VSFS:N_MTP Monetary Theory and Policy - Course Information

N_MTP Monetary Theory and Policy

Extent and Intensity

4/0. 7 credit(s). Type of Completion: zk (examination).

Teacher(s)

doc. Ing. Jaroslav Brada, Ph.D. (lecturer)
Ing. Vladimír Ezr, CSc. (lecturer)

Guaranteed by

prof. Dr. Ing. Jan Frait
Department of Finance – Departments – University of Finance and Administration
Contact Person: Lenka Pokorná

Timetable of Seminar Groups

N_MTP/pFPH: Mon 8:45–9:29 S11, Mon 9:30–10:15 S11, Mon 10:30–11:14 S11, Mon 11:15–12:00 S11, V. Ezr
N_MTP/vFPH: Sat 14. 3. 8:00–9:30 S35, 9:45–11:15 S35, Fri 10. 4. 15:30–17:00 S24, 17:15–18:45 S24, Fri 24. 4. 15:30–17:00 S11, 17:15–18:45 S11, V. Ezr

Prerequisites

There are no prerequisites for this course.

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

• Finance and Financial Services (programme VSFS, N-HPS) (2)

Course objectives

The aim of the course is to explain to students function of monetary policy, its objectives and the basic types of strategies for its implementation. At the end of this course the student will be able to understand the basic orientation of the   theoretical assumptions and principles of monetary policy in   Following two basic directions of theoretical macroeconomic theory, Keynesian and monetarist. Students will be able to explain the role of monetary policy in a contemporary system   economic policies and characterize the objectives pursued by the central bank. Conception and breadth of these goals varies   various stages and between countries, in   modern conditions is a key aim has always stability of the price level.   To achieve this goal, the central bank chooses monetary policy strategy (monetary policy regime), which is based on a specific nominal macroeconomic variable, anchoring price developments, ie the nominal anchor. Just type chosen by the anchor distinguish basic monetary policy regimes, which are subject to more detailed interpretation and deeper study.   It is a targeting money supply, inflation targeting, exchange rate targeting and modes   only implicit anchor (formally unspecified). The final part of the course is focused on the discussion of inflation targeting, the CNB's monetary policy strategy, and evaluate its implementation in   the Czech economy. Course objectives apply to the combined study

Syllabus

• 1) Characteristics of monetary policy and its theoretical basis. 2) The position of monetary policy in the   system of economic policies. Discussion   what and what term monetary policy can affect and what is not. 3) The objectives of monetary policy, why price stability. Price stability should be the sole objective of monetary policy, or in combination with     other economic policy objectives. Examples of solutions in   conditions of contemporary economies. 4) Options Strategies (monetary policy regimes) the central banks to achieve specific goals in   the field of monetary policy. Characteristics of their relative strengths and limitations. 5) Specification of the implementation of such strategies on the example of the Czech economy, development stage CNB's monetary policy, their causes and evaluating the experience. 6) The inflation targeting and its implementation in the Czech economy  , prerequisites for the application, the types of goals, roles forecasts, inflation expectations, monetary policy transparency and communication with the public   7) The transmission mechanism: clarification process, monetary policy decisions central bank (  controlled changes in interest rates, respectively.   In the monetary base) in the decision-making of economic agents and the macroeconomic functioning economy. 8) Comparison of monetarist and Keynesian understanding of the transmission mechanism, transmission channels, expectation of economic agents, credibility of the central bank, the consequences of time delays and exogenous factors and shocks. 9) The instrumental apparatus of modern central banks, the resolution of the instruments of direct control and indirect management tools, their advantages and limitations. 10) Developmental stages in the use of the tool system, an example of the Czech economy. Indirect management tools, their types and trends in   their use. 11) The nature and function of minimum reserve requirements, their role in the short and long   term. 12) Open market operations, the essence, the primary and secondary market, supplying and download liquidity advantages of open market operations of the   terms of monetary policy

Literature

required literature
• Mandel, M. – Tomšík, V.: Monetární ekonomie v malé otevřené ekonomice. Praha, Management Press, 2008
• Landorová, A.: Centrální bankovnictví. Liberec, Technická univerzita Liberec, 2007
• Hrnčíř M.: Měnová teorie a politika, VŠFS-Eupress 2010
• Pavlát, V.: Centrální bankovnictví. Praha, Vysoká škola finanční a správní, o.p.s.,
• Revenda, Z. a kol.: Peněžní ekonomie a bankovnictví. 4. vydání, Praha, Management Press,

Teaching methods

Teaching takes the form / lectures / seminars / workshops / full-time study / group consultations and managed in the form of study. Minimum mandatory attendance at seminars / workshops in full-time studies is 75%, the controlled group consultations in combined form 50%. Students who fail to meet the mandatory level of participation may be given during the semester additional study obligations (to the extent that will demonstrate academic achievement and acquired competencies necessary for successful completion of course).

Assessment methods

Termination method: The test, which has a written and oral, oral exam for graduation is a prerequisite for evaluation of at least "good" from   written

Language of instruction

Czech

Further comments (probably available only in Czech)

The course can also be completed outside the examination period.
Information on the extent and intensity of the course: 12 hodin KS/semestr.

• Enrolment Statistics (Summer 2015, recent)
  
• Permalink: https://is.vsfs.cz/course/vsfs/summer2015/N_MTP