Course Unit Code | 114-0303/05 |
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Number of ECTS Credits Allocated | 6 ECTS credits |
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Type of Course Unit * | Choice-compulsory type B |
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Level of Course Unit * | Second Cycle |
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Year of Study * | First Year |
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Semester when the Course Unit is delivered | Summer 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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| MAH11 | prof. Ing. Martin Macháček, Ph.D. et Ph.D. |
| KUC20 | doc. Ing. Zuzana Kučerová, Ph.D. |
Summary |
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The aim of the subject is to both deepen and expand students´ knowledge of
macroeconomic phenomena acquired in the first year of their studies. The
subject covers various areas of mainstream macroeconomic theory at the
intermediate level. Unlike introductory macroeconomics ("Macroeconomics A")
course, this subject strongly emphasizes microeconomic foundations of
macroeconomic theories and thus requires sound knowledge of basic economic
principles. Within the subject, neo-Keynesian, monetarist, new classical and
new Keynesian doctrines are confronted and discussed.
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Learning Outcomes of the Course Unit |
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- analyze the short-run, medium-run, and long-run macroeconomic phenomena and processes by formal models
- compare the mainstream macroeconomic theories and identify their strenghts and weaknesses
- explain the consequences of monetary and fiscal policies within competing macroeconomic models
- calculate the equilibrium values of aggregate output, price level, interest rate and other variables and changes in these values in response to macroeconomic policies
- contrast the closed economy models and open economy models with differing rate of capital mobility
- evaluate the importance of alternative macroeconomic approaches and methodologies for generating social welfare
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Course Contents |
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1. The IS-LM model.
2. Fiscal and monetary policies in the IS-LM model.
3. The augmented IS-LM model.
4. Static aggregate demand models.
5. The dynamic aggregate demand model.
6. Short-run aggregate supply models.
7. The macroeconomics of imperfect competition.
8. Unemployment and inflation. Phillips and Taylor curves.
9. Consumption, investment, and the business cycle.
10. The Solow-Swan model of economic growth. New growth theory.
11. The IS-LM-BP model.
12. Fiscal and monetary policies in the IS-LM-BP model.
13. Financial crises and their macroeconomic impacts.
Tutorials:
1. Topical macroeconomic problems of the Czech Republic (discussion).
2. The IS-LM model. Fiscal policy multipliers. Monetary policy multipliers.
3. The IS-ALM model. Analysis of the changes in expected inflation and the maturity premium components.
4. Aggregate demand and aggregate supply. The Lucas model of aggregate supply. New Keynesian model.
5. Unemployment and inflation. Comparison of Phillips and Taylor curves. Adjustment process in the DAS-DAD model.
6. Economic growth accounting. Correlation analysis of the business cycle.
7. The IS-LM model with a real exchange rate. The IS-LM-BP model with perfect and imperfect capital mobility.
8. Accreditation test. |
Recommended or Required Reading |
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Required Reading: |
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BARRO, Robert J., Angus CHU a Guido COZZI. Intermediate Macroeconomics. Cengage Learning, 2017. ISBN 978-1473725096.
BURDA, Michael a Charles WYPLOSZ. Macroeconomics – A European Text. 7th ed. Oxford: Oxford University Press, 2017. 624 p. ISBN 978-0198737513.
KRUGMAN, Paul R. a Robin WELLS. Macroeconomics. Fourth edition. New York: Worth Publishers, 2015. ISBN 978-1-4641-1037-5. |
BURDA, Michael a Charles WYPLOSZ. Macroeconomics – A European Text. 7th ed. Oxford: Oxford University Press, 2017. 624 p. ISBN 978-0198737513.
HOLMAN, Robert. Makroekonomie: Středně pokročilý kurz. 3. vyd. Praha: C. H. Beck, 2018. 480 s. ISBN 978-80-7400-541-1.
SOUKUP, Jindřich, POŠTA, Vít, NESET, Pavel a PAVELKA, Tomáš. Makroekonomie. 4. aktualizované vydání. Praha: Management Press, 2022. ISBN 978-80-7261-596-4. |
Recommended Reading: |
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DORNBUSCH, Rudiger, Stanley FISCHER and Richard STARTZ. Macroeconomics. 13th edition. New York: McGraw-Hill Education, 2017. 672 p. ISBN 978-1259290633.
MANKIW, Gregory. Macroeconomics. 10th edition. New York: Macmillan International Higher Education, 2019. ISBN 978-1-319-24358-6.
ROMER, David. Advanced macroeconomics. 5th edition. New York, McGraw-Hil, 2019. McGraw-Hill series in economics. ISBN 978-1-260-18521-8.
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JUREČKA, Václav a MACHÁČEK, Martin. Makroekonomie. 4., aktualizované a rozšířené vydání. Expert. Praha: Grada Publishing, 2023. ISBN 978-80-271-3635-3.
MACH, Miloš. Makroekonomie II pro magisterské (inženýrské) studium. 1. a 2. část. 3. vyd. Slaný: Melandrium, 2001. 368 s. ISBN 8086175189.
MACHÁČEK, Martin a kol. Makroekonomie B – Soubor úloh ze středně pokročilé makroekonomie Ostrava: Vysoká škola báňská – Technická univerzita 2017. 108 s. ISBN 978-80-248-4012-3. |
Planned learning activities and teaching methods |
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Lectures, Seminars |
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 and Examination | Credit and Examination | 100 (100) | 51 |
Credit | Credit | 35 (35) | 18 |
1. průběžný test | Written test | 8 | 0 |
2. průběžný test | Written test | 8 | 0 |
Případová studie | Project | 4 | 0 |
Zápočtový test | Written test | 15 | 5 |
Examination | Examination | 65 | 28 |