156-0577/04 – Monetary Economics (MOE)

Gurantor departmentDepartment of Applied EconomicsCredits4
Subject guarantorprof. Ing. Luboš Komárek, Ph.D. MBA M.Sc.Subject version guarantorIng. Emil Adámek, Ph.D.
Study levelundergraduate or graduate
Study languageEnglish
Year of introduction2019/2020Year of cancellation2020/2021
Intended for the facultiesEKFIntended for study typesFollow-up Master
Instruction secured by
LoginNameTuitorTeacher giving lectures
ADA364 Ing. Emil Adámek, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Examination 2+0

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

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.

E-learning

Other requirements

Students work out a seminar paper on a given topic. The oral exam is focused on the defense of the work.

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

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

Occurrence in study plans

Academic yearProgrammeBranch/spec.Spec.ZaměřeníFormStudy language Tut. centreYearWSType of duty

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner
Incoming students - master study 2020/2021 Full-time English Choice-compulsory 163 - International Office stu. block

Assessment of instruction

Předmět neobsahuje žádné hodnocení.