Poslední úprava: Mgr. Michaela Čuprová (02.02.2020)
Cílem tohoto kurzu je poskytnout posluchačům orientaci v moderní monetární ekonomii. Úvodní část je věnována významu peněz v ekonomice, fungování moderního měnového systému (a jeho navrhovaným alternativám), nástrojům měnové politiky ve standardních dobách i na nulové dolní hranici úrokových sazeb a transmisi měnové politiky (s důrazem na úvěrový kanál). Druhá část kurzu je zaměřena na optimální institucionální uspořádání a režim měnové politiky, včetně jejího vztahu s makroobezřetnostní politikou.
Poslední úprava: 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.
Cíl předmětu -
Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (26.09.2023)
Kurz dává základní orientaci v monetární ekonomii na pokročilé úrovni. Semináře se zaměřují mj. na možné modifikace ve fungování moderního měnového systému.
Poslední úprava: 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.
Literatura -
Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (23.09.2013)
Walsh, C. E.: Monetary Theory and Policy, Cambridge, Massachusetts, MIT Press, 1998.
Kiyotaki, N., Wright, R. (1992): "Acceptability, Means of Payments and Media of Exchange", Fed. Reserve Bank ofMinneapolis, Quarterly Review, Summer, pp. 18-21.
Woodford, M. (2007): "How Important is Money in the Conduct of Monetary Policy?", CEPR Discussion Papers, No. 6211.
Beyer, A. (2009): "A stable model for euro area money demand: Revisiting the role of wealth." ECB, Working Paper Series, no. 1111, November (http://www.ecb.int/pub/pdf/scpwps/ecbwp1111.pdf).
De Bondt, G.J. (2009): "Euro area money demand: Empirical evidence on the role of equity and labour markets." ECB Working paper No.1086, September (http://www.ecb.int/pub/pdf/scpwps/ecbwp1086.pdf).
Rousseaus, S. (textbook): "Post-Keynesian Monetary Economics",London, M.E.Sharpe (chapters 4-5 (6))
Taylor, J. B. (1996): "Discretion versus Policy Rules in Practice," Carnegie-Rochester Conference on Public Policy 39, pp. 195-214.
Clarida, R., Galí, J. Getler, M. (1998): "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," NBER, Working Paper 6442 (http://www.nber.org/papers/w6442).
Disyatat, P. (2008): "Monetary policy implementation: Misconceptions and their consequences." BIS Working Papers, no. 269, December 2008 (http://www.bis.org/publ/work269.htm).
ECB (2011): "The implementation of monetary policy in the euro area: General Documentation on Eurosystem monetary policy instruments and procedures." February 2011 (http://www.ecb.europa.eu/pub/pdf/other/gendoc2011en.pdf).
Lenza, M., Pill, H. and Reichlin, L. (2010): Orthodox and heterodox monetary policies, Economic Policy, April 2010, pages 295-339.
Baumeister, C., and Benati, L. (2010): Unconventional monetary policy and the great recession - Estimating the impact of a compression in the yield spread at the zero lower bound. Working Paper Series 1258, European Central Bank.
Gambacorta, L., Hofmann, B., and Peersman, G. (2012): The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis, BIS Working Paper 384.
Hamilton, J.D., and Jing Cynthia Wu (2012): The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment. Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 3-46, 02.
Mishkin, F. S. (1995): "Symposium on the Monetary Transmission Mechanism" (in Symposia: The Monetary Transmission Mechanism), The Journal of Economic Perspectives, Vol. 9, No. 4., pp. 3-10.
Coricelli, F. Egert, B. and R. MacDonald (2006): Monetary Transmission Mechanism in Central & Eastern Europe: Gliding on a Wind of Change, William Davidson Institute Working Paper, No. 850, University of Michigan. (http://ideas.repec.org/p/wdi/papers/2006-850.html)
Alesina, A., Summers, L. (1993): "Central BankIndependenceand Macroeconomic Performance: Some Comparative Evidence", Journal of Money, Credit and Banking, vol. 25, pp. 151-162.
Walsh, C. (1995): "IsNew Zealand’s Reserve Bank Act of 1989 an Optimal Central Bank Contract?" Journal of Money, Credit and Banking, vol. 27, no. 4 (Nov., part 1), pp. 1179-1191.
GeraatsP. M. (2009) Trends in Monetary Policy Transparency, CESifo Working Paper Series 2584, CESifo Group Munich.
Gros, D. (2004): "Profiting from the Euro? Seigniorage Gains from Euro Area Accession", Journal ofCommon Market Studies, Vol. 42, No. 4, pp. 795-813, November 2004.
