VŠTE:NE_MAE Macroeconomics – for Master st - Course Information

NE_MAE Macroeconomics – for Master study programme

Extent and Intensity

2/2/0. 5 credit(s). Type of Completion: zk (examination).

Teacher(s)

Ing. Pavel Rousek, Ph.D. (seminar tutor)
doc. Ing. Vojtěch Stehel, MBA, PhD. (seminar tutor)

Guaranteed by

doc. Ing. Vojtěch Stehel, MBA, 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/NE4: Sun 26. 3. 11:25–12:55 N121, 13:05–14:35 N121, 14:50–16:20 N121, Sun 21. 5. 8:00–9:30 N121, 9:40–11:10 N121, Sun 4. 6. 8:00–9:30 N121, 9:40–11:10 N121, 11:25–12:55 N121, P. Rousek, V. Stehel
NE_MAE/F01: Tue 8:00–9:30 E4, P. Rousek, V. Stehel
NE_MAE/S01: Wed 8:00–9:30 N004, 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

• Business Administration (programme VŠTE, N_PE) (2)

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
Tutorial
Consultation

Teaching Methods

Frontal Teaching
Group Teaching - Cooperation
Brainstorming
Critical Thinking
Individual Work– Individual or Individualized Activity
Teaching Supported by Multimedia Technologies

Student Workload

Activities	Number of Hours of Study Workload
	Daily Study	Combined Study
Preparation for the Mid-term Test	24	24
Preparation for Seminars, Exercises, Tutorial	20	56
Preparation for the Final Test	34	34
Attendance on Lectures	26
Attendance on Seminars/Exercises/Tutorial/Excursion	26	16
Total:	130	130

Assessment Methods and Assesment Rate

Test – final 70 %
Essay 30 %

Exam conditions

To successfully complete the course, it is necessary to achieve a total of at least 70% from the mid-term and final assessment under the conditions set out below. 30 points, i.e. 30%, can be obtained in the mid-term evaluation. A total of 70 points, i.e. 70%, can be obtained in the final assessment. Overall classification of the course (100-0), i.e. points for the final assessment (70 – 0) + points from the mid-term assessment (30 – 0): A 100 - 90, B 89.99 - 84, C 83.99 - 77, D 76.99 - 73, E 72.99 - 70, FX 69.99 - 30, F 29.99 - 0. A full-time student is obliged to attend contact classes incl. lectures to meet the mandatory 70% attendance. If attendance is not met, the student will automatically be graded "F".

Language of instruction

Czech

Further comments (probably available only in Czech)

The course is taught annually.

Teacher's information

Evaluation methods: mid-term evaluation in the form of an essay (30 points). Final evaluation in the form of a theoretical test (70 points + eventual bonus). In the case of a receiving of 50 to 70 points in the sum of the mid-term and final evaluation, the possibility of an additional oral examination. Attendance at classes in all forms is solved by a separate internal standard of VŠTE (Records of student attendance at VŠTE). During the study, the student is obliged to acquire the content of the essays of other students, which will serve as one of the additional study materials. At the same time, several essays will be assigned to the student whose production will show their evaluation in the form of the order of their quality and verbal justification of the assigned order.

Information for students with an individual study plan:

The student will use the study support for students of the combined study. The study support is accessible in IS VŠTE. It is a study guide that clarifies the goal of each topic, the target learning outcomes (competencies to be acquired by the student) and sources of information. However, the study support in no way replaces the compulsory or recommended literature of the course. As part of the course evaluation, the student will pass only the final test, which will be evaluated in the range of 0 - 100 points. The student will agree on a specific date and time for the examination period with the course guarantor by e-mail.

• Enrolment Statistics (SUMMER 2023, recent)
  
• Permalink: https://is.vstecb.cz/course/vste/summer2023/NE_MAE