156-0535/01 – Monetární politika otevřené ekonomiky (MPOE)
| Garantující katedra | Katedra národohospodářská | Kredity | 4 |
| Garant předmětu | prof. Ing. Lumír Kulhánek, CSc. | Garant verze předmětu | prof. Ing. Lumír Kulhánek, CSc. |
| Úroveň studia | pregraduální nebo graduální | Povinnost | povinně volitelný |
| Ročník | 1 | Semestr | letní |
| | Jazyk výuky | angličtina |
| Rok zavedení | 2009/2010 | Rok zrušení | 2020/2021 |
| Určeno pro fakulty | EKF | Určeno pro typy studia | bakalářské, navazující magisterské |
Cíle předmětu vyjádřené dosaženými dovednostmi a kompetencemi
Student will be able:
- to understand conventional and nonconventional monetary policy
- to explain exchange rate
- to define monetary policy within and without monetary union
- to use modelling of monetary policy
Vyučovací metody
Přednášky
Cvičení (v učebně)
Projekt
Anotace
Subject Monetary Economics provides information about modern 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. Also, 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 CNB.
Povinná literatura:
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.
Doporučená literatura:
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.
Forma způsobu ověření studijních výsledků a další požadavky na studenta
Two written tests
E-learning
Další požadavky na studenta
Lectures are compulsory.
Prerekvizity
Předmět nemá žádné prerekvizity.
Korekvizity
Předmět nemá žádné korekvizity.
Osnova předmětu
1. Theory of central banking, functions of central banks. Commercial banking, functions of commercial banks. Two-stage banking system.
2. Monetary policy – goals, tools, monetary base, balance sheet of a central bank and commercial banks. Open market operations, discount tools and its impact on money markets.
3. Money supply, simple multiplier, endogenous and exogenous money supply.
4. International financial markets, types of money markets in an open economy (call money markets, interbank markets, money market securities).
5. Exchange rate theory, exchange rate regimes, foreign exchange interventions.
6. Exchange rate theory. Theory of covered and uncovered interest rate parity.
7. Exchange rate and GDP in the short run, DD-AA model.
8. Test.
9. The law of one price, the Balassa-Samuelson model.
10. Exchange Rate Mechanism ERM II, history, rules, practice, application to “new EU member countries”.
11. World financial crisis, originate-to-distribute model, financial regulation and supervision in the EU and the USA.
12. Optimum currency area theory, traditional and modern version.
13. Presentations of projects
14. Test.
Podmínky absolvování předmětu
Výskyt ve studijních plánech
Výskyt ve speciálních blocích
Hodnocení Výuky