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Terminated in academic year 2020/2021

Monetary Policy of Open Economy

Type of study Follow-up Master
Language of instruction Czech
Code 156-0335/01
Abbreviation MPOE
Course title Monetary Policy of Open Economy
Credits 4
Coordinating department Department of Applied Economics
Course coordinator prof. Ing. Lumír Kulhánek, CSc.

Subject syllabus

1. Introduction.
2. Exchange rate regimes, fixed and floating regimes.
3. Currency board.
4. Dollarization.
5. Exchange rate theory, interest rate parity.
6. Output and exchange rate in the short run, DD-AA model.
7. DD-AA model and fixed exchange rate regime, interventions.
8. Law of one price, purchasing power theory, Balassa-Samuelson model.
9. International monetary system, Bretton-Woods system.
10. European monetary integration.
11. Exchange Rate Mechanism II.
12. Optimum currency area theory - traditional version.
13. Optimum currency area theory - modern version.
14. World financial crisis, originate-to-distribute and originate-to-hold model.

Literature

GRAUWE, Paul de. Economics of Monetary Union. 9th ed. Oxford: Oxford University Press, 2012. ISBN 9780199605576.
KRUGMAN, P. R., M. OBSTFELD and J. MELITZ. International Economics: Theory and Policy. 9th ed. Harlow: Pearson Addison-Wesley, 2012. ISBN 978-0-273-75409-1.

Advised literature

COPELAND, Laurence. Exchange Rates and International Finance. 5th ed. Harlow: Pearson Education, 2008. ISBN 978-0-273-71027-1.
GRAUWE, Paul de. Exchange Rates and Global Financial Policies. Singapore: World Scientific, 2014. ISBN 978-981-4513-18-0.
MISHKIN, F. S. The Economics of Money, Banking, and Financial Markets. 10th ed. Harlow: Pearson, 2012. ISBN 978-0-273-76585-1 .


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