MACRO I SEMINARS START IN THE SECOND WEEK OF THE SEMESTER => NO SEMINARS MONDAY AND WEDNESDAY IN THE FIRST WEEK OF THE SEMESTER.
PLEASE NOTE THAT THE ONLINE VERSION OF THE COURSE IS ONLY AVAILABLE FOR STUDENTS WHO ARE OBJECTIVELY UNABLE TO MAKE IT TO PRAGUE ON TIME (VISA ISSUES FOR INSTANCE).
***********************************************************************************************************************************************************************
Feel free to contact Martin Janíčko at janicko@mnd.cz or Tomáš Pokorný at tomaspokorny5@gmail.com if you have any questions about the syllabus or similar.
For any other questions, related to the course, examination, materials etc., please contact Tomáš Fencl at tomas.fencl@fsv.cuni.cz.
MIDTERM: The midterm exam will be held on Friday, November 20, at 14:00 CET in two separate rooms that will be specified later. No need to register but please bring your ID card with you.
The content of the exam will include first seven lectures and seven seminars and the exam itself should last approximately 60 minutes. There will be only one term.
For those who are unable to attend for medical reasons and who provide a doctor's note to prove it, the weight of the Final Exam will be adjusted accordingly (to 90 per cent of the total).
This course offers an in-depth exploration of macroeconomic theory and its application to contemporary macroeconomic issues. Structured around key macroeconomic questions, the course seeks to provide students with a robust understanding of the forces shaping national and global economies. Key topics include:
• What is the system of national accounts about? Why measurements matter? Which national accounts indicators and aggregates are used for which purposes?
• Economic Divergence: Why do significant disparities in wealth persist across countries? What drives economic growth in some nations while others remain trapped in poverty?
• Labor Market Dynamics: Why is unemployment persistent in certain economies, and what factors prevent full employment? How do wages and labor market policies affect employment levels?
• Inflation: What are the root causes of inflation? How should inflation be managed, and what are the trade-offs between inflation control and other macroeconomic objectives?
• What is the theory behind the aggregate supply? Why is the AS curve generally upward sloping? What is the difference between short term and long term?
• What are the main drivers behind household consumption? How stable consumption can be? How do we expect exogenous shocks to change it?
• What are the main drivers of fixed investment? What are the main balancing mechanisms of it? How volatile can investment be and why?
Not allowed: AI-generated final text, figures, code, or clear solutions. Close paraphrasing AI output still counts as AI-written.
Disclosure: Students will add an “AI Use Note” listing tools + purpose (e.g., “found datasets; clarified flow basics, discussion”).
Ownership: Students must be able to explain and reproduce all work without AI.
Exams: No AI or internet use on any exams. It's a closed-book exam.
Integrity: Violations follow university policy (can lead to grade penalties up to failure).
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (04.10.2026)
IMPORTANT:
MACRO I SEMINARS START IN THE SECOND WEEK OF THE SEMESTER => NO SEMINARS MONDAY AND WEDNESDAY IN THE FIRST WEEK OF THE SEMESTER.
PLEASE NOTE THAT THE ONLINE VERSION OF THE COURSE IS ONLY AVAILABLE FOR STUDENTS WHO ARE OBJECTIVELY UNABLE TO MAKE IT TO PRAGUE ON TIME (VISA ISSUES FOR INSTANCE).
***********************************************************************************************************************************************************************
Feel free to contact Martin Janíčko at janicko@mnd.cz or Tomáš Pokorný at tomaspokorny5@gmail.com if you have any questions about the syllabus or similar.
For any other questions, related to the course, examination, materials etc., please contact Tomáš Fencl at tomas.fencl@fsv.cuni.cz.
MIDTERM: The midterm exam will be held on Friday, November 20, at 14:00 CET in two separate rooms that will be specified later. No need to register but please bring your ID card with you.
The content of the exam will include first seven lectures and seven seminars and the exam itself should last approximately 60 minutes. There will be only one term.
For those who are unable to attend for medical reasons and who provide a doctor's note to prove it, the weight of the Final Exam will be adjusted accordingly (to 90 per cent of the total).
This course offers an in-depth exploration of macroeconomic theory and its application to contemporary macroeconomic issues. Structured around key macroeconomic questions, the course seeks to provide students with a robust understanding of the forces shaping national and global economies. Key topics include:
• What is the system of national accounts about? Why measurements matter? Which national accounts indicators and aggregates are used for which purposes?
• Economic Divergence: Why do significant disparities in wealth persist across countries? What drives economic growth in some nations while others remain trapped in poverty?
