COURSE INFORMATION Course Title: ADVANCED MONETARY THEORY AND POLICY

Code	Course Type	Regular Semester	Theory	Practice	Lab	Credits	ECTS
ECO 509	B	3	3	0	0	3	7.5

Academic staff member responsible for the design of the course syllabus (name, surname, academic title/scientific degree, email address and signature)	NA
Main Course Lecturer (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	Dr. Chrysanthi Balomenou cbalomenou@epoka.edu.al , Thursday 10:30 - 12:30 pm
Second Course Lecturer(s) (name, surname, academic title/scientific degree, email address and signature) and Office Hours:	NA
Teaching Assistant(s) and Office Hours:	NA
Language:	English
Compulsory/Elective:	Elective
Study program: (the study for which this course is offered)	Professional Master in Banking and Finance
Classroom and Meeting Time:	On Wednesday 18:00-20:45 at E/314
Code of Ethics:	Code of Ethics of EPOKA University Regulation of EPOKA University "On Student Discipline"
Attendance Requirement:	A minimum rate of 60% is required for the student to enter the final examination.
Course Description:	The main goal of this course is to improve academic and analytic skills of students on monetary theory and policy
Course Objectives:	The main aim of this course is to teach how to improve students academical, analytical, and synthetical skills on Monetary Theory and Policy, by providing them all the indispensable information and tools on both how: a) to learn, comprehend and interfere in a scientific book or article of the field of Monetary Economics, as far as the most crucial hot topics of the examining scientific area, via cultivating critical view aspects and not adopting sterile parrot learning educational methods and b) to write a scientific article in order to be published in scientific journals of the area.

BASIC CONCEPTS OF THE COURSE

1	Global Financial Crisis, Case Studies Europe, US, Japan
2	Central Banking and new Monetary Policies Horizons
3	Revisit of Lender of Last Resort Facility
4	Monetary Policies great Dilemmas (Rules vs. Discretion; Rules versus Authorities)
5	Conflict of interest in the framework of upgraded role of central banking in and after crisis period
6	Financial Stability as crucial factor in Monetary Policies implementation
7	Austerity and its role during periods of financial recessions
8	Fiscal and Monetary policies functions during turmoil periods
9	Bank Recapitalization at intra and cross-border countries monetary economic environment
10	Micro and macro prudential supervision, updates in the respective regulatory legislative framework

COURSE OUTLINE

Week	Topics
1	Introduction of the syllabus and academic writing rules (a refreshment of the key elements of the academic writing adjusted to this course needs). Discussion on the indicative project topics for individual projects as far as the team working ones; the right procedure to be followed in order to elaborate the term paper. Instructions about the methods that are to be used to analyze each case study at a weekly basis. Moreover, the key parts of the syllabus will be analyzed. Additionally, with the purpose to facilitate the students more, some reliable scientific areas of the examining field will be provided to them. Nevertheless, the choice will remain purely to them. They can be based on the given topics or form their own.
2	Analysis of the first case study article: US - Europe Crisis lessons from Japan (HOSHI, T. and K. KASHYAP, A., 2015. Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Postcrisis Experience, Vol. 63, No. 1).
3	Analysis of the second case study article: Monetary policy challenges: how central banks changed their modus operandi (Di Giorgio, G., 2014. Monetary policy challenges: how central banks changed their modus operandi). (Kalfaoglou, F., n.d. BANK RECAPITALISATION: A NECESSARY BUT NOT SUFFICIENT CONDITION FOR RESUMING LENDING).
4	Analysis of the third case study article: Revisiting the LOLR Facility (Campbell, A. and Lastra, R., 2009. Revisiting the Lender of Last Resort. BANKING & FINANCE LAW REVIEW).
5	Analysis of the fourth case study article: Rules vs. Discretion in Monetary Policy (Badescu, B., 2015. Rules vs. Discretion in Monetary Policy: From Commodity Money to Unconventional Monetary Policies. International Journal of Economics and Finance, Vol. 7, No. 4).
6	Analysis of the fifth case study article: “Rules versus Authorities in Monetary Policy” (Moe, T., 2013. Control of Finance as a Prerequisite for Successful Monetary Policy: A Reinterpretation of Henry Simons’ “Rules versus Authorities in Monetary Policy”. Accounting, Economics and Law, 3(3).
7	Revision before Midterm. The previous five case studies will be discussed by underlying their key issues of each one of them. More attention will be paid to the most critical and in terms of examining hot topics of the research areas case studies in order to facilitate more the students, both choosing the reliable topics and consequently of elaborating in a more successful and efficient way their individual project for the needs of the midterm exams.
8	Midterm. The Midterm’s week will be dedicated to the Individual project presentations by each student. It should be noted that the chosen topics by students should be relevant to the nature of the course. The projects would have been already submitted and revised by the professor accordingly.
9	Presentation of group term paper. The students divided into groups composed of 2-3 members are presenting, using power point system, their teamworking projects that have been previously submitted to their professor. Each team member is presenting his/hers's own contribution part of the project presentation.
10	Analysis of the sixth case study article: Should the functions of monetary policy and banking supervision be separated? (GOODHART, C. and SCHOENMAKER, D., 1995. SHOULD THE FUNCTIONS OF MONETARY POLICY AND BANKING SUPERVISION BE SEPARATED? Oxford Economic Papers, 47(4), pp.539-560).
11	Analysis of the seventh case study article: Needed but Rejected: How to Implement the Financial Stability Objective into Monetary Policy? (Pál, T. and Lamanda, G., 2017. Needed but Rejected: How to Implement the Financial Stability Objective into Monetary Policy? Periodica Polytechnica Social and Management Sciences, 26(1), p.79).
12	Analysis of the eighth case study article: The Logic and Impossibility of Austerity (Dymski, G., 2003. The Logic and Impossibility of Austerity. 80(3).
13	Analysis of the ninth case study article: The Impact of the Great Recession on Monetary and Fiscal Policy in Developed Market Economies (Šehović, D., 2015. The Impact of the Great Recession on Monetary and Fiscal Policy in Developed Market Economies. Business Systems Research Journal, 6(1), pp.56-71).
14	Revision before Final. The already analyzed nine case studies will be recapped, by pinpointing their highlights, concentrating on the most needed ones due to their nature. Moreover, more attention will be put in the hottest topics case studies in terms of critical analysis and combination of different reliable topics that are already taught in terms of theoretical ground. Differently from the Midterm’s individual project’s procedure, in the finals the students should elaborate a dissertation based on one of the already taught case study’s groups of the same scientific area that are already formed by the professor.

