Fall 2006 Course Description

Advanced Policy Economics

Section Title: Central Banking and Congresional Investigations
Instructor(s): Robert Auerbach
Course: P A 393L - Advanced Policy Economics
(previously Political Economy II)
Unique Number: 65465
Day & Time: Thursdays, 6:00 PM - 9:00 PM
Room: SRH 3.102
Waitlist Information:For LBJ Students: UT Waitlist Information

This course fulfills requirements for the following specialization(s):

Description: The central bank of the United States, the Federal Reserve, is the most powerful peacetime bureaucracy in the federal government. Its actions affect the economic well being of United States residents and people around the world. Yet, few know much about what it does. What they do know is often wrong.

These subjects will be discussed by Professor Auerbach who was an economist with the United States House of Representatives Committee on Banking and Financial Services (renamed the ?Financial Services? Committee) for eleven years. He assisted four Committee Chairman (or Ranking Members) including Henry Reuss and Henry B. Gonzalez in Congressional investigations of the Federal Reserve and other oversight and hearing functions during the tenure of four Federal Reserve Chairmen: Arthur Burns, William Miller, Paul Volcker, and Alan Greenspan. Auerbach also served as an economist in the U.S. Treasury's Office of Domestic Monetary Affairs during the first year of the Ronald Reagan administration and as a financial economist with the Federal Reserve System. He has been a professor of economics at the American University in Washington, D.C. and a professor of economics and finance at the University of California-Riverside. He has written numerous articles, and two textbooks in banking and financial markets.

The course will cover monetary policy and other operations of central banks with emphasis on the Federal Reserve, the central bank of the United States. The independence and preservation hypotheses will be discussed: