ECO 499
U.S. Monetary History
Spring 2014
Course Description
The central bank of the U.S., the Federal Reserve, celebrates its one hundredth anniversary this year and is arguably the most significant institution in the global financial system. This course will explore the evolution of the monetary system in the U.S. from its colonial roots to its modern state. Such an examination will allow us to understand how the monetary system developed in the U.S. and to better evaluate current monetary affairs.
Textbook:
The textbook required for this course is Monetary Policy in the United States: An Intellectual and Institutional History by Richard H. Timberlake. Selected readings will also be used on occasion and will be posted to blackboard. There is outline below that provides guidance on what is to be read.
Research Project Instructions
Each student will randomly be assigned a topic related toepisodes in U.S. Monetary history to work on throughout the semester. This research project is a semester-long endeavor with seven (7) benchmarks detailed below. The end product should be an informative analysis culminating in a 10-15 page research project
Book Review:
Each student will be required towrite a critical book review of a literary work related to the assigned topic. Detailed instructions for the Book Review will be posted on Blackboard. This assignment is worth 15% of the project grade. Annotated Bibliography:
At this stage, a minimum of five (5)research papers (ideally more) on the assigned topic and a written critical review of these papers should appear in the form of an annotated bibliography. The format of this exercise will include a proper citation according toChicago Style guidelines followed by a discussion of the source. This assignment is worth 10% of the project grade.
I. Research Progress Report:
The Research Progress Report should be 5-10 pages long. The Research Progress Report should begin to look like the paper to be turned in. It is okay for full sections to be missing as long as a summary of what is planned for the section is included. The more that is handed in at this point, the more feedback that can be provided. This assignment is worth 20% of the project grade.
II. First Draft
The First Draft should resemble the final draft as much as possible. A copy of the First Draft will be given to the “Discussant” of the paper. The Discussant should read the paper and prepare comments to be given to the author when the paper is presented. The discussant will give brief verbal comments prior to the paper presentation and then hand paper copies of the comments to both the presenter and the instructor. The Discussant’s comments should provide a brief summary of the paper as well as accolades and constructive criticisms. The First Draft is worth 15% of the project grade, and points are assigned on an all or nothing basis – students will receive full credit for getting their drafts to their Discussant on or before the deadline. Each student is recommended to have his/her First Draft reviewed by a member of the University’s Writing Center:
http://www.uky.edu/IRPE/ie/SACS5thYearReport/Exhibits/5Core%20Requirement%202.10/Writing%20Center%20(University%20of%20Kentucky).htm.
III. Presentation
The Presentation should be approximately 15 minutes in length. Each Discussant will have approximately 3 minutes to present their comments on the paper. The Presentation is worth 10% of the project grade and will be assessed on the content of the presentation as well as on the quality of the presentation itself based on peer and instructor evaluation. Each of the students listening to the presentation will complete a peer evaluation form (anonymously or not) as well as the instructor.
Discussant
The Discussant will prepare comments for the presenter based on the first draft submitted. The Discussant should briefly summarize the paper and provide constructive criticism for the author to use when completing the final draft. This assignment is worth 10% of the project grade and will be assessed on the level of diligence and critique offered to the author. Due at Presentation.
IV. Final Draft
The Final Draft should be 10-15 pages long. All documents submitted should use 12 point font, be double spaced, and have standard margins (at most one inch on all sides). Plagiarism is not acceptable. The Final Draft is worth 20% of the project grade. Assessment of the Final Draft is based on whether issues with the First Draft and the Discussant comments have been addressed.
Evaluation
Written communication skills will be evaluated based on the proper use of grammar and syntax as well as overall writing style, and oral communication skills will be assessed on clarity, organization, and style of in-class presentations.
Academic Honesty:
Honesty and integrity will be practiced in our class as outlined in The University Student Handbook.
Course Outline:
The following topics will be covered as time permits.
I. Brief Macro Review
II. Colonial Money
Selected Readings
III. The Early Republic
Timberlake Chps. 2-5
IV. The Free-banking Era
Timberlake Chp. 6
V. The Civil War and Post-War Period
Timberlake Chps. 7-14
VI. The Federal Reserve System
Timberlake Chps. 15-17
VII. The Great Depression
Timberlake Chps. 18-19
VIII. The Post-War Period
Timberlake Chapters 20-27