156-0460/01 – Monetary theory and policy (MTP)
| Gurantor department | Department of Applied Economics | Credits | 4 |
| 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 | summer |
| | Study language | Czech |
| Year of introduction | 2019/2020 | Year of cancellation | 2020/2021 |
| Intended for the faculties | EKF | Intended for study types | Bachelor |
Subject aims expressed by acquired skills and competences
Aim of the course is to teach students the abilities to conduct monetary analysis in the light of the contemporary monetary theory and practical monetary policy by employing fundamental concepts and knowledge of monetary economy. Students will be able: - to classify monetary theories, - to compare assumptions and conclusions of the main theoretical approaches, - to discuss the effects of the changes in monetary variables on macroeconomic system, - to formulate problems of monetary policy both in closed and open economy, - to evaluate theoretical recommendations for monetary policy and their implications, - to estimate effects of monetary instruments application in closed and open economy.
Teaching methods
Lectures
Summary
The course if focused on key areas of contemporary monetary theory and policy. It presents and compares theories of money demand and supply, including implications for different strategies of monetary policy. It explains approaches to the impact of money and monetary processes on expectations, price level, inflation, product and other macroeconomics variables. Moreover, monetary policy process is deeply analyzed, monetary policy objectives, instruments and transmission channels of monetary policy decisions are studied. The course also provides overall summary of monetary policy evolution in the Czech Republic and in the world with attention to contemporary trends.
Compulsory literature:
Recommended literature:
Way of continuous check of knowledge in the course of semester
Verification of the learning outcomes will be carried out in the form of a combined exam.
The combined exam consists of written and oral part.
E-learning
Other requirements
Verification of the learning outcomes will be carried out in the form of a combined exam.
The combined exam consists of written and oral part.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
1. Money and Credit in Economy
2. Different Kinds of Money and Payment System Evolution
3. Financial System, Functions and Structure of Financial Markets
4. Banking Systems and History of Banking
5. Central Bank
6. Theoretical Approaches to Money Demand
7. Money Creation, Money Supply Process
8. Interest Rate Theories
9. Monetary Policy Objectives
10. Transmission mechanism of monetary policy
11. Monetary Policy Instruments
12. Inflation Targeting and Money Supply Targeting
13. The ECB’s Monetary Policy Strategy
14. Financial Crises and Monetary Policy
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction
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