Subject: Macroeconomics I

Aims of the subject:

Students should be able to understand fundamental macroeconomic concepts. They will obtain a general overview on macroeconomic problems in Czech and world economies. It enables them to analyse and forecast macroeconomic environment changes as an important external factor. It could be both an opportunity and threat for further development of a firm.

Subject matter:

1. Introduction to macroeconomics

2. Measuring national output and income

3. Consumption and investment

4. Fundamentals of aggregate supply and demand

5. The multiplier model

6. Money and commercial banking

7. Central banking and monetary policy

8. Economic growth and business cycles

9. Inflation

10. Unemployment

11. Fiscal policy, deficits, and the government debts

12. International trade and the theory of comparative advantage

13. Exchange rates and international financial system

Indicative references:

Hájek, L.: Economics – An Overview of Basic Concepts and Problems. Hradec Králové, Gaudeamus 2000

Samuelson, P. A. - Nordhaus, W. D.: Economics. 13^th – 18^th editions, New York, McGraw-Hill 1989, 1992, 1995, 1998, 2001, 2004

Further reading:

Blanchard, O.: Macroeconomics. Upper Saddle River, Prentice Hall 2000, 2nd ed.

Colander, D. C.: Economics. Chicago, Irwin 1995, 2nd ed.

Cueto, C., Hájek, L. et al.: Politics and Economics in the Czech Transition. Hradec Králové, Gaudeamus 2000

Kearl, J. R.: Principles of Macroeconomics. Lexington, Toronto, D. C. Heath and Comp. 1994

Stiglitz, J. E.: Principles of Macroeconomics. New York, Norton 1993

Economic journals:

Economist: http://www.economist.com/index.html

Czech Journal of Economics and Finance: http://www.financeauver.org/

Prague Economic Papers: http://www.vse.cz/pep/

Internet sources:

Czech Government: http://www.vlada.cz/

Czech National Bank: http://www.cnb.cz

Czech Statistical Office: http://www.czso.cz/

European Union: http://www.europa.eu.int

OECD: http://www.oecd.org