Předmět Monetary Economics (JEM027)

Na serveru studentino.cz naleznete nejrůznější studijní materiály: zápisky z přednášek nebo cvičení, vzorové testy, seminární práce, domácí úkoly a další z předmětu JEM027 - Monetary Economics, Fakulta sociálních věd, Univerzita Karlova v Praze (UK).

Materiál	Typ	Datum	Počet stažení

Cíl

Kurz dává základní orientaci v monetární ekonomii na pokročilé úrovni.

Sylabus

1)  Funkce peněz v ekonomice2)  Poptávka po penězích a její role v cílování peněžní zásoby3)  Nabídka peněz a implementace měnové politiky v normálních dobách4)  Kanály měnové transmise5)  DSGE modely a jejich využití v měnové politice6)  Implementace měnové politiky během krize a nulová dolní mez7)  Ražebné a problém fiskální dominance8)  Problém  časové nekonzistence a nezávislost centrální banky9)  Cílování inflace v porovnání s jinými strategiemi10) Měnová politika v podmínkách nejistoty 11) Měnová politika, ceny aktiv a finanční stabilita 

Literatura

Walsh, C. E.: Monetary Theory and Policy, Cambridge, Massachusetts, MIT Press, 1998.Kiyotaki, N., Wright, R. (1992): "Acceptability, Means of Payments and Media of Exchange", Fed. Reserve Bank of Minneapolis, Quarterly Review, Summer, pp. 18-21.Woodford, M. (2007): "How Important is Money in the Conduct of Monetary Policy?", CEPR Discussion Papers, No. 6211.Horváth, R., Komárek, L., and Rozsypal, F. (2010): Does Money Help Predict Inflation? An Empirical Assessment for Central Europe, CNB, Working Paper, no. 5/2010 (http://www.cnb.cz/en/research/research_publications/cnb_wp/2010/cnbwp_2010_05.html).Roffia, B. and Zaghini, A. (2007): "Excess Money Growth and Inflation Dynamics", ECB, Working Paper Series, No 749 (http://www.ecb.int/pub/pdf/scpwps/ecbwp749.pdf).Beyer, A. (2009): "A stable model for euro area money demand: Revisiting the role of wealth." ECB, Working Paper Series, no. 1111, November (http://www.ecb.int/pub/pdf/scpwps/ecbwp1111.pdf).De Bondt, G.J. (2009): "Euro area money demand: Empirical evidence on the role of equity and labour markets." ECB Working paper No.1086, September (http://www.ecb.int/pub/pdf/scpwps/ecbwp1086.pdf).Taylor, J. B. (1996): "Discretion versus Policy Rules in Practice," Carnegie-Rochester Conference on Public Policy 39, pp. 195-214.Romer D. (2000): "Keynesian Macroeconomics Without the LM Curve", WP No 7461, NBER (http://papers.nber.org/papers/w7461).Disyatat, P. (2008): "Monetary policy implementation: Misconceptions and their consequences." BIS Working Papers, no. 269, December 2008 (http://www.bis.org/publ/work269.htm).Clarida, R., Galí, J. Getler, M. (1998): "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," NBER, Working Paper 6442 (http://www.nber.org/papers/w6442).Clarida, R., Galí, J., & Gertler, M. (1999). The Science of Monetary Policy: A New Keynesian Perspective. Journal of Economic Literature, 37, 1661-1707.Smidkova, K.:  "The transmission mechanism of monetary policy at the beginning of the third millennium" (http://econpapers.hhs.se/paper/wpawuwpma/0403012.htm).Mishkin, F. S. (1995): "Symposium on the Monetary Transmission Mechanism" (in Symposia: The Monetary Transmission Mechanism), The Journal of Economic Perspectives, Vol. 9, No. 4., pp. 3-10.Coricelli, F. Egert, B. and R. MacDonald (2006): Monetary Transmission Mechanism in Central & Eastern Europe: Gliding on a Wind of Change, William Davidson Institute Working Paper, No. 850, University of Michigan. (http://ideas.repec.org/p/wdi/papers/2006-850.html)Rusnák, M., Havránek, T., Horváth, R. (2011): "How to Solve the Price Puzzle? A Meta-Analysis", CNB Working Paper, 2/2011 (http://www.cnb.cz/cs/vyzkum/vyzkum_publikace/cnb_wp/2011/cnbwp_2011_02.html). Franta, M., Horváth, R., and Rusnák, M. (2011): "Evaluating Changes in the Monetary Transmission Mechanism in the Czech Republic," CNB Working Paper Series, no. 13/2011,http://www.cnb.cz/en/research/research_publications/cnb_wp/2011/cnbwp_2011_13.html McCandless G. "The ABCs of RBCs: An Introduction to Dynamic Macroeconomic Models", Harvard University Press, 2008, chapter 6 (following chapters are recommended but optional).Galí J.: "Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework", Princeton University Press, 2008, chapters 1-4.Christiano, L.J., Trabandt, M., Walentin, K. (2010): "DSGE