| Course Unit Code | 154-0348/05 |
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| Number of ECTS Credits Allocated | 3 ECTS credits |
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| Type of Course Unit * | Compulsory |
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| Level of Course Unit * | Second Cycle |
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| Year of Study * | Second Year |
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| Semester when the Course Unit is delivered | Winter Semester |
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| Mode of Delivery | Face-to-face |
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| Language of Instruction | Czech |
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| Prerequisites and Co-Requisites | Course succeeds to compulsory courses of previous semester |
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| Name of Lecturer(s) | Personal ID | Name |
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| KUL20 | prof. Ing. Lumír Kulhánek, CSc. |
| Summary |
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The course if focused on key areas of present monetary economy and policy. It presents and compares types of money demand and supply, including implications for different strategies of monetary policy, explains approaches of the theory of moeny impact and monetary processes on price level, inflation, product and other macroeconomics variables. Moreover, monetary policy process is deeply analyzed, aims, tools and transmission mechanism of central bank monetary policy is studied.
The course also provides evolution of monetary policy in the Czech Republic and in the world with attention paid to 90s and necessity of perspective adaptation.
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| Learning Outcomes of the Course Unit |
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Aim of the course is to learn students the abilities to conduct monatary analysis in the light of the present monetary theory and practical monetary policy by employing fundamental concepts and knowledge of monetary economy.
Students will be able:
- to classify monetary policies,
- to compare assumptions and conclusions of the main theretical approaches,
- to discuss the effects of the changes in monetary variables on macroeconomic system,
- to formulate problems of monetary policy in closed and open economy,
- to evaluate theorethical recommendations for monetary policy and their implications,
- to estimate effects of the applied monetary tools in closed and open economy.
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| Course Contents |
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1. Money and credits in economy
2. Theory of money demand
3. Theory of money supply
4. Interests rates in economy
5. Central bank
6. Transmission of monetary impulses
7. Monetary policy strategy
8. Transmission mechanism of monetary policy
9. Inflation targeting and money base targeting
10. Money, price level and inflation
11. Inflation expectations and monetary policy efficiency in IS-LM model
12. Monetary policy in open economy
13. Monetary policy of selected central banks
14. Financial innovations and monetary policy |
| Recommended or Required Reading |
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| Required Reading: |
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MISHKIN, F.S.(2012). Economics of Money, Banking, and Financial Markets. 10th edition. Prentice Hall. ISBN 978-0132770248.
MISHKIN, F.S., EAKINS, S. (2014). Financial Markets and Institutions.8th edition. Prentice Hall. ISBN 978-0133423624.
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KOTLÁN, Viktor a kol. Monetární politika. Ostrava: VŠB – TU Ostrava, 1999. 142 s. ISBN 80-7078-675-2.
REVENDA, Zbyněk. Centrální bankovnictví. 3. vyd. Kap. 4- 5, 11-12, 17-19. Praha: Management Press, 2011. ISBN 978-80-7261-230-7.
REVENDA, Zbyněk a kol. Peněžní ekonomie a bankovnictví. Kap. 1-2, 9-16. Praha: Management Press, 2011. ISBN 978-80-7261-240-6.
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| Recommended Reading: |
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MISHKIN, F.S.(2012). Economics of Money, Banking, and Financial Markets. 10th edition. Prentice Hall. ISBN 978-0132770248.
MISHKIN, F.S., EAKINS, S. (2014). Financial Markets and Institutions.8th edition. Prentice Hall. ISBN 978-0133423624.
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KODERA, Jan. Měnová analýza. 2. vyd. Praha: ASPI - Wolters Kluwer Česká republika, 2007. ISBN 978-80-7357-298-3.
KULHÁNEK, Lumír. Peníze a úrokové sazby. In: POLOUČEK, Stanislav a kol. Bankovnictví. Praha: C. H. Beck, 2006. ISBN 80-7179-462-7.
KULHÁNEK, Lumír a Rajmund MIRDALA. Peníze a finanční systém. In: POLOUČEK, Stanislav a kol. Peníze, banky, finanční trhy. Praha: C. H. Beck, 2009. ISBN 978-80-7400-152-9.
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| Planned learning activities and teaching methods |
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| Lectures, Tutorials |
| Assesment methods and criteria |
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| Task Title | Task Type | Maximum Number of Points
(Act. for Subtasks) | Minimum Number of Points for Task Passing |
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| Credit | Credit | 85 | 85 |