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Lecturer(s)
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Kramoliš Jan, doc. Mgr. Ph.D.
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Kloudová Jitka, doc. Ing. Ph.D.
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Course content
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1. Fundamentals & Core Concepts Advanced principles of economic reasoning, Microeconomics vs. Macroeconomics, Basic economic concepts. Production Possibility Frontier (PPF), Opportunity costs, Types of economic systems. 2. Market Mechanism Market and the market mechanism: Market participants (actors), Typology of markets. Demand and Supply: Market interaction, equilibrium, and price formation. 3. Microeconomic Analysis Market failures, Theory of consumer behavior. Competition and market structures (Perfect and Imperfect competition). Factor markets (Markets for factors of production). 4. Macroeconomic Framework 2/3/4-sector models of the economy, Aggregate Demand (AD) and Aggregate Supply (AS), Determinants of AD/AS. Macroeconomic indicators: The "Magic Quadrilateral" (Economic growth, unemployment, inflation, and external balance). 5. Measuring Economic Performance Measuring output (GDP/GNP), Measuring the price level (CPI, GDP deflator). Measuring unemployment, Balance of Payments. 6. Monetary Economics Money and the Equation of Exchange, Central banking and the money market. 7. Inflation and Labor Market Inflation and Unemployment: Okun's Law, Natural rate of unemployment (NAIRU). The Phillips Curve (Short-run and long-run analysis). 8. Equilibrium and Growth Macroeconomic equilibrium, The "vicious circle of poverty" (underdevelopment). Business cycle theory, The investment multiplier. 9. Fiscal Policy Fiscal policy and the state budget: Fiscal multipliers and policy orientations. Effects of fiscal policy, The Laffer Curve. 10. International Economics Theories of international trade and protectionism. External trade and monetary policy, Foreign trade in the context of the Czech Republic.
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Learning activities and teaching methods
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Lecturing
- Participation in classes
- 18 hours per semester
- Home preparation for classes
- 40 hours per semester
- Term paper
- 20 hours per semester
- Preparation for examination
- 42 hours per semester
- Preparation for course credit
- 30 hours per semester
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| learning outcomes |
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| Knowledge |
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| explain the subject of macroeconomics, aggregation and interdependence of markets, static and dynamic macroeconomic models, with a long and short time horizon, in a closed economy and in an open economy. |
| explain the subject of macroeconomics, aggregation and interdependence of markets, static and dynamic macroeconomic models, with a long and short time horizon, in a closed economy and in an open economy. |
| describe macroeconomic expenditure models (two-sector, three-sector and four-sector) based on the Keynesian concept - consumption and savings, investments. |
| describe macroeconomic expenditure models (two-sector, three-sector and four-sector) based on the Keynesian concept - consumption and savings, investments. |
| clarify the concepts of the monetary base and monetary aggregates, the quantitative theory of money, the theory of inflation, deflation, the theory of adaptive and rational expectations. |
| clarify the concepts of the monetary base and monetary aggregates, the quantitative theory of money, the theory of inflation, deflation, the theory of adaptive and rational expectations. |
| describe the aggregates of the employment and unemployment rates, the theory of the natural rate of unemployment and its application in the Phillips curve (the relationship between inflation and unemployment) and Okun's law. |
| describe the aggregates of the employment and unemployment rates, the theory of the natural rate of unemployment and its application in the Phillips curve (the relationship between inflation and unemployment) and Okun's law. |
| to clarify the degree of openness of the economy, fixed and flexible exchange rates and their effects in four-sector models, measurement and modeling of the state's balance of payments. |
| to clarify the degree of openness of the economy, fixed and flexible exchange rates and their effects in four-sector models, measurement and modeling of the state's balance of payments. |
| describe a long-run dynamic model: economic growth and its measurement. Sources of growth, catch-up effect of economically backward countries. |
| describe a long-run dynamic model: economic growth and its measurement. Sources of growth, catch-up effect of economically backward countries. |
| explain business cycles and macroeconomic equilibrium models AS-AD for a closed economy and for an open economy. |
| explain business cycles and macroeconomic equilibrium models AS-AD for a closed economy and for an open economy. |
| explain the goals and instruments of economic policy, especially monetary and fiscal policy. |
| explain the goals and instruments of economic policy, especially monetary and fiscal policy. |
| Skills |
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| assess the behavior of macroeconomic sectors, especially with the use of expenditure models |
| assess the behavior of macroeconomic sectors, especially with the use of expenditure models |
| evaluate whether the conditions for individual applied macroeconomic models are achieved in practice. |
| evaluate whether the conditions for individual applied macroeconomic models are achieved in practice. |
| Determining the optimal quantity of money in the economy. |
| Determining the optimal quantity of money in the economy. |
| calculate the impact of labour market changes using Okun's law. |
| calculate the impact of labour market changes using Okun's law. |
| calculate and evaluate the growth possibilities of the macroeconomy. |
| calculate and evaluate the growth possibilities of the macroeconomy. |
| use the advanced analytical tools of macroeconomics to describe and analyze real-world problems. |
| use the advanced analytical tools of macroeconomics to describe and analyze real-world problems. |
| assess the consequences of changing specific macroeconomic instruments in the government's economic policy. |
| assess the consequences of changing specific macroeconomic instruments in the government's economic policy. |
| teaching methods |
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| Knowledge |
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| Lecturing |
| Lecturing |
| assessment methods |
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| Written examination |
| Written examination |
| Grade (Using a grade system) |
| Grade (Using a grade system) |
| Oral examination |
| Oral examination |
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Recommended literature
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BACHANOVÁ, V., MUSIL, P., VYSTAVĚLOVÁ, L. Makroekonomie II cvičebnice. 2005. ISBN 80-210-3669-9.
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HOLMAN, R. Ekonomie. Praha: C.H. Beck, 2016. ISBN 978-80-7400-278-6.
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Jurečka, Václav a kol. Makroekonomie. Praha: Grada, 3. aktual. vyd., 2017. ISBN 978-80-271-0251-8.
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KRUGMAN, P.R., WELLS, R. Macroeconomics. New York: Worth Publishers, 2015. ISBN 978-1-4641-1037-5.
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MANKIW, N.G. Macroeconomics 8th ed.. Basingstoke: Worth Publishers/Palgrawe Macmillan, 2013. ISBN ISBN 978-1-4641-2.
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MANKIW, N.G., TAYLOR, M.P. Macroeconomics 3rd ed.. Andover: Cengage Learning, 2014. ISBN 978-1-4080-8197-6.
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ONDRČKA, Pavel. Rozšíření základů makroekonomické teorie. 2.upravené vydání, Zlín: UTB, 2006. 338 s. 2006. ISBN 80-7318-449-4.
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SCHILLER, B.R. Essenntials of economics. McGraw: Hill Education, 2016. ISBN 978-1259235702.
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SOUKUP, J. Makroekonomie. Dotisk 2., aktualiz. vyd.. Praha: Management Press, 2012. ISBN 978-80-7261-219-2.
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