154-0548/04 – Monetary Theory and Policy (MTP)
| Gurantor department | Department of Finance | Credits | 3 |
| Subject guarantor | prof. Ing. Lumír Kulhánek, CSc. | Subject version guarantor | prof. Ing. Lumír Kulhánek, CSc. |
| Study level | undergraduate or graduate | Requirement | Compulsory |
| Year | 2 | Semester | winter |
| | Study language | English |
| Year of introduction | 2015/2016 | Year of cancellation | 2022/2023 |
| Intended for the faculties | EKF | Intended for study types | Follow-up Master |
Subject aims expressed by acquired skills and competences
Aim of the course is to learn students the abilities to conduct monatary analysis in the light of the present monetary theory and practical monetary policy by employing fundamental concepts and knowledge of monetary economy.
Students will be able:
- to classify monetary policies,
- to compare assumptions and conclusions of the main theretical approaches,
- to discuss the effects of the changes in monetary variables on macroeconomic system,
- to formulate problems of monetary policy in closed and open economy,
- to evaluate theorethical recommendations for monetary policy and their implications,
- to estimate effects of the applied monetary tools in closed and open economy.
Teaching methods
Lectures
Summary
The course is focused on key areas of present monetary economy and policy. It presents and compares types of money demand and supply, including implications for different strategies of monetary policy, explains approaches of the theory of money impact and monetary processes on price level, inflation, product and other macroeconomics variables. In this course the process of monetary policy, objectives, instruments and transmission mechanisms of central bank´s monetary policy is analysed.
The global financial crisis 2007-2009 has led to changes in the structure of the financial and international monetary systems. This events caused changes in the way central banks operate, as well. The course provides practical implications of the global financial crisis in contemporary monetary theory and policy.
Compulsory literature:
Recommended literature:
Way of continuous check of knowledge in the course of semester
Activity during seminars, case studies
Credit test
E-learning
http://lms.vsb.cz/course/view.php?id=12418
Other requirements
There are no other requirements on the students.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
1. Money and Credits in Economy
2. Theory of Money Demand
3. Theory of Money Supply
4. Interests Rates in Economy
5. Central Bank
6. Tools of Monetary Policy and Nonconventional Tools During the Global Financial Crisis
7. Transmission Mechanism of Monetary Policy
8. Monetary Policy Strategy
9. Inflation Targeting and Money Base Targeting
10. Money, Price Level and Inflation
11. Inflation Expectations and Monetary Policy Efficiency in IS-LM Model
12. Monetary Policy in Open Economy
13. Monetary Policy of Selected Central Banks
14. The Global Financial Crisis of 2007-2009 and Monetary Policy
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction