ESF:D_MA Macroeconomics - Course Information

D_MA Macroeconomics

Extent and Intensity

24/0. 5 credit(s). Type of Completion: zk (examination).

Teacher(s)

prof. Ing. Miloš Mach, CSc. (lecturer)

Guaranteed by

prof. PhDr. Kamil Fuchs, CSc.
Department of Economics – Faculty of Economics and Administration
Contact Person: prof. PhDr. Kamil Fuchs, CSc.

Timetable

Tue 21. 4. 9:15–16:00 S307, Tue 28. 4. 9:15–16:00 N, Tue 19. 5. 9:15–16:00 N

Course Enrolment Limitations

The course is only offered to the students of the study fields the course is directly associated with.

fields of study / plans the course is directly associated with

there are 6 fields of study the course is directly associated with, display

Course objectives

The analysis deals with the following issues: Determinants ensuring the present equilibrium on the market of goods and services and on the money market in the IS-LM model. Efficiency of fiscal policy based on the IS-LM model and crowding out effect. Efficiency of monetary policy and Keynesian transmission mechanism. The complete Keynesian system and the IS-LM model. Net exports, equilibrium of the balance of payments and the BP curve. Perfect and imperfect capital mobility. Determinants of aggregate demand and equilibrium production in the open economy. Floating rate and the BP curve. Effects of fiscal and monetary policies in various situations of the capital mobility in the floating exchange rate system. Actual exchange rate. Interest rate parity and determination of the short-run exchange rate on the international exchange markets. Nominal and real interest rates and the rate of inflation. The Monetarist concept of balance of payments equilibrium. Aggregate supply and its derivation from the IS-LM model. Classical aggregate supply curve and effects of fiscal and monetary expansion. Keynesian curve of the short-run aggregate supply and short and long run effects of fiscal and monetary expansion to the price level and product. The Lucas aggregate supply curve. The theory of real economic cycle. The AD-AS model in the open economy, exogenous economic shocks and the price levels. Short and long run Phillips curve. Short run dynamic aggregate supply curve and the expanded Phillips curve. Long run aggregate supply curve. Derivation and characteristics of the dynamic aggregate supply SP and the dynamic aggregate demand DG. Determination of the inflation rate and the growth rate of the real product under the assumption of the adaptive method creating the expected inflation. Adaptation and rational expectations. Methods of inflation treatment. Disinflation costs and sacrifice coefficient. Long-run economic growth. Production function and the neoclassical model of long-run economic growth. Average productivity of labour. Economies of scale. Capital intensity and production function. Intensive production function. Capital coefficient. The Sollow model, stable state as a long-run equilibrium constant growth rate of product, capital and labour. Optimum growth and the golden rule of capital growth. Neoclassical growth model and product distribution. Long-run economic growth with technical progress increasing work. Neutral technical progress and economic growth model. Political, legal and other institutional conditions of economic growth. The theory of transactional money demand. The Baumol and Tobin model of money demand. Friedman s reformulation of quantitative theory and money demand. Contemporary theory of money demand.

Language of instruction

Czech

Further comments (probably available only in Czech)

Information on completion of the course: Zkoušku složit do konce zkouškového období
The course can also be completed outside the examination period.
The course is taught annually.
Information on the extent and intensity of the course: 24 hodin za semestr.

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• Permalink: https://is.muni.cz/course/econ/spring2009/D_MA