154-0548 – Monetární teorie a politika (MTP)

Aim of the course is to learn students the abilities to conduct monatary analysis in the light of the present monetary theory and practical monetary policy by employing fundamental concepts and knowledge of monetary economy. Students will be able: - to classify monetary policies, - to compare assumptions and conclusions of the main theretical approaches, - to discuss the effects of the changes in monetary variables on macroeconomic system, - to formulate problems of monetary policy in closed and open economy, - to evaluate theorethical recommendations for monetary policy and their implications, - to estimate effects of the applied monetary tools in closed and open economy.

The course is focused on key areas of present monetary economy and policy. It presents and compares types of money demand and supply, including implications for different strategies of monetary policy, explains approaches of the theory of money impact and monetary processes on price level, inflation, product and other macroeconomics variables. In this course the process of monetary policy, objectives, instruments and transmission mechanisms of central bank´s monetary policy is analysed. The global financial crisis 2007-2009 has led to changes in the structure of the financial and international monetary systems. This events caused changes in the way central banks operate, as well. The course provides practical implications of the global financial crisis in contemporary monetary theory and policy.

MISHKIN, F. S. The Economics of Money, Banking, and Financial Markets. 10th ed. Pearson Education, 2013. ISBN 978-0-13-277024-8.

HUBBARD, G. R. and A. P. O´BRIEN. Money, Banking, ang the FinancialSystem. 2nd ed. PrenticeHall, 2013. ISBN 978-0-132-99491-0. MISHKIN, F. S. Monetary Policy Strategy. Cambridge: MIT Press, 2007. ISBN 978-0-262-13482-8. WALSH, C. E. Monetary Theory and Policy. 3rd ed. Cambridge: MIT Press, 2010. ISBN 978-02-6201-377-2.