114-0301/03 – Macroeconomics A (Makro A)

Gurantor departmentDepartment of EconomicsCredits6
Subject guarantordoc. Ing. Aleš Melecký, Ph.D.Subject version guarantordoc. Ing. Aleš Melecký, Ph.D.
Study levelundergraduate or graduateRequirementCompulsory
Year1Semestersummer
Study languageCzech
Year of introduction2012/2013Year of cancellation
Intended for the facultiesEKFIntended for study typesBachelor
Instruction secured by
LoginNameTuitorTeacher giving lectures
BAD0012 Ing. Ondřej Badura
GRE0018 Ing. Jiří Gregor, Ph.D.
HOD063 Ing. Martin Hodula, Ph.D.
JAN27 Ing. Hana Janáčková, Ph.D.
JAW127 Ing. Jan Janků, Ph.D.
JAN77 Ing. Ivana Jánošíková, Ph.D.
JIR068 Ing. Roman Jirsa
KOL50 Dr. Ing. Eva Kolcunová
LIB009 doc. Dr. Ing. Jan Libich
LOK02 Ing. Aleš Lokaj, Ph.D.
MEL044 doc. Ing. Aleš Melecký, Ph.D.
PAL32 Ing. Irena Paličková, Ph.D.
PAV0130 Ing. Jakub Pavelek
SUL080 Ing. Monika Šulganová, Ph.D.
WRO25 Ing. Tomáš Wroblowský, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Credit and Examination 2+2

Subject aims expressed by acquired skills and competences

The pedagogical aim of this course is students´ ability - to understand and to define basic macroeconomic entities - to identify main connections (relations) among them - to interpret topical processes and events in national, European and world economy from the position of the macroeconomic theory - to discuss macroeconomic problems in the environment with differentiated opinions - to compare current macroeconomic processes in different countries - to use the knowledge in macroeconomics to assess processes on microeconomic level - to continue to study the inter - mediate course in macroeconomics (Macroeconomics B)

Teaching methods

Lectures
Seminars

Summary

The aim of this course is to explain macroeconomic phenomena and processes in the economy. Strong emphasis is laid on the understanding of mutual relationships among macroeconomic variables. Also economic policy practised by governments and central banks has a very important role in the course. The basic course Macroeconomics A is followed by the intermediate course Macroeconomics B in the 4th study year, and in case of doctoral studies by advanced course Macroeconomics C.

Compulsory literature:

JUREČKA, V. et al. Makroekonomie. 3. aktualiz. a rozšíř. vyd. Praha: Grada Publishing, 2017. ISBN 978-80-271-0251-8.

Recommended literature:

FRANK, R., B. BERNANKE, K. ANTONOVICS and O. HEFFETZ. Principles of Macroeconomics. 6th ed. McGraw-Hill Higher Education. 2016. 816 Pages. ISBN: 978-0073518992. HEYNE, P., P. J. BOETTKE and D. L. PRYCHITKO. The Economic Way of Thinking. 13th ed. Prentice Hall, 2013. 456 pages. ISBN 978-0-13-299129-2. HOLMAN, R. Ekonomie. 6. vyd. Praha: C. H. Beck, 2016. 720 s. ISBN 978-80-7400-278-6. KRUGMAN, P. and R. WELLS. Macroeconomics. 4rd. ed. Macmillan Learning, 2015. 595 p. ISBN: 978-1-4641-1037-5. MANKIW, N. G. Zásady ekonomie. Dotisk 1. vyd. Praha: Grada Publishing, 2009. 768 s. ISBN 978-80-7169-891-3. STONECASH, R. E., J. LIBICH, J. GANS, S. KING, M. BYFORD and N. G. MANKIW. Principles of Macroeconomics. 6th ed. South Melbourne, Cengage Learning Australia, 2014. ISBN 9780170248518.

Way of continuous check of knowledge in the course of semester

Studentovi bude udělen zápočet, pokud získá z předepsaných kontrolních písemek a zápočtového testu v celkovém součtu minimálně 18 bodů z maximálního počtu 35 bodů. Průběžně během semestru ve cvičeních se budou konat kontrolní písemky. Těchto kontrolních písemek je celkem 5, každá je hodnocena maximálně 3 body. Datum konání písemky bude studentům dopředu oznámeno. Obsah písemky je tvořen látkou probranou na přednáškách, která se zároveň bude týkat tématu probíraného na daném cvičení. Dalších až 20 bodů (z celkových 35) lze získat ze zápočtového testu na konci semestru. V případě, že student v řádných termínech písemek nezíská za všechny písemky a testy alespoň minimálně požadovaných 18 bodů, může absolvovat v opravném termínu znovu zápočtový test (který bude hodnocen maximálně 20 body). Body z tohoto opravného testu budou přičteny k získaným bodům z kontrolních písemek. Předmět je ukončen písemnou zkouškou za maximálně 65 bodů, přičemž student musí získat z písemné zkoušky minimálně 26 bodů. K absolvování předmětu je nutno obdržet celkem za zápočet a zkoušku minimálně 51 bodů z maximálních 100 bodů za celý předmět.

