1. AP/ECON 3430 3.0 A MONETARY ECONOMICS I: FINANCIAL MARKETS AND INSTITUTIONS Fall 2016 Topic 1B: Course Delivery Course Director: Prof. Brenda Spotton Visano © Brenda Spotton Visano 20161

2. Video on Course Delivery “The Socratic Method” Ch. 7 All about Law School.com (Nov 9, 2006) https://www.youtube.com/watch?v=z2sMJwx Ld-M https://www.youtube.com/watch?v=z2sMJwx Ld-M © Brenda Spotton Visano 2016 2

3. Statements for Discussion 1.Required to write an essay on the 2008 financial crisis, a student expressed anxious concern “because how will I know if I have the right answer.” 2.Lectures are the most efficient use of class time; listening to other students is a waste of time. 3.Women in a group discussion tend to be quieter, hesitate longer before saying something and are often interrupted. Men in a group discussion tend to interrupt more and speak more authoritatively. © Brenda Spotton Visano 20163

4. Learning What? Objective versus contextual information How? Information Processing: Visual Spatial, Verbal/Linguistic, Logical/Mathematical, Body/Kinesthetic, Musical/Rhythmic, Inter/Intra- personal Why? Knowledge for its own sake or to solve practical problems Does the culture, experience or gender of the learner matter to what, how or why one learns? © Brenda Spotton Visano 20164

5. Teaching Styles Facilitator/Delegator Advantages: Promotes creativity in real- world problem solving Flexible to learner diversity Disadvantages: Fuzzy learning structure may be confusing for students Students may not be ready to be self-directed learners Expert/Formal Authority Advantages: Expert understanding of factual and objective information communicated in a controlled delivery Provides clear learning structure Disadvantages: Privileges “correct” answers Encourages conformity with dominant group thinking Discourages creativity in real- world problem solving © Brenda Spotton Visano 20165

6. Comparisons: Course Focus and Delivery Our Approach Focus: structure and function of the financial system, including financial instruments Method: mixed Required Readings: various sources such as scholarly articles, publicly available reports and backgrounders Class Time: lecture, small group discussion centered on functional or policy problem solving Performance Evaluation: in class tests with short answer/essay questions Traditional Monetary Economics and Finance Courses Focus: prices of marketable financial instruments Method: primarily mathematical Required Readings: typically from a single textbook Class Time: primarily lecture Performance Evaluation: in class tests with multiple choice and mathematical problem solving questions © Brenda Spotton Visano 20166

7. More Statements for Discussion 4.Wealthy people are smarter and work harder than people who are poor. 5.For-profit (financial) markets promote efficiency. 6.Fairness and efficiency are mutually exclusive. What informs your thinking? What assumptions support your conclusion? © Brenda Spotton Visano 20167

8. Financial Literacy Quiz (Q1-3) Appendix A The financial knowledge quiz of the Canadian Financial Capability Survey http://www.statcan.gc.ca/pub/11-008-x/2011001/article/11413-eng.htm#a11 1. If the inflation rate is 5% and the interest rate you get on your savings is 3%, will your savings have at least as much buying power in a year's time? a) Yes b) No 2. A credit report is…? a) A list of your financial assets and liabilities b) A monthly credit card statement c) A loan and bill payment history d) A credit line with a financial institution 3. Who insures your stocks in the stock market? a) The National Deposit Insurance Corporation b) The Securities and Exchange Commission c) The Bank of Canada d) No one © Brenda Spotton Visano 20168

9. Evaluation Options Problem Type AdvantagesDisadvantagesIn this class? Multiple choice Easy to grade Clear correct/incorrect answers  No credit for process of obtaining answer  Values factual or situationally- specific information No Short Answer Credit for argumentation Nuance of argument and creativity possible  Requires ability to write compelling arguments in English in limited time Yes Analytic Essay Enables in-depth research of a topic  Time consuming to complete and to grade No Case Study Enables study of real- world problems  Time consuming to set up, research and grade Optional Group Project Enables team study of real-world problems  Time consuming to study and to manage group No © Brenda Spotton Visano 20169

10. Course Delivery in sum… Some formal lecturing Some class and small group discussion Some problem solving in small groups Recommended readings from a variety of sources Evaluations (In-class tests and final exam), with the option of undertaking a case study © Brenda Spotton Visano 201610

11. Extracurricular Activity: “Take a Walk” adapted from Economics for Everyone, 2 nd ed. (2015 ) by Jim Stanford In the home: What work is done by which members of the household? What work is paid/unpaid? Which goods and services do you consume that have to be bought? …produced outside the home but obtained without payment? …produced in the home? How does your household decide work assignments (paid/unpaid)? © Brenda Spotton Visano 201611

12. “Take a Walk”(continued) adapted from Economics for Everyone, 2 nd ed. (2015 ) by Jim Stanford Personal finance When buying small everyday goods and services, do you pay with cash, credit card, or debit card? When buying consumer durables, with what do you pay? Do you keep a budget? Can you comfortably pay your bills each month? Do you save regularly? What do you do with your savings? From whom/what would you borrow to cover a shortfall in monthly expenditures? From whom/what would you borrow to buy a house? How will you be financially supported when you retire? © Brenda Spotton Visano 201612