Prof Cheryl Schonhardt-Bailey

This course is available on the BSc in Government, BSc in Government and Economics, BSc in Government and History, BSc in Philosophy, Politics and Economics, BSc in Politics, BSc in Politics and Economics, BSc in Politics and History, BSc in Politics and International Relations and BSc in Politics and Philosophy. This course is not available as an outside option nor to General Course students.

This course is capped at one group.

A background in political economy would be advantageous.

The course focuses on the role of institutions, ideas and interests in the process and formulation of both (a) monetary policy, and (b) financial stability & regulation. We examine in particular the causal influences of institutions, ideas and interests in independent central banking, financial stability and financial regulation (including times of financial crisis), and the oversight and accountability of independent financial agencies, as well as relevant aspects of Brexit. Focusing predominantly on OECD countries, we draw on theories from economics and political science to analyse both decision making and policy outcomes, using both contemporary and historical perspectives. The course adopts a comparative country perspective, rather than an international relations perspective.

4 hours and 30 minutes of lectures and 20 hours and 30 minutes of seminars in the MT.

The seminars will be a combination of 3 x 1hr and 7 x 2.5hr sessions, and there will be three lectures featuring guest speakers during the term. There will be a reading week in week 6 of the MT for private study and assessment preparation.

Students will be expected to produce 1 essay in the MT.

The full reading list for this course is currently available on Moodle for GV309. This new course will take the readings from the introductory weeks, along with all the weeks covering issues of money and finance.

Blinder, A., The Quiet Revolution: Central Banking Goes Modern (Yale Univ Press, 2004)

H. D. Clarke, Brexit: Why Britain Voted to leave the European Union (Cambridge University Press, 2017)

Blinder, A., After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead (Penguin, 2013)

Reinhart, Carmen & Rogoff, Kenneth, This Time Is Different: Eight Centuries of Financial Folly (Princeton University Press, 2009)

McCarty, N., et al, Political Bubbles: Financial Crises and the Failure of American Democracy (Princeton, 2013)

Schonhardt-Bailey, C., Deliberating American Monetary Policy: A Textual Analysis (MIT Press, 2013)

King, M., The End of Alchemy (Little Brown, 2016)

Presentation (10%) and essay (90%, 3500 words).

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