While many features of topological band insulators are commonly discussed at
the level of single-particle electron wave functions, such as the gapless Dirac
spectrum at their boundary, it remains elusive to develop a {\it hydrodynamic}
or {\it collective} description of fermionic topological band insulators in 3+1
dimensions. As the Chern-Simons theory for the 2+1-dimensional quantum Hall
effect, such a hydrodynamic effective field theory provides a universal
description of topological band insulators, even in the presence of
interactions, and that of putative fractional topological insulators. In this
paper, we undertake this task by using the functional bosonization. The
effective field theory in the functional bosonization is written in terms of a
two-form gauge field, which couples to a U(1) gauge field that arises by
gauging the continuous symmetry of the target system (the U(1) particle
number conservation). Integrating over the U(1) gauge field by using the
electromagnetic duality, the resulting theory describes topological band
insulators as a condensation phase of the U(1) gauge theory (or as a monopole
condensation phase of the dual gauge field). The hydrodynamic description, and
the implication of its duality, of the surface of topological insulators are
also discussed. We also touch upon the hydrodynamic theory of fractional
topological insulators by using the parton construction