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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 2014 to 2018
Semester:	winter
E-Credits:	6
Examination process:	winter s.:
Hours per week, examination:	winter s.:2/2, Ex [HT]
Capacity:	85 / 85 (85)
Min. number of students:	unlimited
4EU+:	no
Virtual mobility / capacity:	no
State of the course:	taught
Language:	English
Teaching methods:	full-time
Teaching methods:	full-time
Additional information:	http://ies.fsv.cuni.cz/index.php?module=kernel&action=user&id_user=28&lng=en_GB http://ies.fsv.cuni.cz/index.php?module=kernel&action=user&id_user=56&lng=en_GB
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):	PhDr. Jan Hájek, Ph.D. doc. Mgr. Tomáš Holub, Ph.D. PhDr. Simona Malovaná, Ph.D. Mgr. Pavla Růžičková
Class:	Courses for incoming students

Examination dates Schedule Noticeboard

Annotation -

Last update: Mgr. Michaela Čuprová (02.02.2020)

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 (with a focus on the credit channel). The following block of lectures is devoted to the optimal institutional and regime design of monetary policy, including nexus between monetary policy and financial stability is discussed.

Aim of the course -

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

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

Literature -

Last update: PhDr. Petr Bednařík, Ph.D. (06.06.2020)

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

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

journal articles: see the detailed course outline

Teaching methods -

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

lectures + seminars(incl. team seminar presentation)

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

Requirements to the exam -

Last update: doc. Mgr. Tomáš Holub, Ph.D. (27.11.2023)

1) Homework: 7 HWs, together maximum 20 points

2) Team seminar presentation and essay: maximum 30 points

3) Final exam: maximum 50 points (tentative written exam dates: 8 January, 22 January 2024)

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

Syllabus - Czech

Last update: doc. Mgr. Tomáš Holub, Ph.D. (19.10.2018)

Date	Lecture topic	Lecturer	Seminar topic	Seminar teacher
1.10.	The role of money	T. Holub	Money as the medium of exchange - random matching model	T. Holub
8.10.	The nature modern monetary system	T. Holub	Elastic money and its creation by banks	T. Holub
15.10.	MP instruments in normal times, interest rate rules	T. Holub	ECB's 2-pillar strategy	P. Růžičková
22.10.	DSGE models	S. Malovaná	MP transmission in a DSGE model	S. Malovaná
29.10.	MP transmission with interest rate instrument	T. Holub	Seminar projects 1	P. Růžičková
5.11.	MP instruments during the crisis	T. Holub	Seminar projects 2	J. Žáček
12.11.	Exchange rate as an UMP instrument	T. Holub	Seminar projects 3	J. Žáček
19.11.	Dynamic inconsistency and CB independence	T. Holub	Measuring CB independence and transparency	P. Růžičková
26.11.	IT in comparison to other strategies	T. Holub	Empirical performance of inflation targeting	J. Žáček
3.12.	MP, asset prices and financial stability	S. Malovaná	Modelling financial imperfections	S. Malovaná
10.12.	MP under uncertainty	T. Holub	Practical ways of dealing with uncertainty	T. Holub
17.12.	Seigniorage and fiscal dominance	T. Holub	Central bank losses	T. Holub

Entry requirements -

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

there are no special prerequisites