address the assessment criteria at an

excellent level is displayed.
90 – 100 Beyond the above, demonstrates a full and detailed understanding of the set task and an ability to have met the learning outcomes and address the assessment

criteria at an outstanding and exceptional level. Work is of a standard deemed to be worthy of publication Reference citations extend significantly beyond the main

body of reading normally expected in the discipline/field of study.

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