114-0577/01 – 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
Year1Semesterwinter
Study languageEnglish
Year of introduction2020/2021Year of cancellation
Intended for the facultiesEKFIntended for study typesFollow-up Master
Instruction secured by
LoginNameTuitorTeacher giving lectures
DVO37 Ing. Kateřina Dvoroková, Ph.D.
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 in open economy.

Teaching methods

Lectures
Tutorials

Summary

Course 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. Then, we analyse monetary policy of the Czech National Bank, European Central Bank, Federal Reserve System and other central banks. Last but not least, the course focuses on monetary policy in open economy environment, topics such as monetary policy and exchange rate regimes are also discussed. Finally, there is discussion about monetary policy within and out of monetary union.

Compulsory literature:

MISHKIN, F. S. The Economics of Money, Banking, and Financial Markets. 12th ed. Harlow: Pearson, 2019. 738 p. ISBN: 978-1-292-26885-9. WALSH, C. E. Monetary Theory and Policy. 4th Ed. Cambridge: MIT Press, 2017. 661 s. ISBN: 978-0-262-03581-1.

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 S. a Stanley G. EAKINS. Financial markets and institutions. 8th ed. Boston: Pearson, 2016. ISBN 978-1-292-06048-4.

Way of continuous check of knowledge in the course of semester

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.

E-learning

Other requirements

Students can gain some credits for their active participation on lectures. 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.

Prerequisities

Subject has no prerequisities.

Co-requisities

Subject has no co-requisities.

Subject syllabus:

1. The role of money in economy 2. Demand for money 3. Supply of money 4. Interest rates 5. Central bank ant its functions 6. Monetary policy transmission 7. Monetary policy, objectives and instruments, un/conventional MP 8. Monetary policy regimes (inflation targeting, monetary targeting, exchange rate targeting) 9. Monetary policy and exchange rate, interest rate parity 10. Exchange rate and output 11. Exchange rate regimes and monetary policy 12. Monetary integration and monetary policy inside/outside the monetary union 13. Balassa-Samuelson model 14. Financial crises

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  51
        Credit Credit  
        Examination Examination  
Mandatory attendence parzicipation:

Show history

Occurrence in study plans

Academic yearProgrammeField of studySpec.ZaměřeníFormStudy language Tut. centreYearWSType of duty
2021/2022 (N0311A050013) Applied Economics (S01) Economic Development AE P English Ostrava 1 Compulsory study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner