EAE0313 Economia Monetária 2012

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EAE0313 Economia Monetária 
Prof. Dr. Joe Akira Yoshino 
Webpage: http://www.econ.fea.usp.br/joe 
e-mail: joeyoshino@gmail.com 
 
Programa 
O curso é composto de 3 blocos: 
 
i) Entendimento da atual crise mundial envolvendo a inadimplência no crédito, 
credit crunch, contágio e impactos no lado real da economia em termos de 
custos sociais e no excessivo endividamento do setor público; 
ii) A Não- Neutralidade da Moeda para explicar a crise e o custo social da inflação; 
e 
iii) Modelagem Empírica em Economia Monetária com base em fatos estilizados e 
dados de diversos países. 
 
Forma de Avaliação 
 
A avaliação será feita com base em quiz (provas curtas) mensais acerca dos temas 
tratados. A nota final será a média simples destas provinhas. O aluno tem a opção de 
descarte da menor nota dentre todas. Caso falte numa das provinhas, a opção de descarte 
será automaticamente exercida. 
Aviso: Haverá controle de frequência na entrada e saída da sala de aula. Precisa ter 70% de 
frequência. Caso isto não ocorra, haverá reprovação na disciplina. 
 
 
Bibliografia 
 
I. Impactos da Crise Atual. 
 
The Financial Crisis. A Timeline of Events and Policy Actions. 
http://timeline.stlouisfed.org/index.cfm?p=timeline 
Global Financial Stability Report. Responding to the Financial Crisis and Measuring 
Systemic Risks. International Monetary Fund. January 2012. 
 
http://www.imf.org/external/pubs/ft/fmu/eng/2012/01/pdf/0112.pdf 
 
 
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Bullard, James. Three Lessons for Monetary Policy from the Panic of 2008. Federal 
Reserve Bank of St. Louis Review, May/June 2010, 92(3), pp. 155-63. 
http://research.stlouisfed.org/publications/review/10/05/Bullard.pdf 
Calomiris, Charles (Spring 2009). "The Subprime Turmoil: What's Old, What's New, 
and What's Next". Journal of Structured Finance (Institutional Investor Journals) 15 (1): 
6–52. doi:10.3905/JSF.2009.15.1.006. 
Smaghi, Lorenzo Bini. Lessons for monetary policy from the recent crisis. 
http://www.ecb.int/press/key/date/2011/html/sp110119.en.html 
Ivahina, V. and D. Scharfstein, Bank lending during the financial crisis of 2008. 
Journal of Financial Economics. Volume 97, Issue 3, September 2010, Pages 319-
338 http://www.sciencedirect.com/science/article/pii/S0304405X09002396 
Campello, Murillo; John R. Graham, Campbell R. Harvey. The real effects of financial 
constraints: Evidence from a financial crisis. Journal of Financial Economics Volume 97, 
Issue 3, September 2010, Pages 470-487. 
http://www.sciencedirect.com/science/article/pii/S0304405X10000413 
Obstfeld, Maurice and Kenneth Rogoff. Global Imbalances and the Financial Crisis: 
Products of Common Causes. National Bureau of Economic Research (NBER). 
December 2009. CEPR Discussion Paper No. DP7606 
Krugman, Paul (2009). The Return of Depression Economics and the Crisis of 2008. 
W.W. Norton Company Limited. ISBN 978-0-393-07101-6. 
"John Cochrane's Response to Paul Krugman: Full Text " Modeled Behavior". 
Modeledbehavior.com. September 11, 2009. 
Taylor, John. 2008. THE FINANCIAL CRISIS AND THE POLICY RESPONSES: AN 
EMPIRICAL ANALYSIS OF WHAT WENT WRONG. NBER WORKING PAPER 
SERIES. Working Paper 14631. http://www.nber.org/papers/w14631 
 
Bianconi, Marcelo and Joe Akira Yoshino. 2012. BRIC and the U.S. Financial Crisis: An 
Empirical Investigation of Stocks and Bonds Markets. 
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1988416 
 
Bianconi, Marcelo and Joe Akira Yoshino. Firm Market Performance and Volatility in a 
National Real Estate Sector. International Review of Economics and Finance, 2011. 
Elsevier Science. 
http://www.sciencedirect.com/science/article/pii/S1059056011001298 
Bianconi, Marcelo and Joe Akira Yoshino. Firm Value, Investment and Monetary 
Policy. International Economics and Finance Society, American Economic Association 
Meeting. American Economic Review Proceedings. Atlanta. January, 2010. Vide 
http://www.aeaweb.org/aea/conference/program/preliminary.php 
http://econweb.tamu.edu/aglass/IEFS/IEFS%20Sessions%20at%202010%20ASSA%20
Meetings.pdf 
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1583041 
 
Bianconi, Marcelo and Joe Akira Yoshino. House Price Indexes and Cyclical Behavior. 
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1768028 
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Clássicos 
Bagehot, Walter. Lombard Street: A Description of The Money Market. 
Kindleberger, Charles P. Manias, Panics, and Crashes: A History of Financial Crises 
(Wiley Investment Classics) 
Friedman, Milton, and Anna J. Schwartz. A Monetary History of the United States, 
1867-1960. 
Galbraith, J.k. The Great Crash of 1929. 
Keynes, John Maynard. Teoria geral do emprego, do juro e da moeda (General theory 
of employment, interest and money). Editora Atlas, 1992 
Parte II. Non-neutralidade da Moeda 
 
Lucas, Robert E. Jr. "Inflation and Welfare." Econometrica, March 2000. Começaremos 
com uma versão mais rica que foi o Working Paper, University of hicago, 1993. 
English, William B. "Inflation and Financial Sector Size." Journal of Monetary 
Economics 44 (1999): 379-400. 
Pakko, M. Shoe-leather costs of inflation and policy credibility. Review - Federal 
Reserve Bank of St. Louis; Nov/Dec 1998; 80, 6; 
Haslag, J. Monetary policy, banking, and growth. Economic Inquiry; Jul 1998; 
 
Parte III. Entendimento das Séries de Tempo (laboratório): Construção do Heat Map 
(Contágio nos Mercados) e Fatos Estilizados. 
 
Pré-requisitos 
EAE 0203 – Microeconomia I 
EAE 0206 – Macroeconomia I 
EAE0324 – Econometria I