NE_MAE Macroeconomics – for Master study programme

Institute of Technology and Business in České Budějovice
summer 2020
Extent and Intensity
2/2/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
doc. Ing. Simona Hašková, Ph.D. (lecturer)
Ing. Pavel Rousek, Ph.D. (seminar tutor)
prof. Ing. Marek Vochozka, MBA, Ph.D., dr. h.c. (seminar tutor)
Guaranteed by
prof. Ing. Tomáš Klieštik, PhD.
School of Expertness and Valuation – Rector – Institute of Technology and Business in České Budějovice
Supplier department: School of Expertness and Valuation – Rector – Institute of Technology and Business in České Budějovice
Timetable of Seminar Groups
NE_MAE/NE1: Sun 22. 3. 13:05–14:35 B1, 14:50–16:20 B1, Sat 18. 4. 11:25–12:55 B1, 13:05–14:35 B1, Sun 3. 5. 8:00–9:30 B1, 9:40–11:10 B1, Sun 17. 5. 9:40–11:10 B1, 11:25–12:55 B1, S. Hašková, P. Rousek
NE_MAE/P01: Tue 9:40–11:10 D616, S. Hašková, M. Vochozka
NE_MAE/S01: Thu 11:25–12:55 N011, P. Rousek
Course Enrolment Limitations
The course is also offered to the students of the fields other than those the course is directly associated with.
fields of study / plans the course is directly associated with
Course objectives supported by learning outcomes
The aim of the course is to deepen students' knowledge resulting from basic course of macroeconomics and provide them with a theoretical basis needed for applied economic disciplines, and to serve students an overview of current events in the field of macroeconomics so that they understand important contexts and relationships of macroeconomic aggregates.
Learning outcomes
Upon successful completion of the course, the student:
- understands key macroeconomic models,
- recognizes different theoretical approaches explaining the main ones macroeconomic variables,
- applies macroeconomic models to understand real development economy,
- identifies the main causes of economic cycles and economic growth,
explain the causes of exchange rate developments and assess its impact on the real economy,
- assess the ability of the government and central bank to influence the economy in the short and long term,
- applies basic macroeconomic models to real events in the economy,
- assess the development of basic macroeconomic indicators.
Syllabus
  • Lectures
  • 1. Basic terminology, consumption function, macroeconomic balance in two-sector model of economics.
  • 2. Macroeconomic balance in three- and four-sector model of economics.
  • 3. Equilibrium on the goods and services market – IS curve. Macroeconomic investment function.
  • 4. Equilibrium on the money market – LM curve.
  • 5. Analysis of IS – LM and effects of fiscal and monetary politics.
  • 6. BP curve – open economics. Model IS-LM-BP. Effects of fiscal and monetary politics.
  • 7. Economic growth and economic development.
  • 8. Aggregate demand.
  • 9. Aggregate supply.
  • 10. Business cycles.
  • 11. Money market, inflation, transmission mechanism.
  • 12. Labour market, natural unemployment rate, wage rigidity.
  • 13. Costs related to inflation and unemployment.

    Seminars
  • 1. Consumption function in the short and long term – Permanent Income hypothesis, Life-cycle hypothesis. Multiplier. Macroeconomic identity in two-sector model.
  • 2. Equlibrium, multiplier and identity in three- and four-sector economy model.
  • 3. Investment function. Graphical derivation of IS curve. IS curve equation. Position, slope and points outside the IS curve.
  • 4. Money market and market of other financial assets. Graphical derivation of LM curve. LM curve equation. Position, slope and points outside the LM curve.
  • 5. Equilibrium in IS-LM model – graphical and mathematical derivation. Multiplier of fiscal and monetary policy. Displacement effect – classic example, liquidity trap.
  • 6. Balance of payments, capital mobility in the conditions of fixed and flexible exchange rates. Graphical derivation of BP curve.
  • 7. Neoclassical growth model. Endogennous growth theory. Growth accounting and Cobb-Douglas production function. Supply side economics.
  • 8. Graphical and mathematical derivation of aggregate demand from the IS-LM model. Deflationary situation impotence. Keynes and Pigou effect. Slope, position and points outside the AD curve.
  • 9. Classical and Keynesian curve of aggregate supply and policy of its influencing. Lucas curve.
  • 10. Monetary and real cycles. Neo-Keynesian and Neoclassical concepts of economic cycles.
  • 11. Demand for money. Money creation and money supply. Balance on money market and transmission mechanism. Theory of money holding. Income rate of money turnover. Inflation. Okun´s law. Cost inflation.
  • 12. Unemployment. Production function and labour demand. Phillips curve.
  • 13. Costs related to unemployment. Anticipated inflation. “Scuffed soles” costs. Menu cost.

Literature
    required literature
  • HOLMAN, R., 2010. Makroekonomie: středně pokročilý kurz. 2. vyd. Praha: C. H. Beck. ISBN 978-80-7179-861-3.
  • MACH, M., 2001. Makroekonomie II: pro magisterské (inženýrské) studium. 3. vyd. Slaný: Melandrium. ISBN 80-86175-18-9.
Forms of Teaching
Lecture
Seminar
Teaching Methods
Frontal Teaching
Group Teaching - Cooperation
Brainstorming
Critical Thinking
Individual Work– Individual or Individualized Activity
Teaching Supported by Multimedia Technologies
Student Workload
ActivitiesNumber of Hours of Study Workload
Daily StudyCombined Study
Course exam22
Preparation for the Mid-term Test1336
Preparation for Lectures13 
Preparation for Seminars, Exercises, Tutorial2426
Preparation for the Final Test2448
Final exam22
Attendance on Lectures26 
Attendance on Seminars/Exercises/Tutorial/Excursion2616
Total:130130
Assessment Methods and Assesment Rate
Essay 70 %
Elaborát (in Czech) 30 %
Exam conditions
Final test for max. 100 points, elaboration of the paper for max. 30 points / bonus points (3 tasks of 10 points - related to topics 1-6 according to the syllabus). Note the teacher assigns the paper in the 7th week of the week, the students of the PRESENT STUDY hand in the elaborated papers in the 10th week of the course; Students of the COMBINED STUDY submit the elaborated papers in the 13th week of teaching. Students can earn a maximum of 100 points from the final test and a maximum of 30 bonus points per paper. Students submit the paper electronically to the delivery room in the IS.
Language of instruction
Czech
Further comments (probably available only in Czech)
The course is taught annually.
The course is also listed under the following terms summer 2021, summer 2022, SUMMER 2023, summer 2024.
  • Enrolment Statistics (summer 2020, recent)
  • Permalink: https://is.vstecb.cz/course/vste/summer2020/NE_MAE