Models for Monetary Policy Analysis." NBER Working Paper No. 16074 (http://www.nber.org/papers/w16074.pdf).ECB (2011): "The implementation of monetary policy in the euro area: General Documentation on Eurosystem monetary policy instruments and procedures." February 2011 (http://www.ecb.europa.eu/pub/pdf/other/gendoc2011en.pdf).Lenza, M., Pill, H. and Reichlin, L. (2010): Orthodox and heterodox monetary policies, Economic Policy, April 2010, pages 295-339.Baumeister, C., and Benati, L. (2010): Unconventional monetary policy and the great recession - Estimating the impact of a compression in the yield spread at the zero lower bound. Working Paper Series 1258, European Central Bank.Gambacorta, L., Hofmann, B., and Peersman, G. (2012): The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis, BIS Working Paper 384.Hamilton, J.D., and Jing Cynthia Wu (2012): The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment. Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 3-46, 02.Krugman, P.R. (1998a): "It's Baaack: Japan's Slump and the Return of the Liquidity Trap." Brookings Papers on Economic Activity, 2:1998.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.Malovaná, S. (2014): "The Effectiveness of Unconventional Monetary Policy Tools at the Zero Lower Bound: A DSGE Approach." Master thesis, IES FSV UK.Cagan, P. (1965): "The monetary dynamics of hyperinflation," in M. Friedman, ed., Studies in the Quantity Theroy of Money, Chicago: Chicago UniversityPress.Sargent, T.J., Wallance, N. (1981): "Some Unpleasant Monetarist Arithmetic." Federal Reserve Bank of Minneapolis, Quarterly Review, Fall 1981 http://www.minneapolisfed.org/research/qr/qr531.pdf.Leeper, E.M. (1991): "Equilibria under 'active' and 'passive' monetary and fiscal policies." Journal of Monetary Economics, Elsevier, vol. 27(1), pp. 129-147, February http://www.sciencedirect.com/science/article/pii/030439329190007B.Gros, D. (2004): "Profiting from the Euro? Seigniorage Gains from Euro Area Accession", Journal of Common Market Studies, Vol. 42, No. 4, pp. 795-813, November 2004.Fry, M. (1993): "The Fiscal Abuse of Central Banks," Washington, D.C., IMF Working Paper, no. 93/58.Cincibuch, M., Holub, T., Hurník, J. (2008): "Central Bank Losses and Economic Convergence", Finance a úvěr - Czech Journal of Economics and Finance, 2008, vol. 59, no.3, pp. 190-215 (http://journal.fsv.cuni.cz/mag/article/show/id/1158).Benecká, S., Holub, T., Kadlčáková, N.L., and Kubicová, I. (2012): Does Central Bank Financial Strength Matter for Inflation? An Empirical Analysis. CNB Working paper, no. 3/2012 (http://www.cnb.cz/en/research/research_publications/cnb_wp/2012/cnbwp_2012_03.html).Archer, D., Moser-Boehm, P. (2013): "Central bank finances." BIS Papers, No. 71, April.Jeanne, O. and Svensson, L. E. O. (2007): Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank, American Economic Review, American Economic Association, Vol. 97(1).Kydland, F. E., Prescott, E. C. (1977): "Rules Rather than Dicsretion: The Inconsistency of Optimal Plans." Journal of Political Economy, vol. 83, no. 3, pp. 473-491.Barro, R., Gordon, D.B. (1983a): "A Positive Theory of Monetary Policy in a Natural Rate Model." Journal of Political Economy, vol. 91, no. 4, pp. 589-610.Barro, R., Gordon, D.B. (1983b): "Rules, Discretion and Reputation in a Model of Monetary Policy." Journal of Monetary Economics, vol. 12, pp. 101-121.Rogoff, K. (1985): "The Optimal Degree of Commitment to an Intermediate Monetary Target." Quarterly Journal of Economics, vol. 100, no. 4 (Nov.), pp. 1169-1189.Walsh, C. (1995): "Optimal Contracts for Central Bankers." American Economic Review, vol. 85, no. 1, pp. 150-167.Walsh, C. (1995): "Is New Zealand’s Reserve Bank Act of 1989 an Optimal Central Bank Contract?" Journal of Money, Credit and Banking, vol. 27, no. 4 (Nov., part 1), pp. 1179-1191.Mahadeva L., Sterne G. (2000): "Monetary policy framework in a global context," Routledge, London. http://www.bankofengland.co.uk/education/Documents/ccbs/publications/pdf/mpfagc/section4.pdfAlesina, A., Summers, L. (1993): "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence", Journal of Money, Credit and Banking, vol. 25, pp. 151-162.Arnone, M., Laurens, B.J., Segalotto, J.