Title:

Macroeconomics

Code:IMAE
Ac.Year:2010/2011
Term:Winter
Curriculums:
ProgrammeBranchYearDuty
IT-BC-3BIT-Elective
Language:Czech
Credits:5
Completion:accreditation+exam (written&verbal)
Type of
instruction:
Hour/semLecturesSem. ExercisesLab. exercisesComp. exercisesOther
Hours:2626000
 ExaminationTestsExercisesLaboratoriesOther
Points:7502500
Guarantee:Sojka Zdeněk, Doc. Ing., CSc., BUT
Lecturer:Kučerová Vladimíra, Ing., Ph.D., IE
Faculty:Faculty of Business and Management BUT
Department:Institute of Management FBM BUT
 
Learning objectives:
  The main objective of the course is to provide students with the knowledge of macroeconomics on the level required at higher education institutions of economic specialisation. Understanding of macroeconomic relations and connections, terms and necessary theoretical fundaments as well as understanding of possibilities and economic policy of the government.
Description:
  The course focuses on the understanding of entire economy functioning. The relations among product, services and labour markets on one hand and assets of the given economy on the other hand are explained. Also dealt with is the influence on consumption, investments, inflation rate and unemployment, measurement of economic output and its long term growth, issues related to the economic cycle, fiscal and monetary policy as well as present economic problems. Also discussed are the modern economic theories and their methods of solution of key economic problems.
Knowledge and skills required for the course:
  Secondary school knowledge of economics is expected.
Learning outcomes and competences:
  After finishing the course students should be able: To understand theoretical basis and principles of macroeconomics. To understand the functioning of the national economy mechanism and its equilibrium, interconnection of the national economy and the world economy and their influences on particular businesses and achieving key managerial objectives. To understand how the managerial tasks are being accomplished in the national economy. To work out analytic and synthetic managerial information related to the national economy and apply it when making key managerial decisions. To use critical and analytical way of thinking in the managerial processes underlying the operation and strategic development of business activity within national and world economy.
Syllabus of lectures:
 
  1. Introduction to macroeconomics. Outline of development of macroeconomic theories.
  2. Market, market mechanism. Uneven, ineffective, unequal and unstable markets, types of market structures.
  3. Aggregate supply, aggregate demand. Growth and fall of aggregate demand and supply, aggregate expenditures, gradient of aggregate supply curve.
  4. Measuring performance of economy, national product, GNP.
  5. Conception of macroeconomic equilibrium, models: classical, Keynesian, Neokeynesian compromise.
  6. Monetary aggregates, monetary theory, money multiplier, equilibrium changes on money markets.
  7. Labour market, unemployment. Equilibrium and labour market, unemployment rate, forms of unemployment.
  8. Inflation, types of inflation, inflation and unemployment.
  9. Economic growth, growth models, theories of economic cycle.
  10. Fiscal policy: state budget, public finance, built-in stabilisers, discrete measures, expansive and restrictive fiscal policy.
  11. Monetary policy. Tools and aims of monetary policy, expansive and restrictive monetary policy.
  12. Aims of macroeconomics, effectiveness of economic policy, magical n-squares, and function of state in the economy.
  13. Theory of international trade, external monetary and trade policy, free trade, protectionism. International money market, international monetary system, development of monetary rates, IMF, WB, EMS.
Syllabus of numerical exercises:
 
  • The seminars are focused on practising the lectured topics.
Fundamental literature:
 
  • GROLIGOVÁ, I., MANDELÍK, P. Makroekonomie, FP VUT Brno, Akademické nakl. CERM, s.r.o., 2004, 130 s., ISBN 80-214-2778-7 (in Czech)
Study literature:
 
  • GROLIGOVÁ, I., MANDELÍK, P. Makroekonomie, FP VUT Brno, Akademické nakl. CERM, s.r.o., 2004, 130 s., ISBN 80-214-2778-7 (in Czech)
  • HOLMAN, R. a kol. Ekonomie, Praha, C.H. Beck, 1999, 726 s., ISBN 80-7179-255-1 (in Czech)
  • LIŠKA, V. a kol. Makroekonomie, 2.vyd. Praha, Professional Publishing, 2004, 928 s., ISBN 80-86419-51-1 (in Czech)
  • SAMUELSON, P.A., NORDHAUS, W.D. Ekonomie, 13. vyd., NS Praha, 1991, 1011 s., ISBN 80-205-0494-X (in Czech)
Controlled instruction:
  A semester work, its presentation, and a midterm test earn 25 points.
The final exam consists of:
Written exam: Student has to achieve at least 35 points out of 65.
Oral exam: Student could achieve 10 points (2 oral questions).
Final grading scheme (a student can achieve max. 25 pts for seminars, 65 points for the written exam, and 10 points for the oral exam, i.e. 100 points in total).
Progress assessment:
  Control of students' attendance and results is fully in competence of the teacher. The course-unit credit is conditional on elaboration and presentation of a seminar project and successful completion of a credit test.
Exam prerequisites:
  A student has to achieve at least 16 pts out of 25 which are given for seminars and to attend the seminars in 75%. Points will be given for a semester work, its presentation, and for a midterm test.