Art History -Chap 7.2 - Images Part 3

7-9 Reconstruction drawing of Old Saint Peter’s basilica, Roma
c.320-27, atruim added in later 4th century, about 394’ long and 210’ wide
Had double aisles instead of the one on each side of the nave
It was built over where they thought Saint Peter was buried, Christ named Peter the head of the church so the church was thought to protect the tomb
IT was called “old” because it was later replaced with a new one in the 16th century
Narthex across the width of the building protects 5 doorways a large central portal into the nave and 2 portals on each sides opening to 4 side aisles
Had a T form made of the aisles

7-13 Plan of the Church of Santa Costanza, Rome
C.338-50
Built like a tholos
Was a central plan church
Built right outside of Rome, mausoleum for Constantine
Made into a church in 1256 for Santa Costanza, meaning christian princess
Tall rotunda with a barrel-vaulted passageway
A ring of paired columns with composite capitols

7-21 Sarcophagus of Junius Bassus
c.359, marble, 4’x8’, Grottoes of Saint Peter
Junius Bassus was a Roman official
Inscription says that he was newly baptized and he was 42 when he died
Has 2 registers, divided by column in equal length, each has an earthly scene
Christ shows up with Peter and Paul, giving them the Christian law, like God gave to Moses
Has typological exegesis, combining Old and New testaments

7-33 Archangle Michael
Panel of a diptych, probably from the court workshop at Constantinople, Early 6th century ivory 17”x5½
Missing the other half which completes the inscription
The angel is shown as a divine messenger holding a staff in his left hand and a spear in the right symbolizing worldly powers
Has an orb below the arch, framed by a wreath, on scallop sled
He is floating in mid air

7-35 Page with Rebecca at the well
From Book of Genesis, either from Syria of Palestine, early 6th century. Tempera, gold and silver paint on purple-dyed vellum, 13 ½ x 9 7/8”
May have been made for imperial patron because purple dye is very costly
Is in codex form written in Greek with picture at bottom
It depicts the story where Rebecca at the Well, it shows a continuous narrative

7-49 archangel Michael, icon
Late 10th or early. Silver with enamel 19x 14”
Blessing viewers with upraised hands
The head and hands are in relief with more intricate relief and enamel decoration. The halo and wings are made with jewels, colored glass, and cloisonné
He always appears in same frontal pose with idealized youthfulness

7-50 Page with David the Psalmist
From Paris Psalter, second half of the 10th century paint on vellum 14x10 ½”
Version of Psalms, a scene with out text
Shows Daviv (author of Psalma)
Based the illustration on classical illustration
3-D figures in receding space with lush foliage and a stream perhaps from ancient Rome
Uses atmospheric prospective

Econ -Unit 4- Chap 15 Notes

Monetary Policy:

• Consolidated Balance Sheet of the Federal Reserve Banks
  
  • Assets
    
    • Two main assets are securities and loans to commercial banks
      
      • Securities:
        
        • Government bonds consists largely of Treasury bill, treasury notes, and treasury bonds issued by the gov
          
          • Part of public debt
            
        • Mainly bought and sold to influence size of commercial bank reserves and create money by lending
          
      • Loans to Commercial Banks
        
        • Commercial banks borrow from FED
          
          • IOUs are assets to FED because they are claims against the commercial banks
            
          • To the banks they are liabilities since they have to be repaid
            
          • Increase revenues
            
  • Liabilities
    
    • Reserves of Commercial Banks:
      
      • Fed requires commercial banks to hold reserves against checkable deposits
        
      • In FRB they are listed as a liability on the Fed's balance sheet
        
    • Treasury Deposits:
      
      • US Treasury keeps deposits in the FRB and draws checks on them to pay obligations
        
        • Assets to Treasury; liability on Fed's balance sheet
          
        • Treausry creates and replenishes these deposits by depositing tax reciepts and money borrows from the public
          
    • Federal Reserve Notes Outstanding
      
      • When money is circulating outside the FRB it constitutes claims against the assets of the FRB
        
