156-0535/04 – Monetary Policy of Open Economy (MPOE)

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
		Study language	English
Year of introduction	2019/2020	Year of cancellation	2020/2021
Intended for the faculties	EKF	Intended for study types	Follow-up Master

Extent of instruction for forms of study
Form of study	Way of compl.	Extent
Full-time	Examination	2+0

Subject aims expressed by acquired skills and competences

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

Teaching methods

Lectures
Tutorials
Project work

Summary

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.

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.

Way of continuous check of knowledge in the course of semester

Oral exam

E-learning

Other requirements

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Prerequisities

Subject has no prerequisities.

Co-requisities

Subject has no co-requisities.

Subject syllabus:

1.Role of money in market economy 2.Modern monetary system 3.Conventional monetary policy 4.Transmission mechanisms of monetary policy 5.Unconventional monetary policy 6.Seigniorage and fiscal dominance 7.Independence, transparency and responsibility of central banks 8.Monetary policy regimes [inflation targeting, money supply targeting, currency targeting] 9.Monetary policy and exchange rate 10.Monetary policy uncertainty 11.Monetary policy, prices of assets and financial stability 12.Monetary policy within and without monetary union 13.Modelling monetary policy 14.Monetary policy of Czech National Bank

Conditions for subject completion

Conditions for completion are defined only for particular subject version and form of study

Occurrence in study plans

Academic year	Programme	Branch/spec.	Spec.	Zaměření	Form	Study language	Tut. centre	Year	W	S	Type of duty

Occurrence in special blocks

Block name	Academic year	Form of study	Study language	Year	W	S	Type of block	Block owner
Incoming students - master study	2019/2020	Full-time	English				Choice-compulsory	163 - International Office	stu. block

Assessment of instruction

Předmět neobsahuje žádné hodnocení.