Cincibuch, M., Holub, T., Hurník, J. (2008): "Central Bank Losses and Economic Convergence",Finance a úvěr - Czech Journal of Economics and Finance, 2008, vol. 59, no.3, pp. 190-215 (http://journal.fsv.cuni.cz/mag/article/show/id/1158).
Bernanke B. S., Laubach T., Mishkin F. S., Posen, A. S. (1999): "Inflation Targeting: Lessons from the International Experience," Princeton University Press.
Svensson, L.E. O. (1999): "Inflation Targeting as a Monetary Policy Rule," Journal of Monetary Economics, 43, pages 607-654.
Batini, N., Kuttner, K. and Laxton, D. (2005): "Does Inflation Targeting Work in Emerging Markets?" In IMF, World Economic Outlook, September 2005: Chapter 4.
Irineu E. de Carvalho Filho (2011): "28 Months Later: How Inflation Targeters Outperformed Their Peers in the Great Recession," The B.E. Journal of Macroeconomics: Vol. 11: Iss. 1 (Topics) (http://www.bepress.com/bejm/vol11/iss1/art22).
Holub, T., Hurník, J. (2007): "Ten Years of Czech Inflation Targeting: Missed Targets and Anchored Expectations," Emerging Markets Finance and Trade, 2008, vol. 44, no. 6 (November/ December), pp. 67-86.
Blinder A. (1998): Central Banking in Theory and Practice, MIT Press.
Brainard (1967) Uncertainty and the effectiveness of policy. AER 57/2.
Srour G. (1999) "Inflation Targeting Under Uncertainty, Bank of Canada," Technical Report No. 85 (http://www.bankofcanada.ca).
Lombardelli, Proudman, Talbot (2002) Committees versus individuals: an experimental analysis of monetary policy decision-making, Bank of England WP No 165.
K. Smidkova Monetary and macroprudential policies: should we have two in one? Presentation given at the Bank of England, 2011. http://www.bankofengland.co.uk/publications/Pages/events/ccbs_cew2011/programme.aspx
Bernanke, B. S., Getler, M., Gilchrist, S. (1999): The Financial Accelerator in a Quantitative Business Cycle Framework. In Handbook of Macroeconomics, J. B.Taylorand M. Woodford, Eds., vol. 1, pp. 1341-1393.
Christiano, L. J., Trabandt, M., Walentin, K. (2007): Introducing Financial Frictions and Unemployment into a Small Open Economy Model. Sveriges Riksbank, Working Paper Series 214.
Iacoviello, M., Neri, S. (2010): Housing Market Spillovers: Evidence from an Estimated DSGE Model. American Economic Journal: Macroeconomics 2 (2010), p. 125-164.
Kiyotaki, N. and Moore, J. (1997): Credit Cycles. The Journal of Political Economy 105, 211-248.
Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (23.09.2013)
Walsh, C. E.: Monetary Theory and Policy, Cambridge, Massachusetts, MIT Press, 1998.
Kiyotaki, N., Wright, R. (1992): "Acceptability, Means of Payments and Media of Exchange", Fed. Reserve Bank ofMinneapolis, Quarterly Review, Summer, pp. 18-21.
Woodford, M. (2007): "How Important is Money in the Conduct of Monetary Policy?", CEPR Discussion Papers, No. 6211.
Beyer, A. (2009): "A stable model for euro area money demand: Revisiting the role of wealth." ECB, Working Paper Series, no. 1111, November (http://www.ecb.int/pub/pdf/scpwps/ecbwp1111.pdf).
De Bondt, G.J. (2009): "Euro area money demand: Empirical evidence on the role of equity and labour markets." ECB Working paper No.1086, September (http://www.ecb.int/pub/pdf/scpwps/ecbwp1086.pdf).
Rousseaus, S. (textbook): "Post-Keynesian Monetary Economics",London, M.E.Sharpe (chapters 4-5 (6))
Taylor, J. B. (1996): "Discretion versus Policy Rules in Practice," Carnegie-Rochester Conference on Public Policy 39, pp. 195-214.
Clarida, R., Galí, J. Getler, M. (1998): "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," NBER, Working Paper 6442 (http://www.nber.org/papers/w6442).
Disyatat, P. (2008): "Monetary policy implementation: Misconceptions and their consequences." BIS Working Papers, no. 269, December 2008 (http://www.bis.org/publ/work269.htm).
ECB (2011): "The implementation of monetary policy in the euro area: General Documentation on Eurosystem monetary policy instruments and procedures." February 2011 (http://www.ecb.europa.eu/pub/pdf/other/gendoc2011en.pdf).
Lenza, M., Pill, H. and Reichlin, L. (2010): Orthodox and heterodox monetary policies, Economic Policy, April 2010, pages 295-339.
Baumeister, C., and Benati, L. (2010): Unconventional monetary policy and the great recession - Estimating the impact of a compression in the yield spread at the zero lower bound. Working Paper Series 1258, European Central Bank.
Gambacorta, L., Hofmann, B., and Peersman, G. (2012): The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis, BIS Working Paper 384.
Hamilton, J.D., and Jing Cynthia Wu (2012): The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment. Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 3-46, 02.
Mishkin, F. S. (1995): "Symposium on the Monetary Transmission Mechanism" (in Symposia: The Monetary Transmission Mechanism), The Journal of Economic Perspectives, Vol. 9, No. 4., pp. 3-10.
Coricelli, F. Egert, B. and R. MacDonald (2006): Monetary Transmission Mechanism in Central & Eastern Europe: Gliding on a Wind of Change, William Davidson Institute Working Paper, No. 850, University of Michigan. (http://ideas.repec.org/p/wdi/papers/2006-850.html)
Alesina, A., Summers, L. (1993): "Central BankIndependenceand Macroeconomic Performance: Some Comparative Evidence", Journal of Money, Credit and Banking, vol. 25, pp. 151-162.
Walsh, C. (1995): "IsNew Zealand’s Reserve Bank Act of 1989 an Optimal Central Bank Contract?" Journal of Money, Credit and Banking, vol. 27, no. 4 (Nov., part 1), pp. 1179-1191.
GeraatsP. M. (2009) Trends in Monetary Policy Transparency, CESifo Working Paper Series 2584, CESifo Group Munich.
Gros, D. (2004): "Profiting from the Euro? Seigniorage Gains from Euro Area Accession", Journal ofCommon Market Studies, Vol. 42, No. 4, pp. 795-813, November 2004.
Cincibuch, M., Holub, T., Hurník, J. (2008): "Central Bank Losses and Economic Convergence",Finance a úvěr - Czech Journal of Economics and Finance, 2008, vol. 59, no.3, pp. 190-215 (http://journal.fsv.cuni.cz/mag/article/show/id/1158).
Bernanke B. S., Laubach T., Mishkin F. S., Posen, A. S. (1999): "Inflation Targeting: Lessons from the International Experience," Princeton University Press.
Svensson, L.E. O. (1999): "Inflation Targeting as a Monetary Policy Rule," Journal of Monetary Economics, 43, pages 607-654.
Batini, N., Kuttner, K. and Laxton, D. (2005): "Does Inflation Targeting Work in Emerging Markets?" In IMF, World Economic Outlook, September 2005: Chapter 4.
Irineu E. de Carvalho Filho (2011): "28 Months Later: How Inflation Targeters Outperformed Their Peers in the Great Recession," The B.E. Journal of Macroeconomics: Vol. 11: Iss. 1 (Topics) (http://www.bepress.com/bejm/vol11/iss1/art22).
Holub, T., Hurník, J. (2007): "Ten Years of Czech Inflation Targeting: Missed Targets and Anchored Expectations," Emerging Markets Finance and Trade, 2008, vol. 44, no. 6 (November/ December), pp. 67-86.
Blinder A. (1998): Central Banking in Theory and Practice, MIT Press.
Brainard (1967) Uncertainty and the effectiveness of policy. AER 57/2.
Srour G. (1999) "Inflation Targeting Under Uncertainty, Bank of Canada," Technical Report No. 85 (http://www.bankofcanada.ca).
Lombardelli, Proudman, Talbot (2002) Committees versus individuals: an experimental analysis of monetary policy decision-making, Bank of England WP No 165.
K. Smidkova Monetary and macroprudential policies: should we have two in one? Presentation given at the Bank of England, 2011. http://www.bankofengland.co.uk/publications/Pages/events/ccbs_cew2011/programme.aspx
Bernanke, B. S., Getler, M., Gilchrist, S. (1999): The Financial Accelerator in a Quantitative Business Cycle Framework. In Handbook of Macroeconomics, J. B.Taylorand M. Woodford, Eds., vol. 1, pp. 1341-1393.
Christiano, L. J., Trabandt, M., Walentin, K. (2007): Introducing Financial Frictions and Unemployment into a Small Open Economy Model. Sveriges Riksbank, Working Paper Series 214.
Iacoviello, M., Neri, S. (2010): Housing Market Spillovers: Evidence from an Estimated DSGE Model. American Economic Journal: Macroeconomics 2 (2010), p. 125-164.
Kiyotaki, N. and Moore, J. (1997): Credit Cycles. The Journal of Political Economy 105, 211-248.