Course detail
Macroeconomics 2
FP-FmakPAAcad. year: 2023/2024
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
Number of ECTS credits
Mode of study
Guarantor
Department
Entry knowledge
Rules for evaluation and completion of the course
The requirements for the final exam are the knowledge of the subject and the obtained credit. The form of the exam is written exam. The maximum number of possible points of the written examination is 70, the minimum is 35 points. In the overall assessment, the points of the seminars and examination are added.
The scale of the resulting classification:
(student may gain from exercise 30 points and max.70 points of the final exam, a total of 100 points for the subject)
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
Control of students' attendance and results is fully in competence of the teacher. The minimum attendance is 6 seminars.
Aims
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.
Study aids
Prerequisites and corequisites
- compulsory prerequisite
Macroeconomics 1
Basic literature
MACH, M. Makroekonomie II, první a druhá část. 3. vyd. Slaný: Melandrium, 2001. ISBN 80-86175-18-9 (CS)
Pontus Rendahl; Fiscal Policy in an Unemployment Crisis, The Review of Economic Studies, Volume 83, Issue 3, 1 July 2016, Pages 1189–1224, https://doi.org/10.1093/restud/rdv058 (EN)
Scott R. Baker, Nicholas Bloom, Steven J. Davis; Measuring Economic Policy Uncertainty, The Quarterly Journal of Economics, Volume 131, Issue 4, 1 November 2016, Pages 1593–1636, https://doi.org/10.1093/qje/qjw024 (EN)
WU, J. C. and XIA, F. D. (2016), Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound. Journal of Money, Credit and Banking, 48: 253–291. doi: 10.1111/jmcb.12300 (EN)
Recommended reading
KUČEROVÁ, V., NAVRATILOVÁ, P. Makroekonomie II - Vývoj ekonomického myšlení. 1. vyd. Brno: CERM, 2008. 194 s. ISBN 978-80-214-3742-5.
MANKIW, N. G. Principles of Macroeconomics. 7th Edition. Cengage Learning, 2015. (EN)
SAMUELSON, P.A.; NORDHAUS, W.D. Ekonomie. 18.vyd. Praha: NS SVOBODA, 2010. 775 s. ISBN 80-205-0590-3. (CS)
Classification of course in study plans
- Programme MGR-UFRP-A Master's 1 year of study, winter semester, compulsory
Type of course unit
Lecture
Teacher / Lecturer
Syllabus
2. The theory of money and the money market, the quantity theory of money, the theory of neutrality of money.
3. Unconventional instruments of monetary policy, quantitative easing
4. The theory of interest, savings, consumption, investment and investment multiplier.
5. Market for loanable funds in a closed and an open economy.
6. The theory of international trade, balance of payment, external balance of state and exchange rate mechanism.
7. Net export function, Marshall-Lerner condition
8. Models of economic equilibrium, general markets equilibrium, model IS-LM for a small closed economy.
9. Changes in the IS-LM model, complete Keynesian model
10. Mundell-Fleming model, IS-LM (IS-LM-BP) in a small open economy.
11. The theory of business cycles, real and monetary cycles, economic growth and the models of economic growth (Solow's Growth Model, Cobb-Douglas Production Function, Endogenous Growth Theory).
12. The balance of the labour market, the natural rate of unemployment, Phillips curve theories, human capital theory.
13. Economic policy and economic policy failures, economy in speaking to political issues and sociological issues.
Exercise
Teacher / Lecturer
Syllabus
2. The quantity theory of money, money market.
3. Transmission mechanism.
4. Theories of savings, consumption and investments, Keynesian cross.
5. Market for loanable funds in a closed and open economy.
6. Balance of payments, external balance of state and exchange rates.
7. Real exchange rate, net export function, Marshall-Lerner condition.
8. Model IS-LM in the three-sector economy.
9. Imbalance in the IS-LM model in a three-sector economy, non-price factors affecting the IS-LM model, the principle of derivation of the AD curve from IS-LM model.
10. IS-LM model for a small open economy, model IS-LM-BP.
11. Models of economic growth.
12. Labour market.
13. Credit written work.
Guided consultation in combined form of studies
Teacher / Lecturer
Syllabus