        • Liability to Feds
          
• Tools of Monetary Policy
  
  • Fed influences money-creating abilities of the commercial banking system
    
    • Open-Market Operations:
      
      • Bond markets
        
      • The Fed's open-market operation consist of the buying of government bonds from, or selling of government bonds to commercial banks and the general public
        
    • Buying Securities
      
      • If the Fed decides to have FRB buy bonds from commercial banks or the public the reserves will increase
        
        • *From Commercial Banks*
          
          • The commercial banks give up part of their holdings of securities to the FRB
            
          • FRB increase the reserves of the commercial banks by the amount of the purchase
            
        • *From the Public*
          
          • Give up securities to the FRB and gets in payment a check drawn by the FRB on themselves
            
          • Deposits the check in its account with the Wahoo bank
            
          • Wahoo sends check against the FRB to a FRB for collection. Wahoo therefore has a increase in reserves
            
    • Selling Securities
      
      • Reserves decrease when FRB sells bonds
        
        • *To Commercial Banks*
          
          • FRB give up securities that banks acquire
            
          • Banks pay for those securities by drawing checks against their deposits. The Fed collects those check by reducing the banks reserves
            
        • *To the Public*
          
          • FRB sells bond to company, who pay with a check drawn on the Wahoo bank
            
          • FRB clear this check against the Wahoo bank, reducing Wahoo's reserves
            
          • Wahoo return canceled check to company reducing company's checkable deposit
            
  • The Reserve Ratio
    
    • Fed can manipulate reserve ratio to influence the ability of commercial banks to lend
      
      • Raising the Reserve Ratio
        
        • If reserve ratio increase:
          
          • Increase the amount of required reserves banks must keep
            
          • Banks lose excess reserves, diminishing ability to create money by lending or they find their reserves deficient and are forced to contract checkable deposits and the money supply
            
      • Lowering the Reserve Ratio:
        
        • If the reserve ratio decreased:
          
          • Bank's lending ability would increase and the banking system's money-creating potential would expand
            
            • Lowering reserve ratio transforms required reserves into excess reserves and enhances the ability of banks to create new money by lending
              
          • A change in the reserve ratio affects money creating by:
            
            • Changing the amount of excess reserves
              
            • Changing the size of the monetary multiplier
              
              • Raising the reserve ratio forces banks to reduce the amount of checkable deposits they create through lending
                
  • The Discount Rate
    
    • FUNCTION OF CENTRAL BANK: " Lender of last resort"
      
      • Makes loans to commercial banks
        
      • FRB changes interest on loans, they charge at the discount rate
        
      • FRB increase the reserves of the borrowing commercial bank
        
        • Borrowing from the FRB by commercial banks increase the reserves of the commercial banks and enhances their ability to extend credit
          
    • Fed has the power to set the discount rate at which banks borrow
      
    • Fed may raise the discount rate when it wants to restrict the money supply
      
  • Easy Money and Tight Money
    
    • How to increase the excess reserves
      
      • Buy Securities:
        
        • Purchasing securities in the open market, the Fed can increase commercial bank reserves. When the checks are cleared against it, the commercial banks discover that they have more reserves
          
      • Lower the Reserve Ratio:
        
        • Lowering the reserve ratio changes the required reserves into excess reserves and increases monetary multiplier
          
      • Lower the Discount Rate:
        
        • Lowering the rate entices commercial banks to borrow more reserves from the Fed
          
    • These actions are called easy money policy
      
      • Makes loans less expensive and more available
        
    • How to reduce AD by limiting the supply of money:
      
      • Sell Securities:
        
        • Selling bonds in the market can reduce commercial bank reserves
          
      • Increase the Reserve Ratio:
        
        • An increase will strip commercial banks of their excess reserves and decrease the size of the monetary multiplier
          
      • Raise the Discount Rate:
        
        • A boost in the rate will discourage commercial banks from borrowing from FRB in order to build up their reserves
          
