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Code Completion Credits Range Language
U63E4201 ZK 3 2P+0C English
Garant předmětu:
Institute of Economic Studies

This course provides basic macroeconomic concepts to understand how a country operates in terms of its markets, aggregate variables, equations, and trade-offs. Graphical representations of equilibrium conditions are extensively used for easy comprehension and flexibility. The canonical IS-LM (investment-saving, liquidity-money) model, describing the goods market and financial markets in the short run, is extended by the labor market and thus by the Phillips curve in the medium run. It is further taken to the open economy setting and presented as the famous Mundell-Fleming model, including the policy trilemma or impossible trinity concept. The effects of fiscal policy and monetary policy on the domestic economy are summarized as well. The history of modern macroeconomics concludes the course. The main textbook is Blanchard (2021). This course has only lectures, no seminars.


Midterm and non-cumulative final exams count for 40% each of grade. Attendance at lectures contributes to the remaining 20%. Students have a chance to improve their grades by earning additional points through active participation in answering questions addressed by the lecturer within a theme at the end of classes.

Syllabus of lectures:

• A tour of the world: the financial crisis, the euro area, the US, and China

• Aggregate output, unemployment, and the inflation rate

• Goods and financial markets

• The IS-LM model

• Labor market and the Phillips curve

• The IS-LM-PC model

• Openness in goods and financial markets

• The Mundell-Fleming model and Trilemma

• Exchange rate regimes

• Fiscal policy

• Monetary policy

• The story of macroeconomics

Syllabus of tutorials:
Study Objective:

The goal is to equip students with macroeconomic frameworks helpful to analyze not only past macroeconomic events but also those that unfold in the future by knowing the basic mechanisms behind them.

Study materials:

1) Blanchard, O. (2021). Macroeconomics. England, Harlow: Pearson Education, 1-539.

2) Dornbusch, R., Fischer, S., & Startz, R. (2014). Macroeconomics. New York: McGraw-Hill Education, 1-652.

3) Mankiw, G. (2019). Macroeconomics. New York: Macmillan International Higher Education, 1-612.

Further information:
No time-table has been prepared for this course
The course is a part of the following study plans:
Data valid to 2023-08-30
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