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

Czech

Number of ECTS credits

6

Mode of study

Not applicable.

Guarantor

doc. Ing. Marek Zinecker, Ph.D.

Department

Institute of Economics (ÚE)

Entry knowledge

The knowledge of Macroeconomics and Microeconomics at the bachelor level is expected.

Rules for evaluation and completion of the course

Student receivs creditsif he receives at least 15 points out of 30 possible points from seminars and fulfils the criteria of attendance at the seminars. Assessment from the seminars is a part of the final evaluation of the subject. The maximum of 25 points will be awarded for test , from which a student must obtain at least 12 points. If a student does not receive enough points from the test, he / she can repeat the test in a one term for correction set by the teacher. 2 points are for 100 % attendance at the seminars and the maximum of 3 points for active participation at the seminars, which is in a form of active involvement in solving tasks and exercises in front of the students’ group or on the blackboard.

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

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

Not applicable.

Prerequisites and corequisites

Basic literature

HOLMAN, R. Makroekonomie – středně pokročilý kurz. 2. vyd. Praha: C.H. Beck, 2010. ISBN 978-80-7179-861-3. (CS)
MACH, M. Makroekonomie II, první a druhá část. 3. vyd. Slaný: Melandrium, 2001. ISBN 80-86175-18-9 (CS)
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)
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)
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)

Recommended reading

HOLMAN, R. a kol. Dějiny ekonomického myšlení. 2. vyd. Praha: C.H.Beck, 2001. 541 s. ISBN 80-7179-631-X.
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

26 hours, optionally

Teacher / Lecturer

doc. Ing. Marek Zinecker, 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. 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.

Guided consultation in combined form of studies

20 hours, optionally

Teacher / Lecturer

doc. Ing. Marek Zinecker, Ph.D.

Syllabus

xx

Exercise

26 hours, compulsory

Teacher / Lecturer

doc. Ing. Marek Zinecker, Ph.D.

Syllabus

1. Introduction to the course, revision of basic macroeconomic knowledge.
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.