| Course Unit Code | 156-0560/02 |
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| Number of ECTS Credits Allocated | 4 ECTS credits |
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| Type of Course Unit * | Choice-compulsory |
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| Level of Course Unit * | First Cycle |
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| Year of Study * | |
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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 | English |
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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. |
| 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. Money and Credit in Economy
2. Different Kinds of Money and Payment System Evolution
3. Financial System, Functions and Structure of Financial Markets
4. Banking Systems and History of Banking
5. Central Bank
6. Theoretical Approaches to Money Demand
7. Money Creation, Money Supply Process
8. Interest Rate Theories
9. Monetary Policy Objectives
10. Transmission mechanism of monetary policy
11. Monetary Policy Instruments
12. Inflation Targeting and Money Supply Targeting
13. The ECB’s Monetary Policy Strategy
14. Financial Crises and Monetary Policy
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| Recommended or Required Reading |
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| Required Reading: |
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MISHKIN, F. S. The Economics of Money, Banking, and Financial Markets. 10th Ed. Harlow: Pearson, 2013. 726 s. ISBN 978-0-273-76573-8.
CECCHETTI, S.G. Money, banking, and financial markets. 3rd Ed. New York : McGraw-Hill/Irwin, 2011. 673 s. ISBN 978-0-07-122068-2.
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MISHKIN, F. S. The Economics of Money, Banking, and Financial Markets. 10th Ed. Harlow: Pearson, 2013. 726 s. ISBN 978-0-273-76573-8.
CECCHETTI, S.G. Money, banking, and financial markets. 3rd Ed. New York : McGraw-Hill/Irwin, 2011. 673 s. ISBN 978-0-07-122068-2.
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| Recommended Reading: |
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HUBBARD, G. R. and A. P. O´BRIEN. Money, Banking, and the Financial System. 2nd Ed. Boston : Pearson, 2014. 652 s. ISBN 978-1-292-00018-3.
MISHKIN, F.S. Monetary policy strategy. Cambridge : MIT Press, 2007. 549 s. ISBN: 978-0-262-13482-8.
BOFFINGER, P. Monetary policy: goals, institutions, strategies, and instruments. Oxford: Oxford University Press, 2001. 454 s. ISBN 0-19-924856-7.
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HUBBARD, G. R. and A. P. O´BRIEN. Money, Banking, and the Financial System. 2nd Ed. Boston : Pearson, 2014. 652 s. ISBN 978-1-292-00018-3.
MISHKIN, F.S. Monetary policy strategy. Cambridge : MIT Press, 2007. 549 s. ISBN: 978-0-262-13482-8.
BOFFINGER, P. Monetary policy: goals, institutions, strategies, and instruments. Oxford: Oxford University Press, 2001. 454 s. ISBN 0-19-924856-7.
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| Planned learning activities and teaching methods |
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| Lectures, Tutorials |
| Assesment methods and criteria |
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| Tasks are not Defined |