156-0501/01 – Economic Policy A (HP A)

Gurantor department	Department of Applied Economics	Credits	5
Subject guarantor	doc. Ing. Jiří Balcar, Ph.D., MBA	Subject version guarantor	prof. Ing. Christiana Kliková, CSc.
Study level	undergraduate or graduate	Requirement	Compulsory
Year	2	Semester	winter
		Study language	English
Year of introduction	2007/2008	Year of cancellation	2010/2011
Intended for the faculties	EKF	Intended for study types	Bachelor

Instruction secured by
Login	Name	Tuitor	Teacher giving lectures
FIL03	Ing. Lenka Johnson Filipová, Ph.D.

Extent of instruction for forms of study
Form of study	Way of compl.	Extent
Full-time	Credit and Examination	2+2

Subject aims expressed by acquired skills and competences

• Understanding of elementary principles, possibilities and limits of economic policy • Familiarizing with selected types of economic policies and their practical application • Awakening of an influence of economic policy on microeconomic subjects and vice versa • Identification of main macroeconomic problems and suggestion of their solution • Evaluation of current economic policy and forecasting of impact of changes in economic policy

Teaching methods

Individual consultations

Summary

Economic policy represents endeavour of a state to maximize economic/social welfare. It comprehends using of different tools in order to reach often contradictory aims under the conditions of uncertainty, unequal distribution of sources, interest groups etc. Is it possible to succeed? What have to be taken into account? How to evaluate suggested measures or current situation? The course Economic Policy A sheds light on these (and many other) topics and leads to better understanding of real processes in the economy, principles of economic policy and its potential for improving people's lives.

Compulsory literature:

Rudiger Dornbusch, Stanley Fischer: Makroeconomics.McGraw-Hill 4th ed. ISBN 0-07-100186-7. McCONNEL, Campbell R. and Brue, Stanley L. Economics. Principles, Problems, and Policies. McGraw-Hill 15th ed. ISBN-0-07-234036-3.

Recommended literature:

MISHKIN, Frederic S. The Economics of Money, Banking and Financial Markets. 7th ed. USA: The Addison-Wesley, 2004. ISBN 0-321-12235-6 MANKIW, N. Gregory. Macroeconomics. 5th ed. New York: R. R: Donnelley & Sons, 2003. ISBN 0-7167-5237-9. BENASSY-QUÉRÉ, Agnes and COURÉ, Benoit and JACQUET, Pierre and PISANI-FERRY, Jean. Economic Policy. Theory and Practice. New York: OXFORD University Press, 2010. ISBN 978-0-19-532273-6. BALDWIN, Richard and WYPLOSZ, Charles. The Economics of European Integration. 3th ed. London: McGraw-Hill Higher Education, 2009. ISBN 13-978-0-07-712163-1. SHULTZ, P. Gerge and KENNETH, W. Dam. Economic Policy Beyond the Headlines. 2th ed. USA: The University of Chicago Press, 1998. ISBN 978-0-226-75599-1. BAUMOL, J. Wiliam and BLINDER, S. Alan. Economic Principles and Policy. 12th ed. Canada: Cengage Learning, 2012. ISBN 978-0-538-45369-1.

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:

1. Theoretical backgroung of economic policy (Teoretická východiska hospodářské politiky (liberal versus intervention economic policy). Economic policy before Keynes and Keynesian policy. 2. Economic policy after Keynes (monetary policy, supply-side economics, etc.). Economic policy conceptions 3. Definition of economic policy, institutional environment of economic policy. Economic policy instruments. 4. Targets of economic policy and their hieararchy. Fundamental social targets. Traditional and economic targets. Relations among targets and instruments of economic policy. Efficiency of economic policy. 5. Government v. market failure. Economic and political cycle links. Phases of economic decision making and time delay. 6. Economic policy and expectations. Approaches to expectations (adaptive v. rational expectation). Recommendations for makers of economic policy. 7. Basic conceptions of economic policy. Growth raising v. stabilizing economic policy. Growth theories. Theory of business cycle. Macroeconomic and microeconomic policy. 8. Fiscal policy and its functions. Targets and instruments of fiscal policy. Theoretical approaches to fiscal policy. Public budgets and state budgets. Public debt. Fiscal policy in the Czech Republic. 9. Monetary policy and its functions. Targets and instruments of monetary policy. Direct and indirect instruments of monetary policy and their using in the Czech Republic. Transmision mechanisms of monetary policy. Inflation targeting. 10. External economic policy and its functions. Targets and instruments of external economic policy. 11. Supply-side economic policy, its foundation and approaches. 12. Comparation of economic policy development in Great Britain, France, Germany, USA, Japan, Sweeden. 13. Economic policy of EU. EU and the Czech Republic. EMU. Important world economic organizations (WTO, IMF, WB). Economic integration and its forms. 14. Economic policy development in the Czech Republic from the beginning of transition to the present. Comparation with other transition economies.

Conditions for subject completion

Full-time form (validity from: 1960/1961 Summer semester)

Task name	Type of task	Max. number of points (act. for subtasks)	Min. number of points	Max. počet pokusů
Exercises evaluation and Examination	Credit and Examination	100 (100)	51	3
Exercises evaluation	Credit	35 (35)	16	3
Written exam	Written test	35	16	3
Examination	Examination	65 (65)	35	3
Oral	Oral examination	65	35	3

Mandatory attendence participation:

Show history

Conditions for subject completion and attendance at the exercises within ISP:

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Occurrence in study plans

Academic year	Programme	Branch/spec.	Spec.	Zaměření	Form	Study language	Tut. centre	Year	W	S	Type of duty
2007/2008	(B6202) Economic Policy and Administration	(6202R010) Finance	(01) Finance		P	Czech	Ostrava	2			Compulsory	study plan

Occurrence in special blocks

Block name	Academic year	Form of study	Study language	Year	W	S	Type of block	Block owner

Assessment of instruction

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