Course detail

Macroeconomics

FSI-HMKAcad. year: 2015/2016

The course focuses on the understanding of entire economy functioning. The relations among product, services and labour markets on one hand and assets of the given economy on the other hand are explained. Also dealt with is the influence on consumption, investments, inflation rate and unemployment, measurement of economic output and its long term growth, issues related to the economic cycle, fiscal and monetary policy as well as present economic problems. Also discussed are the modern economic theories and their methods of solution of key economic problems.

Language of instruction

Czech

Number of ECTS credits

6

Mode of study

Not applicable.

Guarantor

Ing. Vladimíra Bayerová, Ph.D.

Department

Institute of Manufacturing Technology (ÚST)

Learning outcomes of the course unit

After finishing the course students should be able: To understand theoretical basis and principles of macroeconomics. To understand the functioning of the national economy mechanism and its equilibrium, interconnection of the national economy and the world economy and their influences on particular businesses and achieving key managerial objectives. To understand how the managerial tasks are being accomplished in the national economy. To work out analytic and synthetic managerial information related to the national economy and apply it when making key managerial decisions. To use critical and analytical way of thinking in the managerial processes underlying the operation and strategic development of business activity within national and world economy.

Prerequisites

The prerequisite for studying the subject are general economic knowledge and general knowledge.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

The course is taught through lectures explaining the basic principles and theory of the discipline. Exercises are focused on practical topics presented in lectures.

Assesment methods and criteria linked to learning outcomes

Student gets credit if receives at least 15 points out of 30 points awarded for seminars and to a 75% attendance at seminars. Points will be awarded for a semester work, its presentation and test. The requirement for final exam is knowledge of the course and obtained credit. The final exam is written. It takes into account a comprehensive knowledge of macroeconomics, in all material respects.
The scale of the resulting classification
(max.30 from seminars, 70 points student from exam, total 100 points)
A: 90-100 points
B: 80-89 points
C: 70-79 points
D: 60-69 points
E: 50-59 points
F: less than 50 points

Course curriculum

1. Introduction to macroeconomics. Development of economic theory.
2. Market, market mechanism. Types of market structures.
3. Aggregate supply, aggregate demand. Model AS-AD. Growth and decline in AD and AS, aggregate spending, the slope of the AS curve.
4. Measurement of economic output, GDP, GNP, national income.
5. The concept of macroeconomic equilibrium models - classical, Keynesian, Neokeynesian compromise.
6. Monetary aggregates, monetary theory, money multiplier, equilibrium changes in the money market.
7. Labour market, unemployment. Equilibrium in the labour market, unemployment, unemployment forms.
8. Inflation, types of inflation, inflation and unemployment.
9. The theory of the business cycle and economic growth.
10. Fiscal policy - state budget, public finance, built-in stabilizers, discrete measures, expansive and restrictive fiscal policy.
11. Monetary policy. Tools and objectives of monetary policy, expansive and restrictive monetary policy.
12. Macroeconomic goals, the effectiveness of economic policy, magic polygons, functions of the state in the economy.
13. Theory of international trade, external trade and monetary policy, free trade, protectionism, exchange rate development.

Work placements

Not applicable.

Aims

The main objective of the course is to provide students with the knowledge of macroeconomics on the level required at higher education institutions of economic specialisation. Understanding of macroeconomic relations and connections, terms and necessary theoretical fundaments as well as understanding of possibilities and economic policy of the government.

