Předmět International Macroeconomics (JEM111)

Na serveru studentino.cz naleznete nejrůznější studijní materiály: zápisky z přednášek nebo cvičení, vzorové testy, seminární práce, domácí úkoly a další z předmětu JEM111 - International Macroeconomics, Fakulta sociálních věd, Univerzita Karlova v Praze (UK).

Materiál	Typ	Datum	Počet stažení

Cíl

Tento předmět navazuje na pokročilý kurz makroekonomie a zaměřuje se na otázky specifické pro malé otevřené ekonomiky. Jeho absolvování umožňuje orientovat se v otázkách dlouhodobého růstu, kurzových režimů i stablizační politiky pro tento typ ekonomik.

Sylabus

1) Mundel-Fleming Model and Intertemporal Trade in the 2-Period Model2) 2-Period Model - Extensions3) Dynamics of current account I - Permanent income hypothesis4) Dynamics of Current Account II - OLG5) Neo-classical Ramsey growth model for open economies6) Price convergence and the Balassa-Samuelson effect7) Currency crisis models: generation I8) Currency crisis models: generation II9) Currency crisis models: generation III 10) Exchange rate regime choice and OCA11) Imperfections in international financial markets12) Inflation targeting in small open economies   13) FX interventions under inflation targeting 

Literatura

-Obstfeld, M., Rogoff, K.: Foundations of International Macroeconomics. MIT Press, 1996.• Romer, D., 1996, Advanced Macroeconomics. McGraw-Hill.• Barro, R., Sala-i-Martin, X, 1995, Economic Growth. McGraw-Hill.• Balassa, B., 1964, "The Purchasing Power Parity Doctrine: A Reappraisal," Journal of Political Economy, 72: 584-96.• Samuelson, P.A., 1964, "Theoretical Notes on Trade Problems," Review of Economics and Statistics, 46 (May): 145-154.• Čihák, M. and Holub, T., 2005, "Price Convergence in EU-accession Countries," Économie Internationale, No. 102, pp. 59-82.• Holub, T. and Čihák, M., 2003, "Price Convergence: What Can the Balassa-Samuelson Model Tell Us?" Working Paper, no. 8/2003, Prague: Czech National Bank (http://www.cnb.cz/en/pdf/wp8-2003.pdf).• Obstfeld, M., 1996, "Models of Currency Crises with Self-fulfilling Features," European Economic Review, vol. 40 (April), pp. 1037-48.• Chang, R., Velasco, A., 1998, "Financial Crises in Emerging Markets: A Canonical Model," NBER Working Paper Series, no. 6606 (http://www.nber.org/papers/w6606).• Krugman, P., 1999, "Balance Sheets, the Transfer Problem, and Financial Crises," International Tax and Public Finance, 6, 459-472.• DeLong, j. B., 2001, "The International Crises of the 1990s: Analytics" (http://www.j-bradford-delong.net).• Linhart, C. M.; Rogoff, K. S. (2008): Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison. NBER Working Paper No. 13761.• Fischer, S., 2001, "Exchange Rate Regimes: Is the Bipolar View Correct?" A Lecture Delivered at the Meetings of the American Economic Association, New Orleans, January 6 (http://www.imf.org/external/np/speeches/2001/010601a.pdf).• Mundell, R., 1961, "A Theory of Optimum Currency Areas," American Economic Review, vol. 51, pp. 657-664.• McKinnon, R.I., 1963, "Optimum Currency Areas," American Economic Review, vol. 53, pp. 717-725.• Holub, T., 2003, "Importing Low Inflation via Pegged Exchange Rates, Currency Boards and Monetary Unions," ICEG European Center, Working Paper 21, February 2003. • CNB (2013): Analyses of the Czech Republic's current economic alignment with the euro area, December, http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/en/monetary_policy/strategic_documents/download/analyses_of_alignment_2013.pdf• Christiano, Lawrence J., Mathias Trabandt, and Karl Walentin. 2007, November. Introducing Financial Frictions and Unemployment into a Small Open Economy Model.  Working paper series 214, Sveriges Riksbank (Central Bank of Sweden).• Stiglitz, J. E., Weiss, A., 1981, "Credit rationing in markets with imperfect information".• Kyiotaki, N., Moore, J., 1997, "Credit cycles", Journal of Political Economy, vol 105, No. 2, pp. 211 -248.• Svensson, L. E. O, 2000, "Open-Economy Inflation Targeting". London, CEPR Discussion Paper, 1989 (October).• Fraga, A., I. Goldfajn, and A. Minella, 2003, "Inflation Targeting in Emerging Market Economies." Cambridge, MA, NBER Working Paper Series, 10019 (October).• 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).• Gali J., Monacelli, T., 2005, "Monetary Policy and Exchange Rate Volatility in a Small Open Economy", The Review of Economic Studies, vol 72, No. 3 (July 2005), pp. 707 - 734.• Calvo, G. A., and C. M. Reinhart. "Fear of Floating." Cambridge, MA, NBER Working Paper, 7993, 2000.• Bofinger, P., and T. Wollmershaeuser, 2001, "Managed Floating: Understanding the New International Monetary Order." London, CEPR Discussion Paper, 3064.• Goldstein, M., 2002, "Managed Floating Plus." Washington, D.C., Institute for International Economics, Policy Analyses in International Economics, 66.• Edison, H. J.1 1993, "The Effectiveness of Central Bank Intervention: A Survey of the Literature after 1982." Princeton , Princeton University, Special Papers in International Economics, 18, 1993.• Sarno, L., and M. P. Taylor, 2001, "Official intervention in the foreign exchange market: Is it effective and, if so, how does it work?" Journal of Economic Literature, 39 (3), 839-868.• Holub, T., 2004, "Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience." CNB IRPN, no. 1/2004.• Geršl, A., Holub, T. Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience. Contemporary Economic Policy, 2006, vol. 24, no. 4 (October), pp. 475-491, ISSN 1074-3529.• Disyatat, P., and G. Galati, 2005, "The effectiveness of foreign exchange intervention in emerging market countries: evidence from the Czech koruna." Basel, BIS Working Paper, 172, 2005.• Égert, B. and L. Komárek, 2005, "Foreign Exchange Interventions in the Czech Republic: Did They Matter?" Prague, CNB Working Paper Series.• Cavusoglu, N., 2010, Exchange Rates and the Effectiveness of Actual and Oral Official Interventions: A Survey of Findings, Issues and Policy Implications. Global Economy Journal, vol. 10, iss. 4, article 3.• Gnabo, J-Y, De Mello, J., Moccero, D., 2010, "Interdependencies between Monetary Policy and Foreign Exchange Interventions under Inflation Targeting: The Case of Brazil and the Czech Republic", International Finance, vol. 13, issue 2, pp 195 - 211. 

Požadavky

absolvování "mid-term" testu na semináři + písemná zkouška (+ ústní zkouška v případě potřeby)

Garant

doc. Mgr. Tomáš Holub, Ph.D.