(in Polish) Advanced macroeconomics 1155-12-F21-0-AdMac

The subject range covers the following topics:
I. Exchange rates and the foreign exchange market: an asset approach
1. Exchange rates and international transactions
2. The foreign exchange market
3. The demand for foreign currency assets
4. Equilibrium in the foreign exchange market
5. Interest rates, expectations, and equilibrium
II. Money, interest rates, and exchange rates
1. The demand for money
2. The money market and the equilibrium
3. The equilibrium interest rate: the interaction of money
4. The money supply and the exchange rate in the short run and in the long run
5. Inflation and exchange rate dynamics
III. Price levels and the exchange rate in the long run
1. The law of one price
2. Purchasing power parity
3. A long-run exchange rate model based on PPP
4. Real exchange rate
5. Nominal and real exchange rate in the equilibrium
IV. Output and the exchange rate in the short run
1. Output market equilibrium in the short run: the DD schedule
2. Asset market equilibrium in the short run: the AA schedule
3. Short-run equilibrium for an open economy: the DD-AA model
4. Temporary changes in monetary and fiscal policy
5. Permanent changes in monetary and fiscal policy
6. The J-Curve
V. Fixed exchange rates and foreign exchange intervention
1. Central bank intervention and the money supply
2. How the central bank fixes the exchange rate
3. Stabilization policies with a fixed exchange rate
4. Balance of payments crises and capital flight
5. Reserve currencies in the world monetary system
6. The gold standard

Total student workload

Contact hours with teacher: - participation in lectures: 15 hrs - excersises: 15 hrs - consultations: 20hrs Self-study hours: - preparation for lectures: 5 hrs - preparation for exercises: 10 hrs - reading literature: 10 hrs - preparation for test: 10 hrs - preparation for examination: 15 hrs Altogether: 100 hrs (4 ECTS)

Learning outcomes - knowledge

W1: Student has knowledge about processes taking place in the monetary sphere of the global economy – K_W01 W2: Student understands problems of economic policy in the open economy – K_W02 W3: Student understands the motives behind the behaviour of international financial market participants and their effects - K_W03

Learning outcomes - skills

U1: Student applies various theoretical concepts to analyze the effects of using macroeconomic policy instruments in an open economy – K_U01, U2: Student prepares short analyses regarding selected problems of international economy – K_U09

Learning outcomes - social competencies

K1: Student perceives dependencies and draws conclusions correctly using the principles of logic – K_K01

Teaching methods

Problem lecture with presentation of basic analytical sequences. Practical exercises devoted to practicing the skills of using theoretical achievements of international economics to solve problems describing certain phenomena in economic practice.

Observation/demonstration teaching methods

- display

Expository teaching methods

- participatory lecture
- description
- problem-based lecture

Exploratory teaching methods

- case study
- practical

Prerequisites

Knowledge in micro- and macro core of economics from 1 degree of studies

Course coordinators

Michał Moszyński

Assessment criteria

Lecture:
- written examination - W1 (K_W01), W2 (K_W02), U1 (K_U01)
18-20 points (90-100%) - Very good (5.0)
17 points - Good plus (4.5)
15-16 points - Good (4.0)
14 points - Satisfactory plus (3.5)
11-13 points - Satisfactory (3.0)
10< points - Unsatisfactory (2.0)
Excercises:
- 1 test - W1 (K_W01), W2 (K_W02), U1 (K_U01), K1 (K_K01) with the same scoring
- activity

Practical placement

non applicable

Additional information

Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system:

Description of 1155-12-F21-0-AdMac in USOSweb