156-0344/01 – Monetary Policy B (MP B)
| Gurantor department | Department of Applied Economics | Credits | 3 |
| Subject guarantor | prof. Ing. Luboš Komárek, Ph.D. MBA M.Sc. | Subject version guarantor | prof. Ing. Luboš Komárek, Ph.D. MBA M.Sc. |
| Study level | undergraduate or graduate | Requirement | Compulsory |
| Year | 2 | Semester | winter |
| | Study language | Czech |
| Year of introduction | 2008/2009 | 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 student wil be able:
- to interpret/answer all questions related to monetary policy, its theoretical basis and practical implementation;
- to characterize monetary policy goals and tools and explain its functioning, describe principles and types of transmission mechanisms;
- to differentiate between monetary policy implementation in various transmission mechanisms;
- to explain the monetary policy decision process of central bankers;
- to make conclusions concerning the practical implementation of monetary policy and its impact on the economy (and other macroeconomic policies);
- to defend or criticize basic steps of monetary policy realized in the Czech Republic.
Teaching methods
Lectures
Summary
Monetary Policy B follows courses "Monetary Policy" and "Monetary Policy of Open Economy". Course is focused on advanced analysis of money, exchange rate and inflation in economy. Its purpouse is to deepen knowledge of monetary policy theory and transmision mechanism. Course discuss up-to-date tasks of monetary policy.
Compulsory literature:
FRAIT, Jan, Zlatuše KOMÁRKOVÁ a Luboš KOMÁREK. Monetary Policy in a Small Economy after Tsunami: A New Consensus on the Horizon? Finance a úvěr-Czech Journal of Economics and Finance. 2010, roč. 61, č. 1, s. 5-33. ISSN 0015-1920.
Recommended literature:
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
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Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
Part I. “Theory of Monetary Policy”
1. Central Bank and its aggressiveness, Taylor rule, Taylor principle, Time inconsistency of Monetary Policy
2. Monetary Policy regimes – its advantages and disadvantages
3. The transmission mechanisms of Monetary Policy
Part II. “Money and Monetary Policy”
4. Neutrality of Money
5. Money market gaps, relations of money and GDP
6. p*model
Part III. “Exchange rate and Monetary Policy”
7. Advanced theories of exchange rate determination
8. Theories and models of balanced exchange rates (BEER, DARER, NATREX)
9. Real appreciation in long run (empirical evidence, theoretical substantiation)
10. Tradable and non-tradable goods in exchange rate models, TNT model, Dutch disease
Part IV. “Contemporary tasks of Monetary Policy”
11. Monetary Policy and assets markets
12. Financial integration and monetary policy
13. Monetary policy and oil (commodities)
14. Unconventional Monetary Policy (Monetary Policy in low inflation periods)
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction
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