E-learning

Další požadavky na studenta

active participation in seminars, study of recommended literature

Prerequisities

Subject has no prerequisities.

Co-requisities

Subject has no co-requisities.

Subject syllabus:

I. INTRODUCTION TO ECONOMICS (Only course taught in the winter semester) - Economic assumptions and contexts of production. - Production factors, production possibility frontier. - Money, their formation and economic functions. - Market and market mechanism. - The main directions of contemporary economic thought. II. Macroeconomics 1st MEASURING PRODUCT ECONOMY. - Macroeconomic aggregates. Product gross and net, the real and nominal. - Methods for calculating GDP and GNP. - Alternative indicators of economic activity. - The economic level of the country. 2nd PRODUCT AND TOTAL EXPENSES (spending pattern). - Assumptions macroeconomic equilibrium in terms of the relationship of the product of the economy and total expenditure - 4 sector model. - The function of consumption, savings and investments. - Multiplier effects of changes in spending. - Multipliers - investment, government spending, taxation and foreign trade. - A real product and product potential. Deflation (recessionary) gap. 3rd Aggregate supply and aggregate demand (AS - AD model). - Neoclassical and Keynesian approach to shaping the aggregate supply curve. - Attempt of synthesis - the Keynesian and neoclassical band. - Aggregate demand curve. - Equilibrium product and the equilibrium level. - Product Spaces and ways of closing through economic and political measures. 4th MONEY IN MACROECONOMIC SYSTEM - commercial and central banking. - Identification of money. Monetary aggregates. - The quantity theory of money. - Transaction equation shifts. - Factors affecting demand for money. Transaction demand and speculative. - Offer money. The role of banks in the process of making money. Central Bank. - The level of required reserves. Money multiplier. - Equilibrium in the money market and the equilibrium interest rate. 5th INFLATION. MEASUREMENT OF PRICE LEVELS. - Price indices (CPI, IPD, PPI). - The definition of inflation. Typology of inflation. - Measurement of inflation. - Causes of inflation. - The consequences of inflation. - Possibilities of anti-inflationary policy. 6th UNEMPLOYMENT. - Concept of the unemployed. Typology of unemployment. - Measurement of unemployment. - Causes of Unemployment - neoclassical and Keynesian views. - The natural rate of unemployment and "full employment". - Consequences of unemployment. - Policy options for employment. 7th Monetary Theory and Policy. - The objectives of monetary policy - the intermediate and final. - Influencing the monetary base. Monetary policy is restrictive and expansive. - Discount Policy. - Open market operations. - Changes in the reserve requirement. - "Dilemma" central bank. - Theory of neutrality of money. 8th FISCAL THEORY AND POLICY. - Definition of fiscal policy. - State budget - revenue and expenditure side. - Types of taxes. - State budget deficit - a cyclical and structural. Public debt - internal and external. - Financing of the state budget - crowding out effect - direct, indirect. - Tools fiscal policy. Built-in stabilizers. Discretionary action. - Supply side economics. Laffer curve. 9th OBJECTIVES OF ECONOMIC POLICY. - Consistency and inconsistency of economic policy goals. - Phillips curve and its genesis. - Magic quad - interpretation. - "Hardship index" (Misery Index). 10th ECONOMIC GROWTH AND ECONOMIC CYCLE. - The theory of economic growth. The concept of "growth" and "development". - Measuring economic growth. - Quantitative and qualitative growth factors, barriers to growth. - Production function - the essence. - The concept of technological change and innovation. - The concept of the economic cycle. Comparison of neoclassical and Keynesian interpretations of the cycle. - Causes of the cycle on the demand side and supply side. Phase cycle. - Okun's Law. - Theory of a real cycle. The political cycle. III. INTERNATIONAL ECONOMICS 11th INTERNATIONAL MONETARY SYSTEM. MONETARY AND SHAPING COURSE. - The essence of the exchange rate. Types of exchange rates and exchange rate regimes. - Floating free and controlled. - Graphic presentation of the formation and exchange rate changes help invitation demand graph. - Devaluation (depreciation) and revaluation (appreciation) - their influence on the trade balance. J - curve. - Factors affecting exchange rates. The theory of purchasing power parity. - Intervention in currency markets - intervention purchases and sales - the logic of these operations. - The problem of optimal currency area. Monetary Union and the Euro. 12th EXTERNAL BALANCE OPEN ECONOMY - BALANCE OF PAYMENTS AND ITS STRUCTURE. - Economy in a matrix of international economic relations. - Structure of balance - the balance of payments components. - Analysis of partial balance. - Balance of payments deficit. - Extempore: mercantilism. 13th INTERNATIONAL TRADE - ABSOLUTE AND COMPARATIVE ADVANTAGES. - Closed and open economy. The causes of international trade exchange. - Theory of absolute advantage in trade. - The theory of comparative advantage in trade. - The law of one price. Arbitration - the essence of the process. - Protectionism and free trade. The consequences of the introduction (removal) of import duties - graphic interpretation. - Free Trade Area. Customs Union. World Trade Organization. Exercise: Practice is defined by the content of lectures, exercises used to practice and application of lectures on specific model problem situations. Credit will be awarded to students who obtain at least 18 out of a maximum possible 35 points. 1. Current macroeconomic problems of the Czech Republic. Debate. 2. The calculation of gross domestic product (GDP) and Gross National Product (GNP). 3. spending pattern with a multiplier. Calculation of individual types of multipliers. Compared multiplier effects of various types of expenses. 4. AS-AD model. Determination AD curve. Analysis of the shape and curves. Shaping the macroeconomic balance. 5. Process of shaping the supply of money: money multiplier. 6. The calculation of the consumer price index and the implicit price deflator. Calculating the rate of inflation. Inflation - diagnosis of various types. 7. Unemployment - calculate the unemployment rate. Analysis of the causes and consequences of unemployment. Phillips curve. 8. Objectives and instruments of monetary policy (in the Czech current context). 9. The objectives and instruments of fiscal policy. (in the Czech current context). Deficit financing from the state budget - the "crowding out effect" cover the deficit, the state and public debt. Supply-side economics. 10. Formation of the exchange rate. Intervention in the foreign exchange markets. Analysis of the balance of payments. 11. Confrontation keynes and neoclassical theory. 12. Test.

