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)

prof. Ing. Marek Vochozka, MBA, Ph.D., dr. h.c. (lecturer)
prof. Ing. Tomáš Klieštik, PhD. (seminar tutor)
Ing. Pavel Rousek, Ph.D. (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/NE2: Sun 21. 3. 14:50–16:20 B2, 16:30–18:00 B2, Sun 4. 4. 16:30–18:00 B1, 18:10–19:40 B1, Sat 17. 4. 13:05–14:35 E1, 14:50–16:20 E1, Sun 16. 5. 8:00–9:30 E1, 9:40–11:10 E1, P. Rousek
NE_MAE/P01: Wed 8:00–9:30 B3, M. Vochozka
NE_MAE/S01: Fri 11:25–12:55 D616, P. Rousek
NE_MAE/S02: Fri 14:50–16:20 D616, 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

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
Assay/Preparation for the final exam	24	48
Course exam	2	2
Preparation for the Mid-term Test	13	36
Preparation for Lectures	13
Preparation for Seminars, Exercises, Tutorial	24	26
Final exam	2	2
Attendance on Lectures	26
Attendance on Seminars/Exercises/Tutorial/Excursion	26	16
Total:	130	130

Assessment Methods and Assesment Rate

Test – mid-term 30 %
Test – final 70 %
Essay 70 %

Language of instruction

Czech

Further comments (probably available only in Czech)

The course is taught annually.

• Enrolment Statistics (summer 2021, recent)
  
• Permalink: https://is.vstecb.cz/course/vste/summer2021/NE_MAE