114-0577/02 – Monetary Economics (MOE)

Gurantor departmentDepartment of EconomicsCredits3
Subject guarantordoc. Ing. Zuzana Kučerová, Ph.D.Subject version guarantordoc. Ing. Zuzana Kučerová, Ph.D.
Study levelundergraduate or graduateRequirementCompulsory
Study languageEnglish
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.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Credit 3+0

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



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:

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 gain knowledge at lectures to pass a written credit test. Verification of the learning outcomes will be carried out in the form of a written exam at the end of the semestr. Students have to register in the Edison system.


Other requirements

There are not further requirements.


Subject has no prerequisities.


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

Conditions for subject completion

Full-time form (validity from: 2020/2021 Winter semester, validity until: 2021/2022 Winter semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of pointsMax. počet pokusů
Credit Credit   3
Mandatory attendence participation: .

Show history

Conditions for subject completion and attendance at the exercises within ISP:

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Occurrence in study plans

Academic yearProgrammeBranch/spec.Spec.ZaměřeníFormStudy language Tut. centreYearWSType of duty
2024/2025 (N0412A050005) Finance FIN P English Ostrava 2 Compulsory study plan
2023/2024 (N0412A050005) Finance FIN P English Ostrava 2 Compulsory study plan
2022/2023 (N0412A050005) Finance FIN P English Ostrava 2 Compulsory study plan
2021/2022 (N0412A050005) Finance FIN P English Ostrava 2 Compulsory study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner
Incoming students - MS 2024/2025 Full-time English Choice-compulsory 163 - International Office stu. block
Incoming students - MS 2023/2024 Full-time English Choice-compulsory 163 - International Office stu. block
Incoming students - MS 2022/2023 Full-time English Choice-compulsory 163 - International Office stu. block

Assessment of instruction

2023/2024 Winter
2021/2022 Winter