Specification of controlled education, way of implementation and compensation for absences

Control of students’ attendance and results is fully in competence of the teacher. The course-unit credit is conditional on elaboration and presentation of a seminar project and successful completion of a credit test.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

KUČEROVÁ, V. Makroekonomie 1. Brno: CERM, 2013. 126 s. ISBN: 978-80-214-4798- 1.
SAMUELSON, P.A.; NORDHAUS, W.D. Ekonomie. 18.vyd. Praha: NS SVOBODA, 2010. 775 s. ISBN 80-205-0590-3. (CS)
HOLMAN,R. a kol. Ekonomie. 5. vydání. Praha: C. H. Beck, 2011. 720 s. ISBN 978-80-7400-006-5. (CS)
Pontus Rendahl; Fiscal Policy in an Unemployment Crisis, The Review of Economic Studies, Volume 83, Issue 3, 1 July 2016, Pages 1189–1224, https://doi.org/10.1093/restud/rdv058 (EN)

Recommended reading

JUREČKA, V. a kol. Makroekonomie. 1. vyd. Praha: Grada, 2010. 332 s. ISBN 978-80-247-3258-9.
LIŠKA,V a kol. Makroekonomie , 2.vyd. Praha, Professional Publishing, 2004,928s., ISBN 80-86419-51-1
SOUKUP, J., POŠTA, V. a kol. Makroekonomie. 2. vyd. Praha: Management Press, 2010. 518 s. ISBN 978-80-7261-219-2.

Classification of course in study plans

  • Programme M2I-P Master's

    branch M-STM , 1. year of study, summer semester, compulsory-optional
    branch M-STM , 1. year of study, summer semester, compulsory

Type of course unit

 

Lecture

26 hours, optionally

Teacher / Lecturer

doc. Ing. Marek Zinecker, Ph.D.

Syllabus

Topics of lectures are the following:
- Introduction to macroeconomics. Outline of development of macroeconomic theories
- Market, market mechanism. Uneven, ineffective, unequal and unstable markets, types of market structures.
- Aggregate supply, aggregate demand. Growth and fall of aggregate demand and supply, aggregate expenditures, gradient of aggregate supply curve.
- Measuring performance of economy, national product, GNP.
- Conception of macroeconomic equilibrium, models - classical, Keynesian, Neokeynesian compromise.
- Monetary aggregates, monetary theory, money multiplier, equilibrium changes on money markets.
- Labour market, unemployment. Equilibrium and labour market, unemployment rate, forms of unemployment.
- Inflation, types of inflation, inflation and unemployment.
- Economic growth, growth models, theories of economic cycle.
- Fiscal policy - state budget, public finance, built-in stabilisers, discrete measures, expansive and restrictive fiscal policy.
- Monetary policy. Tools and aims of monetary policy, expansive and restrictive monetary policy.
- Aims of macroeconomics, effectiveness of economic policy, magical n-squares, and function of state in the economy.
- Theory of international trade, external monetary and trade policy, free trade, protectionism. International money market, international monetary system, development of monetary rates, IMF, WB, EMS.
The seminars are focused on practising the lectured topics.

Exercise

26 hours, compulsory

Teacher / Lecturer

Ing. Jaroslav Rompotl

Syllabus

The seminars are focused on practising the lectured topics.

Introduction to macroeconomics. Outline of development of macroeconomic theories
- Market, market mechanism. Uneven, ineffective, unequal and unstable markets, types of market structures.
- Aggregate supply, aggregate demand. Growth and fall of aggregate demand and supply, aggregate expenditures, gradient of aggregate supply curve.
- Measuring performance of economy, national product, GNP.
- Conception of macro economy equilibrium, models - classical, Keynesian, Neokeynesian compromise.
- Money aggregates, money theory, money multiplicator, equilibrium changes on money markets.
- Labour market, unemployment. Equilibrium and labour market, unemployment rate, forms of unemployment.
- Inflation, types of inflation, inflation and unemployment.
- Economic growth, growth models, theories of economic cycle.
- Fiscal policy - state budget, public finance, built-in stabilisers, discrete measures, expansive and restrictive fiscal policy.
- Monetary policy. Tools and aims of monetary policy, expansive and restrictive monetary policy.
- Aims of macroeconomics, effectiveness of economic policy, magical n-squares, and function of state in the economy.
- Theory of international trade, external monetary and trade policy, free trade, protectionism. International money market, international monetary system, development of monetary rates, IMF, WB, EMS.