Advanced Monetary Economics

1. Discuss the scope and importance of Monetary Economics
2. Explain the functions of money and the determinants of money demand
3. Analyze the quantity theory of money and monetary equilibrium
4. Identify the objectives and instruments of monetary policy
5. Describe the structure of balance of payment accounts
6. Explain the role of financial institutions in economic development

13 weeks, about 42 hours in total. Yours will differ.

1. Week 1MODULE 1: THE NATURE, DEMAND AND SUPPLY OF MONEY

   • Unit 1: Monetary Economics and Nature of Money · 3 hours

     Read the introduction to Monetary Economics and understand its scope.. Define money and identify its key characteristics.. Explain the different functions of money, including medium of exchange, unit of account, and store of value..

2. Week 2MODULE 1: THE NATURE, DEMAND AND SUPPLY OF MONEY

   • Unit 2: Money Demand and Determinants · 3 hours

     Explain the motives for holding money, including transactionary, precautionary, and speculative motives.. Discuss Friedman's theory of demand for money, emphasizing the role of wealth.. Illustrate the determinants of money demand, including income, interest rates, and price levels..

3. Week 3MODULE 1: THE NATURE, DEMAND AND SUPPLY OF MONEY

   • Unit 3: The Quantity Theory of Money · 3 hours

     Enumerate Fisher's quantity theory of money and its assumptions.. Discuss the Cambridge cash balance approach to the quantity theory of money.. Highlight the superiority of the cash balance version over Fisher's quantity theory..

4. Week 4MODULE 1: THE NATURE, DEMAND AND SUPPLY OF MONEY

   • Unit 4: Money Supply and Monetary Equilibrium · 3 hours

     Explain the meaning and components of money supply, including narrow and broad money.. Illustrate the determinants of money supply, such as reserve requirements and high-powered money.. Enumerate the conditions for monetary equilibrium, where money demand equals money supply..

5. Week 5MODULE 2: MONETARY POLICY ANALYSIS

   • Unit 1: Objectives and Instruments of Monetary Policy · 3 hours

     Explain the meaning and objectives of monetary policy, including price stability and full employment.. Identify the instruments of monetary policy, such as open market operations and reserve requirements.. Discuss the meaning and objectives of fiscal policy, including resource mobilization and income redistribution..

6. Week 6MODULE 2: MONETARY POLICY ANALYSIS

   • Unit 2: Nigerian Monetary Policy Targets · 3 hours

     Give an overview of Nigerian monetary policy, including its evolution and current framework.. Explain different monetary policy targets in Nigeria, such as monetary targeting and inflation targeting.. Enumerate different monetary policy transmission mechanisms, including interest rate and exchange rate channels..

7. Week 7MODULE 2: MONETARY POLICY ANALYSIS

   • Unit 3: Balance of Payment Accounts · 3 hours

     Highlight the components of the balance of payments, including current, capital, and financial accounts.. Illustrate the structure of Nigeria's balance of payments, identifying key items and trends.. Discuss the causes and consequences of balance of payments disequilibrium..

8. Week 8MODULE 2: MONETARY POLICY ANALYSIS

   • Unit 4: Monetary Policy and Economic Stabilisation · 3 hours

     Explain the types of monetary policy, including expansionary and contractionary policies.. Discuss the role of monetary policy in developing countries, focusing on inflation control and economic growth.. Identify the limitations of monetary policy in developing countries, such as informal sectors and underdeveloped markets..

9. Week 9MODULE 3: FINANCIAL INSTITUTIONS AND ECONOMIC DEVELOPMENT

   • Unit 1: Financial System · 3 hours

     Explain the concept of a financial system and its importance in economic development.. Identify the components of a financial system, including institutions, markets, and instruments.. Discuss the structure of the Nigerian financial system, highlighting key regulatory authorities and institutions..

10. Week 10MODULE 3: FINANCIAL INSTITUTIONS AND ECONOMIC DEVELOPMENT

    • Unit 2: Bank Financial Institutions · 3 hours

      Explain the functions of a central bank, including monetary policy implementation and banking supervision.. Enumerate the functions of a deposit money bank, such as accepting deposits and granting loans.. Describe the process of credit creation by banks and its impact on the money supply..

11. Week 11MODULE 3: FINANCIAL INSTITUTIONS AND ECONOMIC DEVELOPMENT

    • Unit 3: Non-Bank Financial Institutions · 3 hours

      Discuss the functions of non-bank financial institutions (NBFIs), such as insurance companies and microfinance banks.. Highlight the role of NBFIs in economic development, focusing on financial inclusion and specialized lending.. Enumerate the problems of NBFIs, such as regulatory challenges and funding constraints..

12. Week 12MODULE 3: FINANCIAL INSTITUTIONS AND ECONOMIC DEVELOPMENT

    • Unit 4: International Financial Institutions · 3 hours

      Identify the functions of the World Bank, including poverty reduction and development financing.. Explain the role of the International Monetary Fund (IMF) in promoting global financial stability.. Discuss the key functions of the African Development Bank (AfDB) in supporting African development..

13. Week 13Comprehensive Course Review

    • Final Revision and Exam Preparation · 6 hours

      Review all key concepts and theories covered in the course.. Work through sample problems and exercises from each module.. Prepare for final examinations by focusing on areas of weakness..