JEB020 - Economic Policy

Credit: 5
Status: Bachelors - All
Bachelors - elective
BEF - elective
Semester - summer
Course supervisors: Ing. Vladimír Dlouhý CSc.
Course homepage: JEB020
Literature: Literatura bude uvedena vždy na konci jednotlivých přednášek.
Literature will be presented always at the end of the Lecture.
Description: The course is intended to all students, who want to supplement theoretical studies by practical experiences from 20th century economic policies. However, it is especially intended for the students, who will seek employment in financial and banking sector, eventually in state administration. After introductory lecture the course starts with the discussion of economic development in major economies in 1870-1913, stressing the importance of gold standard. Following lectures tackle economic situation after WWI, hyperinflation of 1920s and the restoration of gold standard, causes and depth of Great Depression and consequences of Keynesian revolution for macroeconomic policies. The course continues with the period after WWII: birth and building blocks of Bretton-Woods system, post-war reconstruction (including Marshall plan) and birth of European monetary system (EMS) and European integration. Discussion of economic policies of end 1950s and 1960s follows, based on neoclassical synthesis (Philips curve, Okun’s law) and with fixed exchange rates. Next lecture is devoted to monetarism and later to rational expectations and Lucas critique. The curse follows with economic policies after the end of Bretoon-Woods system, with floating exchange rates and describing reaction to stagflation of 1970s. Last three lectures deal with stabilization policies of 1980s (inflation and deficits), with European common currency project and finally, with different types of financial crisis in both developed and emerging economies from 1980 till 2007.


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