Monetary Macroeconomics - Spring 2021

Course information

Each week, we will hold online lectures via Zoom on Fridays starting at 10:15. The course material will then be posted online.

Meeting ID: 939 4506 8080

Passcode: 542359


You can have a bilateral meeting with me during my office hours via Zoom on Tuesdays between 4 pm and 5 pm.

Meeting ID: 925 4038 8281

Passcode: 709887

Email me at if you have any questions.

Course syllabus

The final exam will take place on June 25. It will be an open book exam with various parts. 


Chapter 18 Temptation of Inflation


Answers to Quiz#1


Answers to Homework #1

Zoom lecture on June 4




Chapter 16 Savings and Investment


Chapter 17 National Debt and Crowding Out of Capital

Zoom lecture on May 28

Meeting Recording:


Access Passcode: T!uryq9T



Chapter 15 Deficits and the National Debt

Zoom lecture on May 21

Meeting Recording:


Access Passcode: e?RHs.=8


Chapter 13 Bank Risk

Zoom lecture on May 14

Meeting Recording:


Access Passcode: BL6U&E!Q


Homework#2 due on May 21


Chapter 10 Money Stock Fluctuations

Zoom lecture on May 7

Meeting recording:


Access Passcode: &N$L1prq


Chapter 9 Central Banking and the Money Supply

Zoom lecture on April 23


Meeting recording:

Access Passcode: qRj2H=Hi

Homework #1 due on May 5

The lecture on April 30 is canceled!


Chapter 7 Capital

Chapter 8 Financial Intermediation

Zoom lecture on April 16


Meeting recording:

Access Passcode: .&4@wVHR


Chapter 5 International Monetary Systems

Chapter 6 Price Surprises

Zoom lecture on March 26


Meeting recording:

Access Passcode: B2!hsl%7

Big Mac purchasing power parity index of the Economist

Nobel prize lecture by Robert E. Lucas, Jr on Monetary Neutrality


Chapter 4 Inflation

Zoom lecture on March 19

Meeting recording:

Access Passcode: 99$qcnYp


Chapter 3 Barter and Commodity Money

Zoom lecture on March 12

Meeting Recording:


Access Passcode: 8j.tedXX


Chapters 1 and 2 A Simple Model of Fiat Money

Zoom lecture on March 5

Meeting Recording:

Access Passcode: @S+z3ShH


Slides on February 26


Zoom lecture on February 26

Meeting Recording:

Access Passcode: 2=7soR^4

Lectures and required reading



"The threat and the promise of digital money" by Martin Wolf, Financial Times, 22 October 2019

"Digital currencies and the future of the monetary system" speech by Agustin Carstens, BIS, 27 January 2021

"How to issue a digital currency" by David Chaum, Christian Grothoff, and Thomas Moser, SNB Working Paper No. 2021-03

"Should Amazon and Google pay us for our data?" by Gillian Tett, FT Opinion, 26 September 2018 

"How Big Tech brought back the barter economy", by Gillian Tett, FT Opinion, 18 April 2018

Why is ramen so valuable in prison, Vox video on Youtube.

Correlation does not imply causality: charts by Tyler Vigen