BPE_HOP1 Economic Policy 1

Faculty of Economics and Administration
Autumn 2020
Extent and Intensity
2/0/0. 4 credit(s). Type of Completion: zk (examination).
Teacher(s)
prof. Ing. Martin Kvizda, Ph.D. (lecturer)
Ing. Tomáš Paleta, Ph.D. (lecturer)
prof. Ing. Antonín Slaný, CSc. (lecturer)
Mgr. Ing. Ondřej Špetík, Ph.D. (lecturer)
Guaranteed by
prof. Ing. Martin Kvizda, Ph.D.
Department of Economics – Faculty of Economics and Administration
Contact Person: Mgr. Jarmila Šveňhová
Supplier department: Department of Economics – Faculty of Economics and Administration
Timetable
Wed 12:00–13:50 P101
Prerequisites
Previous completing of Macroeconomics 1 and Microeconomics 1 is supposed. The course is intended for the first grade of full-time studies in all fields of study at the faculty.
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
The course is designed to create the learning environment for mastering the economic theory policy and also for acquiring practical knowledge. It enables students to grasp the problems of the role of the government in market economy, formulating and checking general rules governing economic system operations, activities of the decision-making centre etc. The course has a synthetizing character and leads to a deeper understanding of continuity of the courses studied at Stage One of study. It provides the basis for studying the related subjects at Stage Two. The main subject matter is as follows: theory and practice of economic policy, methodical, normative and institutional foundations of economic policy, objectives, instruments and subjects of economic policy, decisions and recommendations of economic policy, macroeconomic policy and basic rules of regulation, microeconomic policy and forms of microeconomic regulation.
Learning outcomes
The absolvents will be able to:
* to understand the basic tendencies of economic systems development;
* to learn historical context of national economies' co-ordination from macroeconomic point of view;
* to analyze basic macroeconomic as well as microeconomic contingencies of the government's activities;
* to delineate and analyze benefits and costs of state regulation.
Syllabus
  • 1. Economic policy making within democratic society. Theory and practice in economic policy. Possibilities and limits of economic policy. Effectiveness and lagging of economic policy.
  • 2. Markets and the government. Government failure. Political ideologies. Lobby and its influence to economic policy making.
  • 3. Co-ordination of the economy and economic policy strategy. Central command economy and market economy. Indicative planning. Development of Czechoslovak/Czech economy and its reforms.
  • 4. Importance of information within economic policy, lagging. System of national accounts – principles, basic accounts. Macroeconomic analyses and prognosis – methods, utilization, validity.
  • 5. Interventionism in modern economic policy’s development. Theoretical resources of interventionism. Application in economic policy after WW2. Crisis of Keynesianism in 1970s.
  • 6. Neo-conservatism in modern economic policy’s development. Reasons of development and theoretical resources. Application in economic policy and evaluation.
  • 7. Structural policy. Structural changes and its reasons. Structural crises. Problems connected with structural-policy’s application.
  • 8. Stabilization policy. Economic fluctuations and targets of stabilization policy. Economic and political cycles. Costs and effectiveness of stabilization policy, accommodative policy. Relationships between monetary and fiscal policies and their co-ordination in theory and practice.
  • 9. Fiscal policy. Objectives of fiscal policy. Incomes and outgoings of public budgets. Resources of government spending, deficit, public debit, monetization of debit. Costs of government spending, effectiveness of fiscal policy.
  • 10. Monetary policy. Central bank independence – criteria of measurement and evaluation, legal forms of independence. Credibility, transparency, and responsibility of central bank. Independence of the Czech National Bank and the European Central Bank. Objectives of monetary policy, conformity of objectives of stabilization policy. Classification of central banks’ instruments, effectiveness and costs. Targets of monetary policy in the Czech Republic and in the EMU.
  • 11. External economic policy. Openness of economies, its measurement and impacts. Instruments of external economic policy. Relationships between internal and external equilibrium and possibilities of solving of disequilibrium. Balance of payments and its basic analysis. Exchange rate arrangements and external equilibrium.
  • 12. Antimonopoly policy – theory and practice. Comparison of theoretical resources of applied antimonopoly policy. Reasons and forms of contractions of competition, microeconomic and macroeconomic aspects. Cartels, merges.
  • 13. Social policy. Solidarity, objectives of social policy, state and public institutions. Comparison of theoretical resources of social policy. Forms of social policy. Costs and effectiveness of social policy. Social-market economy.
Literature
    required literature
  • SLANÝ, Antonín. Makroekonomická analýza a hospodářská politika (Macroeconomic Analysis and Economic Policy.). 1st ed. Praha: C. H. Beck, 2003, 380 pp. EU 22. ISBN 80-7179-738-3. info
  • TOMEŠ, Zdeněk, Libor ŽÍDEK, Petr MUSIL, Aleš FRANC, Martin CHROMEC, Soňa BALCÁRKOVÁ, Zuzana HRDLIČKOVÁ, Monika JANDOVÁ and Pavel KREJČIŘÍK. Hospodářská politika 1900-2007 (Economic policy 1900-2007). 1st ed. Praha: C.H.Beck, 2008, 262 pp. Beckovy ekonomické učebnice. ISBN 978-80-7400-002-7. info
  • BURDA, Michael C. and Charles WYPLOSZ. Macroeconomics : a European text. 3. ed. Oxford: Oxford University Press, 2001, xxiv, 572. ISBN 0198776500. info
  • Applied economics. Edited by Alan Griffiths - Stuart Wall. 10th ed. Harlow: Prentice-Hall, 2004, xviii, 868. ISBN 0273684329. info
Teaching methods
Lectures are based on case studies which extend the theoretical backgrounds.
Assessment methods
Final exam: written test (multiple-choice). The test consists of 40 questions, 50% of correct answers is needed to Passat. Oral exam: after passing the written test follows the oral exam.
Language of instruction
Czech
Follow-Up Courses
Further comments (probably available only in Czech)
Study Materials
The course is taught annually.
General note: Přednášky jsou dostupné online a ze záznamu.
Credit evaluation note: k = 1,0.
Teacher's information
https://is.muni.cz/auth/el/1456/podzim2015/BPE_HOP1/index.qwarp
The course is also listed under the following terms Autumn 2009, Autumn 2010, Autumn 2011, Autumn 2012, Autumn 2013, Autumn 2014, Autumn 2015, Autumn 2016, Autumn 2017, Autumn 2018, Autumn 2019, Autumn 2021, Autumn 2022, Autumn 2023, Autumn 2024.
  • Enrolment Statistics (Autumn 2020, recent)
  • Permalink: https://is.muni.cz/course/econ/autumn2020/BPE_HOP1