156-0301/01 – Economic Policy A (HPA)
| Gurantor department | Department of Applied Economics | Credits | 4 |
| Subject guarantor | doc. RNDr. Milan Šimek, Ph.D., MBA | Subject version guarantor | prof. Ing. Christiana Kliková, CSc. |
| Study level | undergraduate or graduate | Requirement | Choice-compulsory |
| Year | 2 | Semester | winter |
| | Study language | Czech |
| Year of introduction | 1999/2000 | Year of cancellation | 2010/2011 |
| Intended for the faculties | EKF | Intended for study types | Bachelor |
Subject aims expressed by acquired skills and competences
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Teaching methods
Lectures
Tutorials
Summary
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Compulsory literature:
Recommended literature:
Additional study materials
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
1. The theoretical basis of economic politicy (liberal vs. interventionist economic policy). Period Keynes (mercantilism, physiocracy, classical school, the neoclassical school) and Keynesian economic policy.
2. Economic policy is applied after the failure of Keynesian economic policy (monetarism, supply-side economics, public choice school, the school of rational expectations). Economic and political concepts.
3. The definition of economic policy as a scientific discipline, institutional environment, economic policy and economic policy holders. Instrument of economic policy.
4. Economic policy targets and their hierarchy. The basic social tragets. Traditional and economic targets of economic policy. The relationship between targets and instruments of economic policy. The relationship between economic policy targets. The effectiveness of economic policy
5. Government versus market failure as the arguments for and against maximizing the state's role in the economy. The interests of politicians and, respectively. bureaucracy. Phases of economic decision-making and time delays. Issues related to economic and political cycle. Non-use of political capital, the relationship of politics to economic theory and practice. The basic types of market failure (imperfect competition, externalities, public goods, etc.).
6. Economic policy and expectations. Approaches to forming expectations (adaptive
versus rational expectations). The effectiveness of economic policy in the event differently formed expectations. Recommendation of policy makers.
7. The basic concept of economic policy. The pro-growth versus stabilization policy. Factors and sources of economic growth. A brief outline of the development of growth theory. Keynesian and neoclassical growth model. New growth theory. The economic cycle and its justification. Macro-and micro economic policies. Supply and demand economic policy. Recommendation of economic policy makers.
8. Fiscal policy and its functions. Carriers, targets and instruments of fiscal policy. Automatic stabilizers versus discrete measures. Theoretical basis of fiscal policy. Monetarist and Keynesian approach to fiscal policy. Access to the school of rational expectations and supply-side economics. Public budgets and state budget. The budget deficit and ways of its coverage. The issue of public debt. Displacement effect of fiscal policy. Fiscal drag. Fiscal policy, budget and public debt in the country.
9. Monetary policy and its functions. Carriers and targets of monetary policy. Direct and indirect monetary policy instruments and their use in the country. The transmission mechanisms of monetary policy. Inflation targeting and pure inflation. Central bank independence. Monetary policy of CNB.
10. Foreign trade policy and its functions. Principles of application of the Foreign trade policy , objectives and bearers of the Foreign trade policy. The openness of the economy and its measurement. Autonomous instrument of Foreign trade policy (duties, quotas, etc.). The contractual instrument Foreign trade policy . The pro-export policy and export promotion institutions in the country.
11. Supply-side oriented economic policy. The emergence of supply-side economics.
Market-based approach versus the pension policy.
12. Comparison of development of economic policies in selected economically developed countries (Great Britain, France, Germany, USA, Japan, Sweden).
13. Economic Policy of the European Union. Kodan criteria and conditions for EU membership. The European Union and the Czech Republic. European Economic and Monetary Union (EMU). Advantages and disadvantages. Terms of euro membership. Maastricht criteria and the fulfillment of the Czech Republic. Activities of major international economic organizations (WTO, IMF, WB). Czech Republic's relations with such organizations. International economic integration and the mold. Examples of activities of economic integration groupings (outside the European Union), in particular, EFTA, CEFTA, OECD, etc.
14. Economic policy in the Czech Republic from its inception to the present. A comparison with developments in other transition economies.
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction
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