• Labor Market Dynamics: Why is unemployment persistent in certain economies, and what factors prevent full employment? How do wages and labor market policies affect employment levels?
• Inflation: What are the root causes of inflation? How should inflation be managed, and what are the trade-offs between inflation control and other macroeconomic objectives?
• What is the theory behind the aggregate supply? Why is the AS curve generally upward sloping? What is the difference between short term and long term?
• What are the main drivers behind household consumption? How stable consumption can be? How do we expect exogenous shocks to change it?
• What are the main drivers of fixed investment? What are the main balancing mechanisms of it? How volatile can investment be and why?
Not allowed: AI-generated final text, figures, code, or clear solutions. Close paraphrasing AI output still counts as AI-written.
Disclosure: Students will add an “AI Use Note” listing tools + purpose (e.g., “found datasets; clarified flow basics, discussion”).
Ownership: Students must be able to explain and reproduce all work without AI.
Exams: No AI or internet use on any exams. It's a closed-book exam.
Integrity: Violations follow university policy (can lead to grade penalties up to failure).
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (04.10.2026)
Aim of the course -
Students will master the core ideas of macroeconomics and the tools to debate the forces that shape economies. From the drivers of inflation and the sources of economic growth to price stickiness and patterns in consumption and investment, the course equips students to analyse, and engage with, many challenges of today’s macroeconomy.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (13.09.2026)
Students will master the core ideas of macroeconomics and the tools to debate the forces that shape economies. From the drivers of inflation and the sources of economic growth to price stickiness and patterns in consumption and investment, the course equips students to analyse, and engage with, many challenges of today’s macroeconomy.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (13.09.2026)
Course completion requirements -
60% of the grade: Final exam
30% of the grade: Midterm exam
10% of the grade: Problem sets (One HW Assignment)
Pass: 50% of total points AND 50% of the final exam. Submission of the Problem sets is not mandatory.
Grading:
91-100% => A
81-90% => B
71-80% => C
61-70% => D
51-60% => E
0-50% => F
################### FINAL EXAM ######################
The final exam will take place in the exam period.
#################################################
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (13.09.2026)
60% of the grade: Final exam
30% of the grade: Midterm exam
10% of the grade: Problem sets (One HW Assignment)
Pass: 50% of total points AND 50% of the final exam. Submission of the Problem sets is not mandatory.
Grading:
91-100% => A
81-90% => B
71-80% => C
61-70% => D
51-60% => E
0-50% => F
################### FINAL EXAM ######################
The final exam will take place in the exam period.
#################################################
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (13.09.2026)
Jones, C. I. (2020). Macroeconomics (5th Edition). W. W. Norton & Co.
Dornbusch, R., Fischer, S., & Startz, R. (2011). Macroeconomics (11th Edition). The McGraw-Hill Companies.
Supplementary:
Blanchard, O. (2021). Macroeconomics (8th Edition). Global Edition.
Papers (optional):
Solow, Robert M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1), 65–94. doi.org/10.2307/1884513.
Cobb, Charles W., & Douglas, Paul H. (1928). A theory of production. American Economic Review, 18(1), 139–165.
Mankiw, N. Gregory, Romer, David, & Weil, David N. (1992). A contribution to the empirics of economic growth. Quarterly Journal of Economics, 107(2), 407–437. doi.org/10.2307/2118477.
Romer, Paul M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), S71–S102. doi.org/10.1086/261720.
Aghion, Philippe, & Howitt, Peter. (1992). A model of growth through creative destruction. Econometrica, 60(2), 323–351. doi.org/10.2307/2950754.
Jones, Charles I. (1995). R&D-based models of economic growth. Journal of Political Economy, 103(4), 759–784. doi.org/10.1086/262002.
Hall, Robert E. (1978). Stochastic implications of the life cycle–permanent income hypothesis: Theory and evidence. Journal of Political Economy, 86(6), 971–987. doi.org/10.1086/260724.
Friedman, Milton. (1957). A Theory of the Consumption Function. Princeton University Press.
Campbell, John Y., & Mankiw, N. Gregory. (1989). Consumption, income, and interest rates: Reinterpreting the time series evidence. NBER Macroeconomics Annual, 4, 185–216.
Jorgenson, Dale W. (1963). Capital theory and investment behavior. American Economic Review, 53(2), 247–259. doi.org/10.1257/aer.53.2.247.
Tobin, James. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15–29.
Hayashi, Fumio. (1982). Tobin’s marginal q and average q: A neoclassical interpretation. Econometrica, 50(1), 213–224.
Phillips, A. W. (1958). The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861–1957. Economica, 25(100), 283–299. doi.org/10.1111/j.1468-0335.1958.tb00003.x.
