Course detail

Macroeconomics 2

FP-PmakPAcad. year: 2016/2017

Subject Macroeconomics 2 is the advanced form of the subject Macroeconomics, which is taught in bachelor study program. The goal is the enlargement of economic knowledge, mainly focused on macroeconomic theories. The main topics of the subject are aggregate indicators, the macroeconomic equilibrium including the models of economic equilibrium, the theory of the factor market, money market, business policy and actual economic questions.

Language of instruction

Czech

Number of ECTS credits

5

Mode of study

Not applicable.

Guarantor

prof. Ing. Marek Zinecker, 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 economics, in context of contemporary problems.

Prerequisites

The knowledge of Macroeconomics, Microeconomics and Econometrics is expected.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

The course contains of two-hour lectures that explain basic principles, problems and methodology of the discipline, and two-hour practical seminar. The practical exercises promote the practical knowledge of the subject presented in the lectures and also are concerned on handling numerical tasks.

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.
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

Content:
The economy of the main stream
The money market, quantitative theory - neutrality of money
The theory of value, price, utility and costs, the marginal theory
The theory of capital, interest rates, savings, investment and investment multiplier
The international division of labour, theory of international trade, balance of payment, exchange rates theory and external equilibrium
The economic equilibrium, models AS–AD, IS–LM, Modigliani’s model, Mundell-Fleming’s model
The labour market, natural rate of unemployment, Phillips curve theories
The theory of business cycle, real and monetary cycles
The economics growth and the models of economics growth (Solow’s model of the economic growth, Cob-Douglas’s production function, theory of the endogenous growth)
Business policy, the business policy failures, reasons and solutions of the economics recessions
The theory of human capital, economics in relation to political and sociological questions

Syllabus of tutorials:
Introduction to the course, repeating the elementary macroeconomic knowledge
Quantity theory of money
Value theory, international trade
Market for loanable funds, money market, external equilibrum state
Exchange Rates
Model IS-LM

Work placements

Not applicable.

Aims

The main objective of the course is enlargement of macroeconomic knowledge and intensifying of students’ abilities in understanding and solving of actual economics problems.

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

Control of students’ attendance and results is fully in competence of the teacher.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

HOLMAN, R. Makroekonomie – středně pokročilý kurz. 1. vyd. Praha: C.H. Beck, 2004. 424 s. ISBN 80-7179-764-2. (CS)
KUČEROVÁ, V., NAVRATILOVÁ, P. Makroekonomie II - Vývoj ekonomického myšlení. 1. vyd. Brno: CERM, 2008. 194 s. ISBN 978-80-214-3742-5. (CS)
MACH, M. Makroekonomie II, druhá část. 1.vyd. Praha: VŠE v Praze, 1995. 252 s. ISBN: 80-7079-498-4. (CS)
MACH, M. Makroekonomie II, první část. 1.vyd. Praha: VŠE v Praze, 1995. 181 s. ISBN: 80-7079-462-3. (CS)

Recommended reading

HOLMAN, R. a kol. Dějiny ekonomického myšlení. 2. vyd. Praha: C.H.Beck, 2001. 541 s. ISBN 80-7179-631-X. (CS)
SAMUELSON, P.A. a NORDHAUS, W.D. Ekonomie. 2. vyd. Praha: Svoboda, 1995. 1011 s. ISBN 80-205-0494-X. (CS)
SCHILLER, B. R. Makroekonomie dnes. 1. vyd. Brno: Computer Press, 2004. 412 s. ISBN 80-251-0169-X. (CS)

Classification of course in study plans

  • Programme MGR Master's

    branch MGR-PFO , 1 year of study, winter semester, compulsory

Type of course unit

 

Lecture

26 hod., optionally

Teacher / Lecturer

Ing. Vladimíra Bayerová, Ph.D.

Syllabus

1. Mainstream of the economics theory.
2. The theory of money and the money market, the quantity theory of money, the theory of neutrality of money.
3. The theory of capital, interest, savings, consumption and investment.
4. Market for loanable funds.
5. External balance of state, net exports and imports of capital.
6. Balance of payments, the theory of international trade and exchange rates.
7. Macroeconomic equilibrium, general markets equilibrium.
8. Model IS-LM for a small closed economy.
9. Model IS-LM for a small open economy and complete Keynesian model.
10. The balance of the labour market, the natural rate of unemployment, human capital theory.
11. The theory of business cycles, real and monetary cycles.
12. Economic growth and the models of economic growth.
13. Economic policy, economic policy failures, causes and possible solutions to the economic recession. Economy in speaking to political issues and sociological issues.

Exercise

26 hod., compulsory

Teacher / Lecturer

Ing. Vladimíra Bayerová, Ph.D.

Syllabus

1. Introduction to the course, repetition of Macroeconomics 1 knowledge.
2. The quantity theory of money, transmission mechanism.
3. Market for loanable funds.
4. Market for loanable funds in an open economy.
5. External balance of state, net exports and imports of capital.
6. Balance of payment, exchange rates.
7. Models of macroeconomics equilibrium.
8. Construction of IS-LM model for a small closed economy.
9. The IS-LM model for a small open economy.
10. Labour market and natural rate of unemployment.
11. The models of economic growth.
12. Economic policy.
13. Written exam.