This is the second part of the Macroeconomics course. At the intermediate level, it explores dynamic macroeconomic model of short-run fluctuations, and the IS-LM model as a framework for analysing macroeconomic dynamics. It also introduces the Mundell-Fleming model for open economies and the role of stabilization policies. The impact of government debt and deficits on economic growth is also given space to.
Through theoretical models and real-world applications, students are supposed to gain a deeper understanding of short-run economic fluctuations and policy responses. They will also develop basic quantitative skills to model aggregate economic phenomena.
Last update: Kovář Kamil, M.A., Ph.D. (13.02.2026)
This is the second part of the Macroeconomics course. At the intermediate level, it explores dynamic macroeconomic model of short-run fluctuations, and the IS-LM model as a framework for analysing macroeconomic dynamics. It also introduces the Mundell-Fleming model for open economies and the role of stabilization policies. The impact of government debt and deficits on economic growth is also given space to.
Through theoretical models and real-world applications, students are supposed to gain a deeper understanding of short-run economic fluctuations and policy responses. They will also develop basic quantitative skills to model aggregate economic phenomena.
Last update: Kovář Kamil, M.A., Ph.D. (13.02.2026)
Aim of the course -
Students will learn the fundamental concepts of macroeconomics, focusing on short-run fluctuations and policy responses. They will develop an understanding of aggregate demand and supply, the IS-LM model, fiscal and monetary policy, and open economy dynamics. By the end of the course, students will be able to analyze and discuss topics such as inflation dynamics, short-term economic fluctuations, the impact of government policies, and external imbalances.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (01.02.2025)
Students will learn the fundamental concepts of macroeconomics, focusing on short-run fluctuations and policy responses. They will develop an understanding of aggregate demand and supply, the IS-LM model, fiscal and monetary policy, and open economy dynamics. By the end of the course, students will be able to analyze and discuss topics such as inflation dynamics, short-term economic fluctuations, the impact of government policies, and external imbalances.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (01.02.2025)
Course completion requirements -
50% written exam at the end of the semester (in the exam period), 30% Midterm Exam, and 20% Two Assignments. Grading (A-F) is in line with the Dean's decree 17/2018.
Pass: have both 50% of total points AND 50% from the final exam AND submit at least one (out of a total of two) problem sets.
Midterm: Tuesday, April 7, at 18:30 CET, room O109.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (27.03.2026)
50% written exam at the end of the semester (in the exam period), 30% Midterm Exam, and 20% Two Assignments. Grading (A-F) is in line with the Dean's decree 17/2018.
Pass: have both 50% of total points AND 50% from the final exam AND submit at least one (out of a total of two) problem sets.
Midterm: Tuesday, April 7, at 18:30 CET, room O109.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (27.03.2026)
Literature -
Primary:
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.
Andrew Abel and Ben S. Bernanke. Macroeconomics (10th Edition). Global Edition
Papers (optional):
Hicks, John. (1981). "IS-LM": An Explanation. Journal of Post Keynesian Economics, Vol. 3, No. 2 (Winter, 1980-1981), pp. 139-154 (16 pages) Published By: Taylor & Francis, Ltd. https://www.jstor.org/stable/4537583.
Taylon, Lance (2004). Exchange rate indeterminacy in portfolio balance, Mundell–Fleming and uncovered interest rate parity models. Cambridge Journal of Economics, Volume 28, Issue 2, March 2004, Pages 205–227,https://doi.org/10.1093/cje/28.2.205.
Krugman, Paul. (2000). Thinking About the Liquidity Trap. Journal of the Japanese and International Economies, 14(4), 221-237.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (27.03.2026)
Primary:
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.
Andrew Abel and Ben S. Bernanke. Macroeconomics (10th Edition). Global Edition
Papers (optional):
Hicks, John. (1981). "IS-LM": An Explanation. Journal of Post Keynesian Economics, Vol. 3, No. 2 (Winter, 1980-1981), pp. 139-154 (16 pages) Published By: Taylor & Francis, Ltd. https://www.jstor.org/stable/4537583.
Taylon, Lance (2004). Exchange rate indeterminacy in portfolio balance, Mundell–Fleming and uncovered interest rate parity models. Cambridge Journal of Economics, Volume 28, Issue 2, March 2004, Pages 205–227,https://doi.org/10.1093/cje/28.2.205.
Krugman, Paul. (2000). Thinking About the Liquidity Trap. Journal of the Japanese and International Economies, 14(4), 221-237.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (27.03.2026)
Teaching methods -
Lectures are accompanied by seminars. One lecture and one seminar per week.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (01.02.2025)
Lectures are accompanied by seminars. One lecture and one seminar per week.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (01.02.2025)
Requirements to the exam -
50% written exam at the end of the semester, 20% for two homework assignments, and 30% Midterm Exam. At least one assignment has to be submitted, otherwise an F is given straight away.
Pass: have both 50% of total points AND 50% from the final exam AND submit at least one (out of a total of two) problem sets.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (27.03.2026)
50% written exam at the end of the semester, 20% for two homework assignments, and 30% Midterm Exam. At least one assignment has to be submitted, otherwise an F is given straight away.
Pass: have both 50% of total points AND 50% from the final exam AND submit at least one (out of a total of two) problem sets.
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (27.03.2026)
Syllabus -
Weeks 1-4: Dynamic model of aggregate demand and aggregate supply. (Jones, chapters 9-15, Mankiw chapter 15).
Weeks 5-6: Anatomy and causes of recession (Jones, Chapter 10).
Weeks 7-8: IS-LM Model (Mankiw, chapters 11-12) and IS-MP Model (Jones, chapter 12).
Week 9: Open Economy (Mankiw, chapter 6, Jones, chapters 19-20).
Weeks 10-11: Mundell-Fleming Model (IS * - LM* - BP*) (Makinw, chapters 6 and 13).
Weeks 12-13: Government finances and fiscal policy (Jones, chapter 18, Mankiw, chapter 19).
Last update: Janíčko Martin, PhDr. Ing., Ph.D. (02.05.2026)