Friedman, Milton. (1968). The role of monetary policy. American Economic Review, 58(1), 1–17.
Phelps, Edmund S. (1967). Phillips curves, expectations of inflation and optimal unemployment over time. Economica, 34(135), 254–281.
Calvo, Guillermo A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12(3), 383–398. doi.org/10.1016/0304-3932(83)90060-0.
Mankiw, N. Gregory. (1985). Small menu costs and large business cycles: A macroeconomic model. Quarterly Journal of Economics, 100(2), 529–538.
Mankiw, N. Gregory, & Reis, Ricardo. (2002). Sticky information versus sticky prices: A proposal to replace the New Keynesian Phillips curve. Quarterly Journal of Economics, 117(4), 1295–1328.
Diamond, Peter A., & Mirrlees, James A. (1971). Optimal taxation and public production I & II. American Economic Review, 61(1 & 3), 8–27 & 261–278.
Mortensen, Dale T., & Pissarides, Christopher A. (1994). Job creation and job destruction in the theory of unemployment. Review of Economic Studies, 61(3), 397–415.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (13.09.2026)
Jones, C. I. (2020). Macroeconomics (5th Edition). W. W. Norton & Co.
Dornbusch, R., Fischer, S., & Startz, R. (2011). Macroeconomics (11th Edition). The McGraw-Hill Companies.
Supplementary:
Blanchard, O. (2021). Macroeconomics (8th Edition). Global Edition.
Papers (optional):
Solow, Robert M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1), 65–94. doi.org/10.2307/1884513.
Cobb, Charles W., & Douglas, Paul H. (1928). A theory of production. American Economic Review, 18(1), 139–165.
Mankiw, N. Gregory, Romer, David, & Weil, David N. (1992). A contribution to the empirics of economic growth. Quarterly Journal of Economics, 107(2), 407–437. doi.org/10.2307/2118477.
Romer, Paul M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), S71–S102. doi.org/10.1086/261720.
Aghion, Philippe, & Howitt, Peter. (1992). A model of growth through creative destruction. Econometrica, 60(2), 323–351. doi.org/10.2307/2950754.
Jones, Charles I. (1995). R&D-based models of economic growth. Journal of Political Economy, 103(4), 759–784. doi.org/10.1086/262002.
Hall, Robert E. (1978). Stochastic implications of the life cycle–permanent income hypothesis: Theory and evidence. Journal of Political Economy, 86(6), 971–987. doi.org/10.1086/260724.
Friedman, Milton. (1957). A Theory of the Consumption Function. Princeton University Press.
Campbell, John Y., & Mankiw, N. Gregory. (1989). Consumption, income, and interest rates: Reinterpreting the time series evidence. NBER Macroeconomics Annual, 4, 185–216.
Jorgenson, Dale W. (1963). Capital theory and investment behavior. American Economic Review, 53(2), 247–259. doi.org/10.1257/aer.53.2.247.
Tobin, James. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15–29.
Hayashi, Fumio. (1982). Tobin’s marginal q and average q: A neoclassical interpretation. Econometrica, 50(1), 213–224.
Phillips, A. W. (1958). The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861–1957. Economica, 25(100), 283–299. doi.org/10.1111/j.1468-0335.1958.tb00003.x.
Friedman, Milton. (1968). The role of monetary policy. American Economic Review, 58(1), 1–17.
Phelps, Edmund S. (1967). Phillips curves, expectations of inflation and optimal unemployment over time. Economica, 34(135), 254–281.
Calvo, Guillermo A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12(3), 383–398. doi.org/10.1016/0304-3932(83)90060-0.
Mankiw, N. Gregory. (1985). Small menu costs and large business cycles: A macroeconomic model. Quarterly Journal of Economics, 100(2), 529–538.
Mankiw, N. Gregory, & Reis, Ricardo. (2002). Sticky information versus sticky prices: A proposal to replace the New Keynesian Phillips curve. Quarterly Journal of Economics, 117(4), 1295–1328.
Diamond, Peter A., & Mirrlees, James A. (1971). Optimal taxation and public production I & II. American Economic Review, 61(1 & 3), 8–27 & 261–278.
Mortensen, Dale T., & Pissarides, Christopher A. (1994). Job creation and job destruction in the theory of unemployment. Review of Economic Studies, 61(3), 397–415.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (13.09.2026)
Teaching methods -
The lecture is accompanied by the seminars.
Lecture - Occurs every Thursday, 17:00 -18:20 (Room O109; Martin Janíčko and Tomáš Pokorný)
