156-0377/02 – Monetary economics (MOE)
| Gurantor department | Department of Applied Economics | Credits | 3 |
| Subject guarantor | prof. Ing. Lumír Kulhánek, CSc. | Subject version guarantor | prof. Ing. Lumír Kulhánek, CSc. |
| Study level | undergraduate or graduate | Requirement | Choice-compulsory type B |
| Year | 1 | Semester | winter |
| | Study language | Czech |
| Year of introduction | 2019/2020 | Year of cancellation | 2020/2021 |
| Intended for the faculties | EKF | Intended for study types | Follow-up Master |
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.
Teaching methods
Lectures
Tutorials
Summary
Subject 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, seigniorage and independence and transparency of central banks. In addition, topics such as monetary policy regimes, monetary policy uncertainty, prices of assets a financial stability are discussed in this course. Moreover, there is discussion about monetary policy within and out of monetary union. Finally, we analyse models of monetary policy and discuss actual questions related with monetary policy of the Czech National Bank.
Compulsory literature:
WALSH, C. E. Monetary Theory and Policy. 4th Ed. Cambridge: MIT Press, 2017. 661 s. ISBN: 978-0-262-03581-1.
MAHADEVA L., STERNE G. Monetary policy framework in a global context. London: Routledge, 2000. 688 s. ISBN: 0-415-22618-X.
Recommended literature:
O'BRIEN, D. P. The development of monetary economics: a modern perspective on monetary controversies. Cheltenham: Edward Elgar Publishing, 2007. 265 s. ISBN: 978-1-84720-260-4.
CLAASSEN, E.-M. Global monetary Economics. Oxford University Press, 1996. 323 s. ISBN: 0-19-877464-8.
Additional study materials
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
The condition for the seminar credit is to prepare a seminar paper.
Verification of the learning outcomes will be carried out in the form of a midterm test and final test.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
1. The role of money in economy
2. The nature of modern monetary system
3. Conventional monetary policy
4. Monetary policy transmission
5. Unconventional monetary policy
6. Seigniorage and the fiscal dominance problem
7. Central bank‘s independence, transparency and accountability
8. Monetary policy regimes (inflation targeting, monetary targeting, exchange rate targeting)
9. Monetary policy and exchange rates
10. Monetary policy under uncertainty
11. Monetary policy, asset prices and financial stability
12. Monetary policy inside/outside the monetary union
13. Models for monetary policy analysis
14. Monetary policy of the Czech National Bank
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction