| Course Unit Code | 114-0360/01 |
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| Number of ECTS Credits Allocated | 4 ECTS credits |
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| Type of Course Unit * | Compulsory |
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| Level of Course Unit * | First Cycle |
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| Year of Study * | Second 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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| GOT40 | prof. Ing. Jaromír Gottvald, CSc. |
| HLA31 | Ing. Karel Hlaváček, Ph.D. |
| KUC20 | doc. Ing. Zuzana Kučerová, Ph.D. |
| Summary |
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| The course if focused on key areas of contemporary monetary theory and policy. It presents and compares theories of money demand and supply, including implications for different strategies of monetary policy. It explains approaches to the impact of money and monetary processes on expectations, price level, inflation, product and other macroeconomics variables. Moreover, monetary policy process is deeply analyzed, monetary policy objectives, instruments and transmission channels of monetary policy decisions are studied. The course also provides overall summary of monetary policy evolution in the Czech Republic and in the world with attention to contemporary trends. |
| Learning Outcomes of the Course Unit |
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| Aim of the course is to teach students the abilities to conduct monetary analysis in the light of the contemporary monetary theory and practical monetary policy by employing fundamental concepts and knowledge of monetary economics. Students will be able: - to classify monetary theories, - to compare assumptions and conclusions of the main theoretical approaches, - to discuss the effects of the changes in monetary variables on macroeconomic system, - to formulate problems of monetary policy both in closed and open economy, - to evaluate theoretical recommendations for monetary policy and their implications, - to estimate effects of monetary instruments application in closed and open economy. |
| Course Contents |
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1. Bank institutions, historical background.
2. Money, definition, forms, monetary aggregates.
3. Financial System, Functions and Structure of Financial Markets.
4. Electronic money, electronic payments, electronic banking.
5. Digital revolution and impact on MP. Cryptocurrencies, digital currencies, CBDC.
6. Central bank and its functions.
7. Banking systems and history of banking in the Czech Republic.
8. Monetary Policy Objectives and transmission mechanisms.
9. Monetary policy instruments.
10. Financial stability, macroprudential policy.
11. Inflation targeting and inflation expectations.
12. Forex interventions.
13. Balance of payments. |
| Recommended or Required Reading |
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| Required Reading: |
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CECCHETTI, Stephen G. a Kermit L. SCHOENHOLTZ. Money, Banking, and Financial Markets. 6th ed. New York: McGraw-Hill Education, 2021. ISBN 978-1-260-22678-2.
MISHKIN. Frederic S. The Economics of Money, Banking, and Financial Markets. 12th ed. Harlow: Pearson Addison Wesley, 2019. ISBN 978-1-292-26885-9.
VALDEZ, Stephen and Philip MOLYNEUX. An Introduction to Global Financial Markets. London: Palgrave, 2016. ISBN 978-1-137-49755-0.
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JÍLEK, Josef. Finance v globální ekonomice I. Peníze a platební styk. Praha: Grada Publishing, 2013. ISBN 978-80-247-3893-2.
KUČEROVÁ, Zuzana. Monetární ekonomie a politika. Ostrava: Vysoká škola báňská - Technická univerzita Ostrava, 2023. ISBN 978-80-248-4669-9.
MISHKIN. Frederic S. The Economics of Money, Banking, and Financial Markets. 12th ed. Harlow: Pearson Addison Wesley, 2019. ISBN 978-1-292-26885-9. |
| Recommended Reading: |
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MOENJAK, Thammarak. Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability. Singapore: Wiley, 2014. ISBN 978-1-118-83246-2.
MISHKIN, Frederic S. Monetary Policy Strategy. Massachusetts: MIT Press, 2009. ISBN 978-0-262-51337-1.
MISHKIN, Frederic and Stanley G. EAKINS. Financial Markets and Institutions. 9th ed. Harlow: Pearson Education Limited, 2018. ISBN 978-0-13-451926-5.
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KODEROVÁ, Jitka, Milan SOJKA a Jan HAVEL. Teorie peněz. 2. vyd. Praha: Wolters Kluwer Česká republika, 2011. ISBN 978-80-7357-640-0.
POLOUČEK, Stanislav a kol. Peníze, banky, finanční trhy. Praha: C. H. Beck, 2009. ISBN 978-80-7400-152-9.
REVENDA, Zbyněk, Martin MANDEL, Jan KODERA, Petr MUSÍLEK a Petr DVOŘÁK. Peněžní ekonomie a bankovnictví. 6. vyd. Praha: Management Press, 2015. ISBN 978-80-7261-279-6. |
| 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 | | |
| Examination | Examination | 100 | 51 |