    • Actions are called a tight money policy
      
      • Objective is to tighten the supply of money to reduce spending
        
  • Relative Importance
    
    • Buying and selling securities in the open market is the most important of all
      
      • Has advantage of flexibility
        
      • Impact is prompt
        
      • Changing the reserve requirement is less important
        
        • Fed uses sparingly
          
        • Can accomplish goals easier through open-market operations
          
        • Has huge effect on bank profits
          
• Monetary Policy, Real GDP, and the Price Level
  
  • Money policy
    
    • Cause-Effect Chain
      
      • See fig 15.2
        
        • Money Market:
          
          • Transactions demand is directly related to the nominal GDP
            
        • Investment:
          
          • Curve shows relationship between the interest rate and the amount of investment spending
            
          • Changes in the interest rate mainly affect the investment component of total spending, although they also affect spending on durable consumer goods
            
          • Changes in the interest rate may affect investment spending by changing the relative attractiveness of purchases of capital equipment versus purchases of bonds
            
          • Impact of changing interest rates is mainly on investment
            
            • Investment spending varies inversely with the interest rate
              
        • Equilibrium GDP
          
          • Investment spending is one of the determinants of AD
            
          • The greater investment spending the farther to the right lies the AD curve
            
    • Effects of an Easy Money Policy
      
      • To increase the money supply the FRB will take some combination of the following actions:
        
        • Buy gov. securities from banks and the public in the open market
          
        • Lower the legal reserve ratio
          
        • Lower discount rate
          
    • Effects of a Tight Money Policy
      
      • AD is excessive relative to the economy's full-employment level of a real output
        
      • FRB will direct FRB to undertake some combination of the following actions
        
        • Sell gov. securities to banks and the public in the open market
          
        • Increase the legal reserve ratio
          
        • Increase the discount rate
          
• Monetary Policy in Action
  
  • Monetary policy has two key advantages over fiscal policy:
    
    • Speed and flexibility
      
    • Isolation from political pressure
      
  • Compared with fiscal it can be quickly altered
    
  • Focus on the Federal Fund Rate
    
    • Fed focuses monetary policy on altering the federal funds rate as needed to stabilize the economy
      
      • Interest rate the banks charge one another on overnight loans
        
      • Raise federal funds=tighter monetary policy
        
      • Lower federal funds=easier monetary policy
        
    • Prime interest rate is the benchmark rate that banks use as a reference point for a wide range of interest rates on loans to businesses and individuals
      
    • To increase the Federal fund interest rate the Fed sell bonds in the open market
      
    • Fed buys bonds from banks and the public when it wants to reduce the Federal funds rates
      
    • The money supply rises because the increased supply of excess reserves lead to more lending and thus greater creation of checkable-deposit money
      
  • Recent Monetary Policy
    
    • To counter potential inflation the Fed reduced reserves in the banking system to raise the interest rate
      
    • During the last quarter of 2000 the economy slowed and the Fed responded by cutting interest rates by a full percentage point in two increments in 2001
      
      • Economy went into recession
        
  • Problems and Complications
    
    • Limitations and faces real-world complication
      
      • Lags:
        
        • Monetary policy is hindered by recognition lag and an operational lag
          
      • Changes in Velocity:
        
        • Expenditures can be regarded as the money supply multiplied by the velocity of money
          
        • Velocity may move counter to changes in the money supply in come circumstances
          
          • May increase at the same time the Fed reduces the money supply to control inflation
            
          • AD and inflation may not be restrained by as much as the Fed wants
            
          • Velocity may decline at the same time the Fed takes measures to increase the money supply to combat recession
            
      • Cyclical Asymmetry
        
        • Monetary is highly effective in slowing expansions and controlling inflation, but less reliable in pushing the economy from a severe recession
          
        • Monetary policy may suffer from cyclical asymmetry
          
        • Tight money policy could deplete commercial banking to the point where banks would be forced to reduce the volume of loans
          
        • If commercial banks seek liquidity and are unwilling to lend, the effort of the Fed will be of little avail.
          
        • Severe recession may undermine business confidence that the investment demand curve is what shifts to the left and frustrates as easy money policy
          
  • "Artful Management" or "Inflation Targeting"?
    