Prerequisite(s):	NA
Textbook(s):	Textbook: Manual of Elsevier editions on “Understanding the Publishing Process in scientific journals”; Zafiropoulos,K. “How a Scientific Work is written- Scientific Research and Writing”, Kritiki Editions; Other References: Lectures on Academic Writing and Research Methodology and the materials prepared by the Lecturer; nominated articles relating to Monetary Policy and Theory and to Monetary and Banking Law issues and recent discussions and research papers on Monetary Theory and Policy. In addition supporting teaching materials such as presentations prepared by the lecturer relevant to the analyzing articles.
Additional Literature:	NA
Laboratory Work:	NA
Computer Usage:	NA
Others:	No

COURSE LEARNING OUTCOMES

1	Improve their professional and academical skills in monetary economics and monetary – banking law.
2	Develop their analytical, critical and empirical skills in monetary economics - monetary and banking law.
3	Enhance their ability to justify the hot topics of the scientific area of the monetary economics basing on the relevant theories and reliable literatures reviews that they have been taught.
4	Take advantage of the offered opportunities and challenges to acquire a comprehensive knowledge and background on how to write a scientific article.
5	Promoting academic skills for preparing and submitting a paper to an international conference, for being presented at an ordinary, special or referee session
6	Ameliorating academic skills for publishing a paper in and indexed journal/or in a proceedings book or as a chapter contribution to a scientific book.
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COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES (Blank : no contribution, 1: least contribution ... 5: highest contribution)

No	Program Competencies	Cont.
Professional Master in Banking and Finance Program
1	The students gain the ability to look at the problems of daily life from a broader perspective with an increased awareness of the importance of moral/ethical considerations and professional integrity in the workplace.	5
2	They develop their knowledge and understanding of banking and finance including concepts, theories, and analytical tools.	5
3	They gain an understanding of the role of financial manager in business firms and further develop their knowledge in the field.	3
4	They are able to make better financial decisions for the firm including capital budgeting, corporate governance, capital structure, dividend policy, working capital management and liquidity management decisions.	4
5	They have a broader knowledge of the regulatory framework and functioning of the banking system, international banking, central banking and the conduct of monetary policy.	5
6	They are able to understand and use economic theories and tools to solve economic problems in banking and financial services industry both nationally and internationally.	5
7	They are able to apply valuation models to estimate the price of financial assets, measure risk and describe the risk-return tradeoff.	3
8	They are able to conduct financial analysis, interpret the results and communicate them effectively to the interested parties.	3
9	They are able to utilize accounting, financial and economic data and produce valuable reports that would help the decision-making process.	4
10	They are expected to develop their numerical and IT skills through solving financial problems with excel as well as improve their knowledge on databases.	5

COURSE EVALUATION METHOD

Method	Quantity	Percentage
Midterm Exam(s)	1	30
Term Paper	1	20
Final Exam	1	40
Attendance		10
	Total Percent:	100%

ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)

Activities	Quantity	Duration(Hours)	Total Workload(Hours)
Course Duration (Including the exam week: 16x Total course hours)	16	3	48
Hours for off-the-classroom study (Pre-study, practice)	16	3	48
Mid-terms	1	16	16
Assignments	1	15	15
Final examination	1	18	18
Other	1	5	5
Total Work Load:			150
Total Work Load/25(h):			6
ECTS Credit of the Course:			7.5

CONCLUDING REMARKS BY THE COURSE LECTURER

They are going to be updated through the semester.