Faculty of Information Technology, BUT

Course details

Macroeconomics

IMAE FBM BUT mak1P Acad. year 2019/2020 Winter semester 5 credits

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 are the influence on consumption, investments, inflation rate and unemployment, measurement of economic output and its long term growth, issues related to the economic cycle, the 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.

Guarantor

Language of instruction

Czech

Completion

Credit+Examination (written+oral)

Time span

26 hrs lectures, 26 hrs exercises

Assessment points

75 exam, 25 exercises

Department

IM FBM BUT

Lecturer

Instructor

Fojtů Kateřina, Ing. (IE FBM BUT)
Konečný Zdeněk, Ing., Ph.D. (IE FBM BUT)
Krejčíř Jaroslav, Ing., Ph.D. (IE FBM BUT)

Subject specific learning outcomes and competences

After finishing the course students should be able: To understand the 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 the national and world economy.

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 an understanding of possibilities and economic policy of the government.

Prerequisite kwnowledge and skills

Secondary school knowledge of economics is expected.

Study literature

  • SAMUELSON, P.A. a NORDHAUS, W.D. Ekonomie. 2. vyd. Praha: Svoboda, 1995. 1011 s. ISBN 80-205-0494-X. (in czech)
  • SOUKUP, J., POŠTA, V. a kol. Makroekonomie. 2. vyd. Praha: Management Press, 2010. 518 s. ISBN 978-80-7261-219-2. (in czech)
  • HOLMAN, R. a kol. Ekonomie. 1. vydání. Praha: C. H. Beck, 1999. 726 s. ISBN 80-7179-255-1. (in czech)
  • HOLMAN, R. Makroekonomie - středně pokročilý kurz. 1. vyd. Praha: C.H. Beck, 2004. 424 s. ISBN 80-7179-764-2. (in czech)
  • HOLMAN, R. a kol. Dějiny ekonomického myšlení. 2. vyd. Praha: C.H.Beck, 2001. 541 s. ISBN 80-7179-631-X. (in czech)

Fundamental literature

  • KUČEROVÁ, V. Makroekonomie 1. Brno: CERM, 2013. 126 s. ISBN: 978-80-214-4798- 1. (in czech)
  • JUREČKA, V. a kol. Makroekonomie. 1. vyd. Praha: Grada, 2010. 332 s. ISBN 978-80-247-3258-9. (in czech)
  • SCHILLER, B. R. Makroekonomie dnes. 1. vyd. Brno: Computer Press, 2004. 412 s. ISBN 80-251-0169-X. (in czech)

Syllabus of lectures

  1. Introduction to macroeconomics. Outline of development of macroeconomic theories.
  2. The 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, the gradient of the aggregate supply curve.
  4. Measuring the performance of the economy, national product, GNP.
  5. Conception of macroeconomic equilibrium, models: classical, Keynesian, Neokeynesian compromise.
  6. Monetary aggregates, monetary theory, money multiplier, equilibrium changes in money markets.
  7. The 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 the 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, the effectiveness of economic policy, magical n-squares, and function of the 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.

The course contains of two-hour lectures that explain principles, problems and methodology of the discipline, and two-hour practical seminar. The practical exercises promote the practical knowledge of the subject presented in the lectures and also are concerned about handling numerical tasks.

Syllabus of numerical exercises

  1. Introduction to the course
  2. Market and market mechanism
  3. Model AS-AD
  4. Measurement of economic output
  5. The two-sector Keynesian model income-expenditure
  6. The money market and the money multiplier
  7. Labour market and changes in the market
  8. Measurement of inflation
  9. The causes and phases of the economic cycle, the business cycle of the Czech Republic
  10. Types of fiscal policy and its applications
  11. Types of monetary policy and the reasons for their application, the policy of the CNB
  12. The balance of payments, exchange rates
  13. Trade Policy.

Progress assessment

Control of students attendance (75 %) and results is fully in competence of the teacher. The course-unit credit is conditional on elaboration, demonstration of knowledge and successful completion of a credit test.

Controlled instruction

The scale of the resulting classification:
(student may gain from exercise 30 points and max.70 points of the test, a total of 100 points)
A: 90-100 points
B: 80-89 points
C: 70-79 points
D: 60-69 points
E: 50-59 points
F: less than 50 points

Exam prerequisites

Student gets credit if he/she receives at least 15 points out of 30 possible points awarded for practical seminars and fulfils a 75% participation in seminars. Points will be awarded for knowledge at seminars and final test, from which a student must obtain at least 10 points. The requirement to final examination is the knowledge of the course and obtained credit. The final exam is written (written test). It takes into account a comprehensive knowledge of macroeconomics, in all material respects. The maximum number of possible points is 70. Each student must obtain at least 35 points. In the overall assessment, the points of the seminars and examination are added. Students may request an oral verification.

Course inclusion in study plans

  • Programme BIT, 2nd year of study, Elective
  • Programme IT-BC-3, field BIT, any year of study, Elective
  • Programme IT-BC-3, field BIT, 2nd year of study, Elective
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