    • Manage the money supply to avoid inflation on one hand and recession on the other
      
      • Emphasis on achieving multiple set of objectives:
        
        • Maintain price stability
          
        • Smooth business cycle
          
        • Maintain high levels of employment
          
        • Promote economic growth
          
          • Some think the 'artful' approach is unique to Greenspan and someone less insightful may not be as successful
            
          • Good to combine artful management with inflation targeting
            
            • Fed would undertake monetary policy to achieve goal
              
  • Monetary Policy and the International Economy
    
    • Linkages among the economies of the world complicate domestic fiscal policy
      
      • Net Export Effect:
        
        • US fiscal policy may increase domestic interest rate because the gov. competes with the private sector in getting loans
          
        • Higher interest rate causes the dollars to appreciate in the foreign market
          
          • Imports rise, exports fall
            
            • NET EXPORT EFFECT
              
        • Lower interest rate discourages the inflow of financial capital to the US
          
          • Demand for dollars in foreign exchange market falls
            
          • Dollar goes down in value
            
            • Expansionary monetary policy increases net exports and strengthens monetary policy
              
      • Macro Stability and the Trade Balance
        
        • US net exports should be zero
          
        • Easy money policy
          
          • The easy money policy is appropriate for the alleviation of unemployment anf sluggish growth, is compatible with the goal of correcting a balance-of-trade deficit
            
        • Tight money policy restrains inflation
          
          • Larger trade deficit
            
            • A tight money policy that is used to alleviate inflation conflicts with the goal of correcting a balance-of-trade deficit
              

Art History -Chap 7.2 - Images Parts 2/3

7-31: Church of Sant' Apollinare in Classe

Consecrated in 549 by Bishop Maximus. There is no atrium and its simple exterior reflects the interior space. There is a narthes entrance that spans the width of the ground floor, a tall nave with clerestory ends in a semi-circle apse

7-32: The transfiguration of Christ With Saint Apollinaris, First Bishop of Ravenna

Nothing interferes visually with the movement forward from the entrance to the raised sanctuary which extends from a triumphal-arch opening into the semi-circular apse. The mosaic depicts an array of men and sheep in a stylized landscape. The jeweled cross and head of Christ in the center represent the Transfiguration of Christ's divinity

7-38: Virgin and Child with Saints and Angels

Mary is viewed as the powerful, ever-forgiving intercessor, appealing to her Divine Son on behalf of repentant worshipers. She was also called the Seat of Wisdom and many images depict Mary holding Jesus on her lap in a way that suggests she represents the throne of Solomon. The men standing beside the Virgin Mary on either side are the warrior-saints Theodore and George (said to have slain dragons, representing the triumph of the church over the 'evil serpent' of paganism). The saints are the most stylized of the figures depicted.

7-39: Cathedral of Saint Mark, Venice

Saint Mark's domed compartments produce a complex space with five separate vertical axes. Marble covers the lower walls and golden mosaics glimmer above, covering the vaults, pendentives, and domes. Barrel vaults with domed intersections

7-42: Virgin of Vladimir

Distinctly humanized approach suggests the growing desire reflected in Byzantine art for a more immediate and personal religion. Paintings like this known as the Virgin of Compassion depict the Virgin and Christ Child pressing their cheeks together and gazing tenderly towards each other.

7-44: Christ Pantokrator

This bust length mosaic portray Christ carrying the bible. It fills the central dome of the Church of the Cormition. Hovers in a golden glory, combines two persons of the Trinity- Father and Son, Judge and savior.

7-52: Funerary Chapel Church of the Monastery of Christ in Chora

The funerary chapel was added by Theodore Metochites to the west side of the church. It is entirely painted with themes appropriate to such a setting, the last judgment is painted on the vault of the nave, and Anastasis, Christ's descent into limbo to rescue Adam, Eve, and other virtuous people from Satan

7.4 Jonah Swallowed and Jonah Cast Up:

-two statuettes of a group from the eastern Mediterranean, probably Asia Minor, probably 3rd cent. Marble

-Function is unknown

-Illustrate the biblical story w/ the same literalness and enthusiasm as the paintings on the catacomb ceiling

4.10 Church of Santa Sabina, Rome: 422-32

-constructed by Bishop Peter of Illyria

-most early Christian churches have been rebuilt but this one still looks as much as it did the 5th cent.

