XAM2 Macroeconomics 2

Moravian Business College Olomouc
winter 2020
Extent and Intensity
2/2/0. 5 credit(s). Recommended Type of Completion: zk (examination). Other types of completion: z (credit).
Teacher(s)
doc. Ing. Ondřej Vojáček, Ph.D. (lecturer)
doc. Ing. Jarmila Zimmermannová, Ph.D. (lecturer)
Miroslava Čechová Závadská, BSc., MSc. (seminar tutor)
Ing. Jolana Skaličková, Ph.D. (seminar tutor)
Guaranteed by
doc. Ing. Jarmila Zimmermannová, Ph.D.
Moravian Business College Olomouc
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.
Course objectives
The aim of the course is to provide students with analytically justified new findings deepening and widening their knowledge gained within the study of the basic course of macroeconomics. Students will achieve a more accurate orientation of the theoretical basis of the field and a higher level of understanding of its importance as a general basis and background of study of other economic and non-economic courses in particular specializations of the study programme. The course aims at, through deeper analysis of the determinants of the equilibrium production and the IS-LM model, detailed understanding of the significance of economic theory for the formation of effective economic policies at national and regional level. An explanation of the microeconomic foundation of curves of aggregate demand and aggregate supply will help to understand the principle of the AD-AS model and the fluctuation of macro-economic parameters (unemployment, inflation). Special attention will be paid to the problems of long-term economic growth as the basis for the analysis of economic growth and development at the regional level. The aim of the analyses of theoretical findings and their application to practice is to form students' skills for macroeconomic analysis of the economic life of the company and to predict its development. Students will develop their skills of effective economic thinking, decision making, and behavior.
Syllabus
  • 1. Conditions and context to determine equilibrium production - determine the conditions of equilibrium production in two-sectoral and three-sectoral model of the economy; the budget and the level of equilibrium
    2. The IS/LM model - the market of goods, and the IS curve; money market (assets) and the LM curve; the current equillibrium in the market of goods and money market (assets): the IS-LM model
    3. The IS-LM model and the effectiveness of monetary and fiscal policy
    4. The open economy and the determination of the equilibrium - net exports and the balance in the market of goods and services in the open economy; balance of payments, the BP curve and the equilibrium production
    5. Perfect capital mobility, fixed and flexible exchange rates; the basic problems of the determination of exchange rate in the long and short term; devaluation (depreciation), the current account and the level of income; interest rate parity condition and the determination of exchange rate in the short term on the international currency market; an outline of the monetarist concept of the determination of the exchange rate
    6. Aggregate demand and aggregate supply
    7. The theory of real economic cycle and New Keynesian economics
    8. Unemployment and its characteristics; Phillips curve
    9. Inflation and the growth rate of the real product
    10. Methods of inflation treatment
    11. Long-term economic growth - production function and the neoclassical model of long-term economic growth
    12. The Solow model, stable (permanent) status and technology. progress; the theory of endogenous economic growth
    During the course the following methods are used: informative receptive method, verbal methods (description, explanation), interpretation, demonstration (graphical representation, schemes, dynamic projection), heuristic and problem-solving methods.
Literature
    required literature
  • MANKIW, N. Gregory. Principles of Macroeconomics. Seventh Edition. Australia: CENTGAGE Learning, 2015. ISBN 978-1285165912. info
  • SAMUELSON, P. and W. NORDHAUS. Economics. 19th ed. International ed. Boston: McGraw-Hill/Irwin, 2010. ISBN 978-00-712-6383-2. info
    recommended literature
  • MCCONNELL, C. R., S. L. BRUE and S. M. FLYNN. Macroeconomics: principles, problems, and policies. 20th ed. New York, NY: McGraw-Hill Education, 2015. ISBN 978-0077660772. info
  • DORNBUSCH, R. and S. FISCHER. Macroeconomics. 5th. ed. New York: McGraw Hill, 1990. ISBN 978-00-710-0696-6. info
Language of instruction
English
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
  • Enrolment Statistics (recent)
  • Permalink: https://is.mvso.cz/course/mvso/winter2020/XAM2