114-0555/01 – Real-world monetary policy (RMP)
Gurantor department | Department of Economics | Credits | 5 |
Subject guarantor | prof. Dr. Ing. Jan Libich | Subject version guarantor | prof. Dr. Ing. Jan Libich |
Study level | undergraduate or graduate | Requirement | Choice-compulsory |
Year | | Semester | winter |
| | Study language | English |
Year of introduction | 2013/2014 | Year of cancellation | 2016/2017 |
Intended for the faculties | EKF | Intended for study types | Follow-up Master |
Subject aims expressed by acquired skills and competences
The main objective is to provide students with tools to independently evaluate and contribute to real world MP. Therefore, discussion will be an essential part of the tutorials, and to some extent lectures as well. Also, there will be an assignment for every tutorial that will be be discussed by the students in groups in the tutorial, then presented to the class.
Teaching methods
Lectures
Tutorials
Summary
Compulsory literature:
Blinder, Alan, ‘Central Banking in Theory and Practice’, The MIT Press, 1998.
Recommended literature:
Bofinger, Peter, ‘Monetary Policy: Goals, Institutions, Strategies, and Instruments’, Oxford University Press, 2001
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
ASSESSMENT: Zápočet: Tutorial component 25 points (written assignments 15 points + participation/presentations 10 points) & one-hour written mid-term examination 25 points (short answer questions similar in structure and content to those in the tutorial assignments). To pass you need at least 25 points.
Zkouška: A two hour written final exam 50 points (the same structure as the midterm exam, again no surprises, so if you have done the assignments you should do well on the exam). To pass you again need at least 25 points. The overall mark for the subject (out of 100 points) will be the sum of the three assessment components.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
LECTURE TOPICS:
1. Review of main macroeconomic concepts and relationships
2. Overview of central banking and MP goals
3. MP instruments and transmission mechanisms
4. Simple (New Keynesian) model of optimal MP
5. Data analysis using the MP simulation game
6. Game theory and macroeconomics
7. The interaction of fiscal and monetary policy
8. Institutional framework of MP: Central bank independence, transparency, and accountability
9. Open economy MP, optimal currency areas and monetary unions
10. The Global Financial Crisis
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction
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