| Course Unit Code | 156-0377/01 |
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| Number of ECTS Credits Allocated | 5 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 * | First 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 | There are no prerequisites or co-requisites for this course unit |
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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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| 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. |
| Learning Outcomes of the Course Unit |
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| 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. |
| Course Contents |
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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
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| Recommended or Required Reading |
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| Required Reading: |
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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.
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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 Reading: |
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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.
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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.
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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 and Examination | Credit and Examination | 100 (100) | 51 |
| Credit | Credit | (0) | |
| Seminární práce | Project | 0 | 0 |
| Examination | Examination | 100 | 51 |