-shows basic elements of a basilica: nave w/ side aisles, lit by clerestory windows, ending in a round apse

7.11 Interior, Church of Santa Sabina

-exterior is brickwork; interior is marble veneer and fluted marble columns w/ Corinthian capitals

-columns support round arches, creating a nave arcade, in contrast to a nave colonnade

-spandrels are inlaid w/ marble images of the chalice and paten (plate that holds the bread) , the essential equipment for the Eucharistic rite that took place at the altar

-décor of the upper wall between is lost, and a paneled ceiling covers the rafter roof

-the triforium (the blind wall between the arcade and the clerestory) typically had painting or mosaics w/ scenes from the Old Testament or the Gospels

7.20 Resurrection and Angel w/ Two Marys at the Tomb:

-panel of a diptych, found in Rome, c. 400, ivory

-top register shows the moment of Christ's resurrection in both symbolic and narrative terms. As the soldiers guard his tomb sleep, the evangelists Luke (ox) and Matthew (man in the upper right) acknowledge the event from the clouds

-bottom register shows the moment when Mary, mother of the apostle James, and Mary Magdalen learn from a young man that the tomb is empty

-top panels of the carved doors of the tomb show the Raising of Lazarus, the Gospel story in which Jesus brings a man back to life to prove his divine power

-Christian theme: varied natural poses, soled modeling, architectural details of the tomb, decorative framing patterns

7.25 Transfiguration of Christ:

-mosaic in the apse, Church of the Virgin, Monastery of Saint Catherine, Mount Sinai, Egypt. C. 548-65

-shows the transfigured Christ in a triple blue mandorla (an almond-shaped halo that surrounds Christ's whole figure) against a golden sky that fills the half dome of the apse

-the figure of Christ emits rays of life, & the standing Old Testament prophets Moses & Elijah affirm his divinity

-apostles feel to the ground w/ fear & amazement while Christ is relaxed

-Shows Peter below, John at the left, and James at the right

-Mount tabor is represented as a narrow strip at the bottom, half green & half reflecting the golden light

-abstract contrasts w/ the continuing classical influence

7.29 Emperor Justinian and his attendants

-mosaic on north wall of the apse, Church of San Vitale, Ravenna, Italy. C. 547

-Justinian carries a large golden paten for the Host and stands next to Maximianus, who holds a golden, jewel-encrusted cross

-priestly celebrants at the right carry the Gospels, encased in a golden, jeweled book cover, symbolizing the coming of the Word, and a censer containing burning incense to purify the altar prior to the Mass

7.30 Empress Theodora and her attendants

-mosaic on south wall of the apse, Church of San Vitale. C. 547

-Theodora stands beneath a fluted shell canopy & singled out by a gold halo-like disk and elaborate crown, carries a huge golden chalice studded w/ jewels

-presents the chalice both as an offering for th Mass and as a gift of great value for Christ

-w/ it she emulates the Magi, depicted at the bottom of her purple robe, who brought valuable gifts to the infant Jesus

-courtyard fountain stand to the left of the panel and patterned draperies adorn the openings at the left and right

7.54 Barma and Postnik. Cathedral of Saint Basil the Blessed, Moscow. 1555-61

-Russian preference for complexity and verticality combined with Byzantine architecture in a spectacular style epitomized by the Cathedral of Saint Basil the Blassed in Moscow

-First Russian Czar, Ivan the 4th, "the Terrible", commissioned the church and the architects (Barma and Postnik)

-Instead of a central dome, the architects employed a typical Russian form called a shater

-surrounded by 8 chapels, each w/ its own dome seeming to grow budlike from the slender stalk of a very tall drum

-plan: a nine-bay, cross-in-square, or quincunx, design surrounded by four more chapels, all on a podium approached by a covered stair