Course detail

Macroeconomics 1

FP-Bmak1PAcad. year: 2011/2012

The course focuses on the understanding of entire economy functioning. The relations among product, services and labour markets on one hand and assets of the given economy on the other hand are explained. Also dealt with is the influence on consumption, investments, inflation rate and unemployment, measurement of economic output and its long term growth, issues related to the economic cycle, fiscal and monetary policy as well as present economic problems. Also discussed are the modern economic theories and their methods of solution of key economic problems.

Language of instruction

Czech

Number of ECTS credits

5

Mode of study

Not applicable.

Guarantor

Ing. Vladimíra Bayerová, Ph.D.

Department

Institute of Economics (ÚE)

Learning outcomes of the course unit

After finishing the course students should be able: To understand theoretical basis and principles of macroeconomics. To understand the functioning of the national economy mechanism and its equilibrium, interconnection of the national economy and the world economy and their influences on particular businesses and achieving key managerial objectives. To understand how the managerial tasks are being accomplished in the national economy. To work out analytic and synthetic managerial information related to the national economy and apply it when making key managerial decisions. To use critical and analytical way of thinking in the managerial processes underlying the operation and strategic development of business activity within national and world economy.

Prerequisites

Secondary school knowledge of economics is expected.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

Teaching methods depend on the type of course unit as specified in the article 7 of BUT Rules for Studies and Examinations.

Assesment methods and criteria linked to learning outcomes

Successful completion of a credit test on topics covered in seminars. Written elaboration of semester work and its presentation. Active participation in lectures and seminars. Form of examination: Combined – a written test followed by an oral examination. The integrated knowledge of macroeconomics in principal connections is considered. Grading is awarded according to the Rules for Studies and Examination valid at BUT and reflects student’s performance.

Course curriculum

The subject content:
1. Introduction into macroeconomics – development of the macroeconomic theory.
2. Market, market mechanism, disequilibrium market, inefficiency, the types of market structures.
3. Aggregate supply, aggregate demand, growth and decrease of AD and AS, aggregate expenditures, slope of the AS curve.
4. The measurement of the economic output, national product (GDP, GNP) and national income.
5. The macroeconomic equilibrium, classical, Keynesian and Neokeynesian models.
6. The monetary theory, monetary aggregates, money market.
7. Labour market, unemployment, money market equilibrium, the rate of unemployment, types of unemployment.
8. Inflation, types of inflation, relationship between inflation and unemployment.
9. Economical growth, models of the economical growth, theory of the business cycle.
10. Fiscal policy – state budget, public finance, expansionary and restrictive fiscal policy.
11. Monetary policy – monetary goals and tools, expansionary and restrictive monetary policy.
12. Macroeconomics goals, effectivity of economic policy, magic n-square, the function of the state in market economy.
13. Theory of the international trade, external trade and monetary policy, free market, protectionism, development of exchange rates.

Work placements

Not applicable.

Aims

The main objective of the course is to provide students with the knowledge of macroeconomics on the level required at higher education institutions of economic specialisation. Understanding of macroeconomic relations and connections, terms and necessary theoretical fundaments as well as understanding of possibilities and economic policy of the government.

Specification of controlled education, way of implementation and compensation for absences

Control of students’ attendance and results is fully in competence of the teacher. The course-unit credit is conditional on elaboration and presentation of a seminar project and successful completion of a credit test.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

HOLMAN,R. a kol. Ekonomie. 1. vydání. Praha: C. H. Beck, 1999. 726 s. ISBN 80-7179-255-1. (CS)
KUČEROVÁ, V. Makroekonomie 1. Brno: CERM, 2013. 126 s. ISBN: 978-80-214-4798- 1. (CS)
SAMUELSON, P.A. a NORDHAUS, W.D. Ekonomie. 2.vyd.Praha: Svoboda, 1995. 1011 s. ISBN 80-205-0494-X. (CS)

Recommended reading

Not applicable.

Classification of course in study plans

  • Programme BAK Bachelor's

    branch BAK-EPM , 1 year of study, winter semester, compulsory

Type of course unit

 

Lecture

26 hod., optionally

Teacher / Lecturer

Ing. Vladimíra Bayerová, Ph.D.

Syllabus

Topics of lectures are the following:
- Introduction to macroeconomics. Outline of development of macroeconomic theories
- Market, market mechanism. Uneven, ineffective, unequal and unstable markets, types of market structures.
- Aggregate supply, aggregate demand. Growth and fall of aggregate demand and supply, aggregate expenditures, gradient of aggregate supply curve.
- Measuring performance of economy, national product, GNP.
- Conception of macroeconomic equilibrium, models - classical, Keynesian, Neokeynesian compromise.
- Monetary aggregates, monetary theory, money multiplier, equilibrium changes on money markets.
- Labour market, unemployment. Equilibrium and labour market, unemployment rate, forms of unemployment.
- Inflation, types of inflation, inflation and unemployment.
- Economic growth, growth models, theories of economic cycle.
- Fiscal policy - state budget, public finance, built-in stabilisers, discrete measures, expansive and restrictive fiscal policy.
- Monetary policy. Tools and aims of monetary policy, expansive and restrictive monetary policy.
- Aims of macroeconomics, effectiveness of economic policy, magical n-squares, and function of state in the economy.
- Theory of international trade, external monetary and trade policy, free trade, protectionism. International money market, international monetary system, development of monetary rates, IMF, WB, EMS.
The seminars are focused on practising the lectured topics.

Exercise

13 hod., compulsory

Teacher / Lecturer

Ing. Alžběta Kubíčková
Ing. Nina Bočková, Ph.D.

Syllabus

The seminars are focused on practising the lectured topics.

- Introduction to macroeconomics. Outline of development of macroeconomic theories
- Market, market mechanism. Uneven, ineffective, unequal and unstable markets, types of market structures.
- Aggregate supply, aggregate demand. Growth and fall of aggregate demand and supply, aggregate expenditures, gradient of aggregate supply curve.
- Measuring performance of economy, national product, GNP.
- Conception of macro economy equilibrium, models - classical, Keynesian, Neokeynesian compromise.
- Money aggregates, money theory, money multiplicator, equilibrium changes on money markets.
- Labour market, unemployment. Equilibrium and labour market, unemployment rate, forms of unemployment.
- Inflation, types of inflation, inflation and unemployment.
- Economic growth, growth models, theories of economic cycle.
- Fiscal policy - state budget, public finance, built-in stabilisers, discrete measures, expansive and restrictive fiscal policy.
- Monetary policy. Tools and aims of monetary policy, expansive and restrictive monetary policy.
- Aims of macroeconomics, effectiveness of economic policy, magical n-squares, and function of state in the economy.
- Theory of international trade, external monetary and trade policy, free trade, protectionism. International money market, international monetary system, development of monetary rates, IMF, WB, EMS.