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Monetary Economics - JEM027

Title:	Monetary Economics
Guaranteed by:	Institute of Economic Studies (23-IES)
Faculty:	Faculty of Social Sciences
Actual:	from 2022
Semester:	winter
E-Credits:	6
Examination process:	winter s.:
Hours per week, examination:	winter s.:2/2, Ex [HT]
Capacity:	50 / 50 (85)
Min. number of students:	unlimited
4EU+:	no
Virtual mobility / capacity:	no
State of the course:	taught
Language:	English
Teaching methods:	full-time
Note:	course can be enrolled in outside the study plan enabled for web enrollment priority enrollment if the course is part of the study plan

Guarantor:	doc. Mgr. Tomáš Holub, Ph.D.
Teacher(s):	doc. Mgr. Tomáš Holub, Ph.D. Mgr. Josef Simpartl Mgr. Tereza Veselá
Class:	Courses for incoming students

Examination dates WS schedule Noticeboard

Annotation -

The goal of this course is to achieve understanding of modern monetary economics. The introductory part is devoted to the role of money in the economy, the nature of modern monetary system (and its alternatives proposed in the literature), monetary policy instruments in normal times as well as at the ZLB, and to the monetary policy transmission mechanism. The following block of lectures is devoted to the optimal institutional and regime design of monetary policy, including nexus between monetary policy, fiscal policy and financial stability.

Last update: Holub Tomáš, doc. Mgr., Ph.D. (11.09.2024)

Aim of the course -

This course provides basic orientation in advanced monetary economics. The seminars focus, inter alia, on possible modifications to the modern monetary framework.

Last update: Holub Tomáš, doc. Mgr., Ph.D. (26.09.2023)

Literature -

Walsh, C. E.: Monetary Theory and Policy, Cambridge: MIT Press, 1998.

Adrian, T. Laxton, D. and M. Obstfeld: "Advancing the Frontiers of Monetary Policy," IMF, 2018.

detailed list of papers is provided in the course outline for each year

Last update: Holub Tomáš, doc. Mgr., Ph.D. (26.09.2023)

Teaching methods -

lectures + seminars(incl. team seminar presentation)

fully on-site form in the 2023/2024 academic year

Last update: Holub Tomáš, doc. Mgr., Ph.D. (26.09.2023)

Requirements to the exam -

1) Homework: 7 HWs, together maximum 20 points

2) Team seminar presentation and essay: maximum 30 points

3) Final exam: maximum 50 points (written exam dates: 13 January, 27 January 2025)

Standard IES grading applies:

90.1 % and more => A

80.1-90 % => B

70.1-80 % => C

60.1-70 % => D

50.1-60 % => E

0-50 % => F

Last update: Holub Tomáš, doc. Mgr., Ph.D. (03.12.2024)

Syllabus -

30.9. The role of money (T. Veselá) Money as the medium of exchange - random matching model (T. Veselá)
7.10. The nature modern monetary system (T. Holub) Elastic money and its creation by banks (J. Simpartl; HW1)
14.10. MP instruments in normal times, IR rules (T. Holub) Taylor principle and the Great Moderation debate (T. Veselá; HW2)
21.10. MP transmission mechanisms, traditional vs. credit channel (T. Holub) MP transmission in a general equilibrium model (guest lecture by J. Vlček; HW3)
4.11. Unconventional monetary policy instruments (T. Holub) Exchange rate as an UMP instrument (T. Holub; HW4)
11.11. Dynamic inconsistency and CB independence (T. Holub) Measuring CB independence and transparency (J. Simpartl; HW5)
18.11. Seigniorage and fiscal dominance (T. Holub) Seminar projects 1 (student presentations)
25.11. Inflation targeting in comparison to other strategies (T. Holub) Seminar projects 2 (student presentations)
2.12. Price level targeting , Fed's strategy review (AIT) (J. Simpartl) Seminar projects 3 (student presentations)
9.12. MP under uncertainty (T. Holub) Practical ways of dealing with uncertainty (T. Holub; HW6)
18.12. MP, asset prices and financial stability (T. Holub) Understanding and modeling financial imperfections (J. Simpartl; HW7)

Last update: Holub Tomáš, doc. Mgr., Ph.D. (11.09.2024)

Entry requirements -

there are no special prerequisites

Last update: Holub Tomáš, doc. Mgr., Ph.D. (26.09.2023)