Course detail

Macroeconomics

FEKT-LMAEAcad. year: 2013/2014

The subject leads to understanding of economy as whole. Clarifies the relationship between products markets and services, employment and activities of given economy. Also, the influence of demand, investments, iflation rate, unemployment, monetary polisy, interest rate, fiscal polisy, state funds, and other economic problems.

Language of instruction

Czech

Number of ECTS credits

5

Mode of study

Not applicable.

Guarantor

Ing. Vladimíra Bayerová, Ph.D.

Department

Faculty of Business and Management (FP)

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

The subject knowledge on the Bachelor´s degree level is requested.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

The course is a combination of the lectures, seminars and self-study. Lectures consist of an explanation of basic principles, methodology of the discipline, problems and their solutions.

Assesment methods and criteria linked to learning outcomes

The final exam is written (written test). It takes into account a comprehensive knowledge of macroeconomics, in all material respects. Students may request an oral verification.
The scale of the resulting classification:
A: 90-100 points
B: 80-89 points
C: 70-79 points
D: 60-69 points
E: 50-59 points
F: less than 50 points

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 aim of the course is to introduce students to new world economic trends, including theory and the means of solving economic problems. It also informs students about present macroeconomic studies and the classical Keynesian ones. It aims to provide a basic understanding of the structure and functioning of the modern capitalist industrial economic system as it allocates and uses resources and distributes outputs.

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

The content and forms of instruction in the evaluated course are specified by a regulation issued by the lecturer responsible for the course and updated for every academic year.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

Mankiw, N.G. Zásady ekonomie. Grada Publishing, Praha 1999.
Pavelka, T. Makroekonomie. Základní kurs. Melandrium, Slaný 2007.
Soukup, J. a kol. Makroekonomie. Moderní přístup. Management Press, Praha 2008.

Recommended reading

Časopisy: Ekonom, Politická ekonomie, Bankovnictví, Finance a úvěr

Classification of course in study plans

  • Programme EEKR-ML Master's

    branch ML-EVM , 1 year of study, winter semester, compulsory

  • Programme EEKR-ML Master's

    branch ML-EVM , 1 year of study, winter semester, compulsory

  • Programme EEKR-CZV lifelong learning

    branch EE-FLE , 1 year of study, winter semester, compulsory

Type of course unit

 

Lecture

26 hod., optionally

Teacher / Lecturer

Ing. Vladimíra Bayerová, Ph.D.

Syllabus

Introduction to macroeconomics. Outline of development of economictheories.
Market, market mechanisms. Uneven, ineffective, unequal, 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 macroeconomy equilibrium, models - classical, Keynesian, neokeynesian compromise.
Money aggregate, 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, theory of economic cycle.
Fiscal policy - state budget, public finance, built-in stabilisers, discrete measure, expansive and restrictive fiscal policy.
Monetary policy. Tools and aims of monetary policy, expansive and restrictive monetary policy.
Aims of macroeconomics, performance of economic policy, magic of n-square, function of state in 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.

Fundamentals seminar

26 hod., compulsory

Teacher / Lecturer

Ing. Vladimíra Bayerová, Ph.D.

Syllabus

Introduction to macroeconomics. Evolution of economic thinking.
Borders of production possibilities, law of decreasing incomes, market structures, examples.
Aggregate demand and supply, income elasticity, price and market equilibrium, customer preferences.
Measuring of national product and incomes, methods of measuring, example.
Fiscal policy, fiscal policy oriented to demand, deficit of state budget, fiscal policy oriented to supply. Composition of state budget.
European Union, advantages and disadvantages, conditions of association, discussion, realization of common currency.
Money and commercial banking, monetary demand and supply, process of bank deposit creation, present state of Czech banking.
Monetary policy, expansive monetary policy, money reserve, application of restrictive monetary policy, present policy of CNB
Unemployment and market of labor. Substitution and income effect, natural unemployment rate.
Specification of equilibrium production in two-sector model.
Inflation. Phillips curve.
International business and theory of comparative advantage.
Monetary rates and international financial system. Test. Credit.