Course: Macroeconomics I

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Course title Macroeconomics I
Course code KEK/MA1
Organizational form of instruction Lecture + Lesson
Level of course Bachelor
Year of study not specified
Semester Summer
Number of ECTS credits 6
Language of instruction Czech
Status of course Compulsory
Form of instruction Face-to-face
Work placements Course does not contain work placement
Recommended optional programme components None
  • Brandová Blanka, Ing. Ph.D.
  • Nedomlelová Iva, Ing. Ph.D.
  • Kocourek Aleš, doc. Ing. Ph.D.
  • Sojková Lenka, PhDr. Ing. Ph.D.
Course content
Lectures (topics): 1. Introduction 2. Creation of wealth and macroeconomic output. 3. Price level. 4. Consumption, saving and investment. 5. Money and currencies. 6. Banking system and money market. 7. The IS-LM model. 8. The aggregate market in the AD-AS model. 9. Unemployment and labour market. 10. Inflation and its relation to unemployment, Phillips curve 11. Economic cycles. 12. Fiscal policy. 13. Monetary policy. 14. International trade and economic integration. Seminars (topics): 1. Introduction to macroeconomics, history of economics as a science. 2. Macroeconomic models of national economy, macroeconomic output and its calculation. 3. Price level and its measurement, classical dichotomy. 4. Keynes' consumption function, equilibrium in two-sector, three-sector, and four-sector economics. 5. Historical development of money, quantitative monetary equations, the function of money, currencies, currency classification. 6. Banking history, the function of banks, the banking system, money market, international finances. 7. Equilibrium curve in the goods and services market, IS curve, Money Market Equilibrium curve, LM curve, current equilibrium on the money market and market for goods and services. 8. Aggregate demand and AD curve, Aggregate supply and AS curve, macroeconomic equilibrium in the AD-AS model. 9. Definitions, classification, causes and consequences of unemployment, unemployment rate calculation, neoclassical and the Keynesian concept of the labour market. 10. Inflation, its nature and causes, inflation measurement, inflation and unemployment relationship, Phillip's curve. 11. Classification of the economic cycles, phases of the economic cycles, causes of the economic cycles, approaches to the economic cycles. 12. Fiscal policy, fiscal policy instruments, state budget, fiscal policy aims. 13. Monetary policy, Keynesian approach, neoclassical and monetarist approach, alternative approaches. 14. Balance of payments, international trade, international coordination and economic integration, the international comparison.

Learning activities and teaching methods
Monological explanation (lecture, presentation,briefing), Dialogue metods(conversation,discussion,brainstorming), Seminár, Students' portfolio, Task-based study method, Students' self-study
  • Class attendance - 56 hours per semester
Learning outcomes
The objective of the course is to explain basic principles and interactions among individual processes and phenomena in the macroeconomic reality. The course deals with issues such as monetary market, goods and services market, aggregate market, inflation, unemployment, economic growth, etc. An emphasis is put on the application of the given knowledge in economic reality.
Gained knowledge can be used in follow-up study, e.g. in HPO, SEK, DET courses.
General knowledge to the extent of secondary school is assumed.

Assessment methods and criteria
Oral exam, Test

Credit: 2 minitests each for max. 5 point plus final test for max. 10 points, minimal required score to pass is 14 points altogether. 85% attendance at seminars. Retake: 1 test for max. 10 points, minimal required score to pass is 7 points. Oral exam: The student answers two randomly drawn questions in the extent of the taught course.
Recommended literature
  • DORNBUSCH, R., S. FISCHER, & R. STARTZ. Macroeconomics. New York, USA, 2017. ISBN 978-1259290633.
  • ECKERT, D. D. Weltkrieg der Währungen: Wie Euro, Gold und Yuan um das Erbe des Dollars kämpfen. München, Deutschland, 2010. ISBN 978-3898796842.
  • FIALOVÁ, H. a J. FIALA. Ekonomický slovník s odborným výkladem česky a anglicky. Praha, 2014. ISBN 978-80-87681-02-2.
  • HOLMAN, R. Ekonomie. C.H. Beck. Praha, 2016. ISBN 978-80-7400-278-6.
  • KOCOUREK, A. a I. NEDOMLELOVÁ. Makroekonomie I - Repetitorium a praktikum. Liberec, 2021. ISBN 978-80-7494-563-2.
  • KRAFT, J., A. KOCOUREK a P. BEDNÁŘOVÁ. Ekonomie I. Liberec, 2021. ISBN 978-80-7494-562-5.
  • NESET, P., T. PAVELKA, V. POŠTA a J. SOUKUP. Makroekonomie. Praha, 2018. ISBN 978-80-726-1537-7.

Study plans that include the course
Faculty Study plan (Version) Category of Branch/Specialization Recommended year of study Recommended semester