114-0377/01 – Monetary economics (MOE)

Gurantor departmentDepartment of EconomicsCredits5
Subject guarantordoc. Ing. Zuzana Kučerová, Ph.D.Subject version guarantordoc. Ing. Zuzana Kučerová, Ph.D.
Study levelundergraduate or graduateRequirementCompulsory
Study languageCzech
Year of introduction2020/2021Year of cancellation
Intended for the facultiesEKFIntended for study typesFollow-up Master
Instruction secured by
LoginNameTuitorTeacher giving lectures
KUC20 doc. Ing. Zuzana Kučerová, Ph.D.
KUL20 prof. Ing. Lumír Kulhánek, CSc.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Credit and Examination 3+1

Subject aims expressed by acquired skills and competences

Course provides students with the theoretical building blocks that are needed for an understanding of the monetary theory and contemporary monetary policy implementation. Student will be able: - to describe and explain the main channels of the monetary transmission mechanism, through which monetary policy can have real effects on the economy; - to explain conventional and nonconventional monetary policy; - to define monetary policy within and without monetary union; - to use modelling of monetary policy.

Teaching methods



Subject Monetary Economics provides information about contemporary monetary economics. First, there is explained what is the role of money in market economy, how does modern monetary system look like, what are conventional tools of monetary policy and how transmission mechanisms work. Next, the course deals with unconventional tools of monetary policy, seigniorage and independence and transparency of central banks. In addition, topics such as monetary policy regimes, monetary policy uncertainty, prices of assets a financial stability are discussed in this course. Moreover, there is discussion about monetary policy within and out of monetary union. Finally, we analyse models of monetary policy and discuss actual questions related with monetary policy of the Czech National Bank.

Compulsory literature:

WALSH, C. E. Monetary Theory and Policy. 4th Ed. Cambridge: MIT Press, 2017. 661 s. ISBN: 978-0-262-03581-1. MAHADEVA L., STERNE G. Monetary policy framework in a global context. London: Routledge, 2000. 688 s. ISBN: 0-415-22618-X.

Recommended literature:

O'BRIEN, D. P. The development of monetary economics: a modern perspective on monetary controversies. Cheltenham: Edward Elgar Publishing, 2007. 265 s. ISBN: 978-1-84720-260-4. CLAASSEN, E.-M. Global monetary Economics. Oxford University Press, 1996. 323 s. ISBN: 0-19-877464-8.

Way of continuous check of knowledge in the course of semester


Other requirements

Students work out a seminar work on a given topic. The work is publicly defended. The condition for the seminar credit is to prepare a seminar paper. Full active participation in seminars is required from the full-time students. Verification of the learning outcomes will be carried out in the form of a combined exam. The combined exam consists of written and oral part.


Subject has no prerequisities.


Subject has no co-requisities.

Subject syllabus:

1. The role of money in economy 2. The nature of modern monetary system 3. Conventional monetary policy 4. Monetary policy transmission 5. Unconventional monetary policy 6. Seigniorage and the fiscal dominance problem 7. Central bank‘s independence, transparency and accountability 8. Monetary policy regimes (inflation targeting, monetary targeting, exchange rate targeting) 9. Monetary policy and exchange rates 10. Monetary policy under uncertainty 11. Monetary policy, asset prices and financial stability 12. Monetary policy inside/outside the monetary union 13. Models for monetary policy analysis 14. Monetary policy of the Czech National Bank

Conditions for subject completion

Full-time form (validity from: 2020/2021 Winter semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of points
Credit and Examination Credit and Examination 100 (100) 51
        Credit Credit 45  26
        Examination Examination 55  28
Mandatory attendence parzicipation: Účast na přednáškách: nepovinná. Účast na cvičeních: nepovinná, avšak vypracováním zadaných úkolů je možné získat body potřebné pro udělení zápočtu.

Show history

Occurrence in study plans

Academic yearProgrammeField of studySpec.ZaměřeníFormStudy language Tut. centreYearWSType of duty
2022/2023 (N0311A050012) Applied economics (S02) Economic Development P Czech Ostrava 1 Compulsory study plan
2021/2022 (N0311A050012) Applied economics (S02) Economic Development P Czech Ostrava 1 Compulsory study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner