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Soubory | Komentář | Kdo přidal | |
HW 1.docx | HW1 | Alessandro Chiari | |
Seminar 1.pptx | Seminar01_intertemporal trade 2024 | Alessandro Chiari |
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Poslední úprava: Mgr. Michaela Čuprová (02.02.2020)
Je diskutován neoklasický model dlouhodobého růstu pro malé otevřené ekonomiky s úvěrovými omezeními. Studována je rovněž dlouhodobá cenová konvergence s využitím Balassova-Samuelsonova modelu. Pozornost je věnována i nedokonalostem finančního systému a jejich roli pro mezinárodní alokaci kapitálu. Druhý blok přednášek začíná studiem měnových krizí, vhodné volby kurzového režimu a teorie optimálních měnových zón. Následně se zaměřuje na cílování inflace v malé otevřené ekonomice, reakci centrální banky na kurzové šoky, použití devizových intervencí v režimu cílování inflace apod. Kurz předpokládá dobrou znalost makroekonomie uzavřené ekonomiky na úrovni magisterského studia. |
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Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (02.02.2024)
Tento předmět navazuje na pokročilý kurz makroekonomie a zaměřuje se na otázky specifické pro malé otevřené ekonomiky, včetně role nedokonalostí mezinárodních finančních trhů. Jeho absolvování umožňuje orientovat se v otázkách determinace běžného účtu platební bilance, dlouhodobého růstu, kurzových režimů i stablizační politiky pro tento typ ekonomik. |
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Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (12.02.2021)
• Obstfeld, M., Rogoff, K.: Foundations of International Macroeconomics. MIT Press, 1996. http://leteckaposta.cz/442168243 • Romer, D., 1996, Advanced Macroeconomics. McGraw-Hill. • Barro, R., Sala-i-Martin, X, 1995, Economic Growth. McGraw-Hill. • Balassa, B., 1964, "The Purchasing Power Parity Doctrine: A Reappraisal," Journal of Political Economy, 72: 584-96. • Samuelson, P.A., 1964, "Theoretical Notes on Trade Problems," Review of Economics and Statistics, 46 (May): 145-154. • Čihák, M. and Holub, T., 2005, "Price Convergence in EU-accession Countries," Économie Internationale, No. 102, pp. 59-82. • Holub, T. and Čihák, M., 2003, "Price Convergence: What Can the Balassa-Samuelson Model Tell Us?" Working Paper, no. 8/2003, Prague: Czech National Bank (http://www.cnb.cz/en/pdf/wp8-2003.pdf). • Obstfeld, M., 1996, "Models of Currency Crises with Self-fulfilling Features," European Economic Review, vol. 40 (April), pp. 1037-48. • Chang, R., Velasco, A., 1998, "Financial Crises in Emerging Markets: A Canonical Model," NBER Working Paper Series, no. 6606 (http://www.nber.org/papers/w6606). • Krugman, P., 1999, "Balance Sheets, the Transfer Problem, and Financial Crises," International Tax and Public Finance, 6, 459-472. • DeLong, j. B., 2001, "The International Crises of the 1990s: Analytics" (http://www.j-bradford-delong.net). • Linhart, C. M.; Rogoff, K. S. (2008): Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison. NBER Working Paper No. 13761. • Fischer, S., 2001, "Exchange Rate Regimes: Is the Bipolar View Correct?" A Lecture Delivered at the Meetings of the American Economic Association, New Orleans, January 6 (http://www.imf.org/external/np/speeches/2001/010601a.pdf). • Mundell, R., 1961, "A Theory of Optimum Currency Areas," American Economic Review, vol. 51, pp. 657-664. • McKinnon, R.I., 1963, "Optimum Currency Areas," American Economic Review, vol. 53, pp. 717-725. • Holub, T., 2003, "Importing Low Inflation via Pegged Exchange Rates, Currency Boards and Monetary Unions," ICEG European Center, Working Paper 21, February 2003. • CNB (2016): Analyses of the Czech Republic's current economic alignment with the euro area, December, http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/en/monetary_policy/strategic_documents/download/analyses_of_alignment_2016.pdf • Christiano, Lawrence J., Mathias Trabandt, and Karl Walentin. 2007, November. Introducing Financial Frictions and Unemployment into a Small Open Economy Model. Working paper series 214, Sveriges Riksbank (Central Bank of Sweden). • Stiglitz, J. E., Weiss, A., 1981, "Credit rationing in markets with imperfect information". • Kyiotaki, N., Moore, J., 1997, "Credit cycles", Journal of Political Economy, vol 105, No. 2, pp. 211 -248. • Svensson, L. E. O, 2000, "Open-Economy Inflation Targeting". London, CEPR Discussion Paper, 1989 (October). • Fraga, A., I. Goldfajn, and A. Minella, 2003, "Inflation Targeting in Emerging Market Economies." Cambridge, MA, NBER Working Paper Series, 10019 (October). • Mishkin, F. S., Schmidt-Hebbel, K. (2006): "Does Inflation Targeting Make a Difference?" CNB Working Paper, no. 13/2006 (http://www.cnb.cz/www.cnb.cz/en/research/research_publications/cnb_wp/2006/cnbwp_2006_13.html). • 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). • Rose, A.K. (2014): "Surprising similarities: recent monetary regimes of small economies," Journal of International Money and Finance, 49, 5-27. • Andersena, T.B., Malchow-Møllerb, N., Nordvigc, J. (2015): "Inflation targeting and macroeconomic performance since the Great Recession." Oxford Economic Papers, 67(3), 2015, 598-613. • Gali J., Monacelli, T., 2005, "Monetary Policy and Exchange Rate Volatility in a Small Open Economy", The Review of Economic Studies, vol 72, No. 3 (July 2005), pp. 707 - 734. • Calvo, G. A., and C. M. Reinhart. "Fear of Floating." Cambridge, MA, NBER Working Paper, 7993, 2000. • Bofinger, P., and T. Wollmershaeuser, 2001, "Managed Floating: Understanding the New International Monetary Order." London, CEPR Discussion Paper, 3064. • Goldstein, M., 2002, "Managed Floating Plus." Washington, D.C., Institute for International Economics, Policy Analyses in International Economics, 66. • Edison, H. J.1 1993, "The Effectiveness of Central Bank Intervention: A Survey of the Literature after 1982." Princeton , Princeton University, Special Papers in International Economics, 18, 1993. • Sarno, L., and M. P. Taylor, 2001, "Official intervention in the foreign exchange market: Is it effective and, if so, how does it work?" Journal of Economic Literature, 39 (3), 839-868. • Holub, T., 2004, "Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience." CNB IRPN, no. 1/2004. • Geršl, A., Holub, T. Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience. Contemporary Economic Policy, 2006, vol. 24, no. 4 (October), pp. 475-491, ISSN 1074-3529. • Disyatat, P., and G. Galati, 2005, "The effectiveness of foreign exchange intervention in emerging market countries: evidence from the Czech koruna." Basel, BIS Working Paper, 172, 2005. • Égert, B. and L. Komárek, 2005, "Foreign Exchange Interventions in the Czech Republic: Did They Matter?" Prague, CNB Working Paper Series. • Cavusoglu, N., 2010, Exchange Rates and the Effectiveness of Actual and Oral Official Interventions: A Survey of Findings, Issues and Policy Implications. Global Economy Journal, vol. 10, iss. 4, article 3. • Gnabo, J-Y, De Mello, J., Moccero, D., 2010, "Interdependencies between Monetary Policy and Foreign Exchange Interventions under Inflation Targeting: The Case of Brazil and the Czech Republic", International Finance, vol. 13, issue 2, pp 195 - 211. • Svensson, L.E.O. (2001): "The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap." Monetary and Economic Studies 19(S-1), 277-312. • Franta, M., Holub, T., Král, P., Kubicová, I., Šmídková, K., Vašíček, B. (2014): "The Exchange Rate as an Instrument at Zero Interest Rates: The Case of the Czech Republic." Czech National Bank, Research and Policy Note no. 3/2014, September, (http://www.cnb.cz/en/research/research_publications/irpn/2014/rpn_03_2014.html). • Alichi, A., J. Benes, J. Felman, I. Feng, C. Freedman, D. Laxton, E. Tanner, D. Vavra, and H. Wang (2015a): "Frontiers of Monetary Policymaking: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic," IMF Working Paper No. 15/74. • Brůha and Tonner (2017): "An Exchange Rate Floor as an Instrument of Monetary Policy: An Ex-post Assessment of the Czech Experience," CNB Working Paper 4/2017, https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/cnb_wp/cnbwp_2017_04.pdf • Baxa and Šestořád (2019): "The Czech Exchange Rate Floor: Depreciation without Inflation?", CNB Working Paper 1/2019, https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/cnb_wp/cnbwp_2019_01.pdf |
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Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (02.02.2024)
Přednáška + seminář (v první polovině kurzu zejména procvičování formou počítání příkladů, ve druhé polovině pak prezentace odborných článků) |
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Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (30.04.2024)
písemné úkoly: 40 % (10 domácích úkolů maximálně po 4 bodech za každý, tj. celkem 40 bodů) aktivita na seminářích 4 % (maximálně 4 body) závěrečná zkouška 56 % (tj. maximálně 56 bodů; písemná prezenční zkouška)
Známkování odpovídá standardní stupnici pro FSV UK
1. termín zkoušky: 27.5. od 17:00, místnost 105 |
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Poslední úprava: doc. Mgr. Tomáš Holub, Ph.D. (02.02.2024)
absolvování kurzu makroekonomie uzavřené ekonomiky na středně pokročilé úrovni |