Conditions for subject completion

Conditions for completion are defined only for particular subject version and form of study

Occurrence in study plans

Academic yearProgrammeField of studySpec.FormStudy language Tut. centreYearWSType of duty
2019/2020 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2019/2020 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2019/2020 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan
2018/2019 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2018/2019 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2018/2019 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan
2017/2018 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2017/2018 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2017/2018 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan
2016/2017 (B6202) Economic Policy and Administration (7202R020) Economics Journalism P Czech Ostrava 1 Compulsory study plan
2016/2017 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2016/2017 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2016/2017 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan
2015/2016 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2015/2016 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2015/2016 (B6202) Economic Policy and Administration (7202R020) Economics Journalism P Czech Ostrava 1 Compulsory study plan
2015/2016 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan
2015/2016 (B6209) Systems Engineering and Informatics P Czech Ostrava 1 Compulsory study plan
2014/2015 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2014/2015 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2014/2015 (B6209) Systems Engineering and Informatics P Czech Ostrava 1 Compulsory study plan
2014/2015 (B6202) Economic Policy and Administration P Czech Uherské Hradiště 1 Compulsory study plan
2014/2015 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan
2014/2015 (B6209) Systems Engineering and Informatics P Czech Uherské Hradiště 1 Compulsory study plan
2014/2015 (B6202) Economic Policy and Administration (7202R020) Economics Journalism P Czech Ostrava 1 Compulsory study plan
2013/2014 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2013/2014 (B6208) Economics and Management (6501R006) Tourism Economics P Czech Uherské Hradiště 1 Compulsory study plan
2013/2014 (B6208) Economics and Management (6501R006) Tourism Economics (02) Tourism Economics P Czech Uherské Hradiště 1 Compulsory study plan
2013/2014 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan
2013/2014 (B6209) Systems Engineering and Informatics P Czech Ostrava 1 Compulsory study plan
2013/2014 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2013/2014 (B6202) Economic Policy and Administration P Czech Valašské Meziříčí 1 Compulsory study plan
2013/2014 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2013/2014 (B6202) Economic Policy and Administration (7202R020) Economics Journalism P Czech Ostrava 1 Compulsory study plan
2013/2014 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6202) Economic Policy and Administration (7202R020) Economics Journalism P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6209) Systems Engineering and Informatics P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6202) Economic Policy and Administration P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6202) Economic Policy and Administration P Czech Valašské Meziříčí 1 Compulsory study plan
2012/2013 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6208) Economics and Management P Czech Uherské Hradiště 1 Compulsory study plan
2012/2013 (B6208) Economics and Management P Czech Ostrava 1 Compulsory study plan
2012/2013 (B6208) Economics and Management P Czech Valašské Meziříčí 1 Compulsory study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner
Subject block without study plan - EKF - P - cs 2018/2019 Full-time Czech Optional EKF - Faculty of Economics stu. block
Subject block without study plan - EKF - P - cs 2017/2018 Full-time Czech Optional EKF - Faculty of Economics stu. block
Subject block without study plan - EKF - P - cs 2016/2017 Full-time Czech Optional EKF - Faculty of Economics stu. block
Subject block without study plan - EKF - P 2014/2015 Full-time Czech Optional EKF - Faculty of Economics stu. block