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
HLA31 Ing. Karel Hlaváček, Ph.D.
JUR0248 Ing. Lukáš Jursa
KUC20 doc. Ing. Zuzana Kučerová, Ph.D.
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:

CECCHETTI, Stephen G. a Kermit L. SCHOENHOLTZ. Money, Banking, and Financial Markets. 6th ed. New York: McGraw-Hill Education, 2021. ISBN 978-1-260-22678-2. MISHKIN. Frederic S. The Economics of Money, Banking, and Financial Markets. 12th ed. Harlow: Pearson Addison Wesley, 2019. ISBN 978-1-292-26885-9. VALDEZ, Stephen and Philip MOLYNEUX. An Introduction to Global Financial Markets. London: Palgrave, 2016. ISBN 978-1-137-49755-0.

Recommended literature:

KRUGMAN, Paul R., Maurice OBSTFELD a Marc J. MELITZ. International finance: theory & policy. 11th ed. Harlow: Pearson, 2018. ISBN 978-1-292-23873-9. MISHKIN, Frederic and Stanley G. EAKINS. Financial Markets and Institutions. 9th ed. Harlow: Pearson Education Limited, 2018. ISBN 978-0-13-451926-5. MOENJAK, Thammarak. Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability. Singapore: Wiley, 2014. ISBN 978-1-118-83246-2.

Way of continuous check of knowledge in the course of semester

Students attend seminars and collect points to gain a credit. Verification of the learning outcomes will be carried out in the form of a written exam.


Other requirements

There are not further requirements.


Subject has no prerequisities.


Subject has no co-requisities.

Subject syllabus:

1. Money and its role in economy 2. Demand for money 3. Supply of money 4. Interest rates 5. Central bank and its functions 6. Transmission mechanisms of monetary policy 7. Monetary policy, objectives and instruments, un/conventional MP 8. Monetary policy regimes 9. Monetary policy and exchange rate, interest rate parity 10. Exchange rate and output 11. Exchange rate regimes and monetary policy 12. Evolution of international monetary system 13. Balassa-Samuelson model

Conditions for subject completion

Full-time form (validity from: 2020/2021 Winter semester, validity until: 2023/2024 Winter semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of pointsMax. počet pokusů
Credit and Examination Credit and Examination 100 (100) 51
        Credit Credit 45  26 2
        Examination Examination 55  28 3
Mandatory attendence participation: Voluntary lectures and seminars. Students can collect points for credit in seminars.

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Conditions for subject completion and attendance at the exercises within ISP: Students are expected to work on given tasks/mini-projects in seminars. As such, they are ready to collect points during the semester which are necessary to gain a credit in the end of the semester. Verification of the learning outcomes will be carried out in the form of a written test during the examination period.

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Occurrence in study plans

Academic yearProgrammeBranch/spec.Spec.ZaměřeníFormStudy language Tut. centreYearWSType of duty
2024/2025 (N0311A050012) Applied economics (S02) Economic Development P Czech Ostrava 1 Compulsory study plan
2024/2025 (N0311EKF023) Economics HPO P Czech Ostrava 1 Compulsory study plan
2023/2024 (N0311A050012) Applied economics (S02) Economic Development P Czech Ostrava 1 Compulsory study plan
2023/2024 (N0311EKF023) Economics HPO P Czech Ostrava 1 Compulsory study plan
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

Assessment of instruction

2023/2024 Winter
2022/2023 Winter
2021/2022 Winter