-F., and Sommer, M. (2007): "Central Bank Autonomy: Lessons from Global Trends." IMF Working Paper, no. 07/88, http://www.imf.org/external/pubs/ft/wp/2007/wp0788.pdf.GeraatsP. M. (2009): "Trends in Monetary Policy Transparency," CESifo Working Paper Series 2584, CESifo Group Munich.Svensson, L. E. O. (1999): "Inflation Targeting as a Monetary Policy Rule," Journal of Monetary Economics, 43, pages 607-654.Svensson, L.E.O. (1999): "Price Level Targeting vs. Inflation Targeting: A Free Lunch?" Journal of Money, Credit and Banking No. 31, pp. 277-295.Eggertsson, G.B., Woodford, M. (2003): "The Zero Bound on Interest Rates and Optimal Monetary Policy." Brookings Papers on Economic Activity, 34(1), 139-235.Batini, N., Kuttner, K. and Laxton, D. (2005): "Does Inflation Targeting Work in Emerging Markets?" In IMF, World Economic Outlook, September 2005: Chapter 4.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).Blinder A. (1998): Central Banking in Theory and Practice, MIT Press.Srour G. (1999) "Inflation Targeting Under Uncertainty, Bank of Canada," Technical Report No. 85 (http://www.bankofcanada.ca).Lombardelli, Proudman, Talbot (2002): "Committees versus individuals: an experimental analysis of monetary policy decision-making," Bank of England WP No 165.Söderstrom, U. (2002): "Monetary Policy with Uncertain Parameters,"  Scandinavian Journal of Economics, vol. 104 (February), pp. 125-45.Issing O. (1999) "The Monetary Policy of the ECB in a World of Uncertainty", Economic Policy Forum, Économie internationale 92 (2002), p. 165-180.http://www.cepii.fr/anglaisgraph/publications/economieinter/rev92/rev92f.pdfOrphanides, A. (2001). Monetary policy rules based on real-time data. American Economic Review, 964-985.Bernanke, B. S., & Boivin, J. (2003): "Monetary policy in a data-rich environment. Journal of Monetary Economics," 50(3), 525-546.Šmídková, K. (2003): "Targeting Inflation under Uncertainty: Policy Makers’ Perspective." Czech National Bank, Internal Research and Policy Note, 2003, no. 2.Šmídková, K. (2005): "How Inflation Targeters (Can) Deal with Uncertainty. " Czech Journal of Economics and Finance, No. 7-8, pp. 316-332.Brůha, J., Hlédik, T., Holub, T., Polanský, J., Tonner, J. (2013): "Incorporating Judgments and Dealing With Data Uncertainty in Forecasting at the Czech National Bank." CNB Research and Policy Notes, No. 2/2013, http://www.cnb.cz/en/research/research_publications/irpn/2013/rpn_02_2013.html.White, W. (2006): "Is price stability enough?" BIS Working Papers, no. 205, April 2006 (http://www.bis.org/publ/work205.htm).Cecchetti, S.G. (2005): "The Brave New World of Central Banking: The Policy Challenges Posed by Asset Price Booms and Busts." CNB Working Paper, no. 14/2005 (http://www.cnb.cz/cs/vyzkum/vyzkum_publikace/cnb_wp/2005/cnbwp_2005_14.html).Detken, C., Smets, F. (2004): "Asset Price Booms and Monetary Policy." ECB Working Paper Series, no. 364, May 2004 (http://www.ecb.int/pub/pdf/scpwps/ecbwp364.pdf).Adalid, R., Detken, C. (2007): "Liquidity Shocks and Asset Price Boom/Bust Cycles." ECB Working Paper Series, no. 732, February 2007 (http://www.ecb.int/pub/pdf/scpwps/ecbwp732.pdf).Bernanke, B. S., Getler, M., Gilchrist, S. (1999): The Financial Accelerator in a Quantitative Business Cycle Framework. In Handbook of Macroeconomics, J. B. Taylor and M. Woodford, Eds., vol. 1, pp. 1341-1393.Christiano, L. J., Trabandt, M., Walentin, K. (2007): Introducing Financial Frictions and Unemployment into a Small Open Economy Model. Sveriges Riksbank, Working Paper Series 214.Iacoviello, M., Neri, S. (2010): Housing Market Spillovers: Evidence from an Estimated DSGE Model. American Economic Journal: Macroeconomics 2 (2010), p. 125-164.Kiyotaki, N. and Moore, J. (1997): Credit Cycles. The Journal of Political Economy 105, 211-248.Brázdik, F., Hlaváček, M. and Maršál, A. (2011): Survey of Research on Financial Sector Modeling within DSGE Models: What Central Banks Learn from It,.CNB Research and Policy Notes, no. 3/2011 (http://www.cnb.cz/en/research/research_publications/irpn/2011/rpn_03_2011.html).

Požadavky

body získané na semináři + písemná zkouška (+ ústní zkouška v případě potřeby)

Garant

doc. Mgr. Tomáš Holub, Ph.D.

Vyučující

doc. Mgr. Tomáš Holub, Ph.D.Prof. Mgr. Kateřina Šmídková, Ph.D.