Undergraduate programme

Undergraduate programme

Compulsory Courses Bachelor´s Thesis Seminar*

Econometrics I*

Bachelor´s Thesis Seminar*

Econometrics II*

Economics I*

Economic Transformation I*

Economics II*

Economic Policy I

Mathematics I*

Economic Policy II

Mathematics II*

Institutional Economics*

Mathematics III*

Foundations of Law*

Mathematics IV*

Commercial Law*

Microeconomics I*

Public Finance

Microeconomics II*

European Economic Integration

Macroeconomics I

Financial Economics*

Macroeconomics II

Economics English I

Probability Theory and Statistics I*

Economics English

Probability Theory and Statistics II*

Introduction into the Politology*

History of Economic Thought

Introduction into the Sociology*

Elective Courses Economic Transformation II*

Individual Decision-Making: Theory and Reality

Probability Theory and Statistics III*

Labour Economics

Theory of Regulation and Competition Policy*

Selected Topics in Macroeconomics

International Trade I.

Microeconomics and Behaviour I*

Financial Management

Microeconomics and Behaviour II*

Financial Management – tutorials

Mathematics V*

Accounting I*

Current Affairs*

Accounting II*

Political economics

World Economic History*

The human factor and personnel managament*

Czech Economic History*

Economic Policy of the Czech Republic

International Finance *course is taught in Czech

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Graduate programme Compulsory Core Courses (core units –common to all programmes) Master´s Thesis Seminar I* Master´s Thesis Seminar II* Advanced Microeconomics I Advanced Macroeconomics Advanced Econometrics Contemporary Economic Theories European Economic Policies

Compulsory Courses (required specialising courses)

Economic Theory

European Economic Integration and Economic Policy

Banking

Advanced Microeconomics II Advanced Mathematical Statistics* Comparative Economic Systems* Contemporary Keynesian Economics - its rise and development The Czech Economic Thought* Economic Development, Transition and Growth Advanced Public Finance

Finance, Financial Markets and Banking

Theory of Regulation and Regulation of Industries Labour Economics A Advanced Public Finance Economic Policy – A Internal Market of the EU* Public Choice

Banking – Tutorials Corporate Finance Financial Markets Instruments I Financial Markets Instruments II Introduction to the Theory of Financial Markets

Advanced Economics of European Integration Microeconomic Aspects

Introduction to the Theory of Financial Markets A – seminar

International Macroeconomics

International Finance A II

International Macroeconomics

International Finance A I Corporate Governance

Elective Courses (elective specialising courses)

Game Theory 1.

Game Theory 1.

Ethics and Economics*

Business Cycles Theory

Business Cycles Theory

Advanced Monetary Economics

Ethics and Economics*

Evolutionary economics

Neoclassical Macroeconomics and its Development

Advanced Monetary Economics

European Economic Integration*

Evolutionary economics

European Economic Integration – Business Viewpoint*

Advanced Monetary Economics

Advanced International Trade

Bills of Exchange and Promissory Notes* Accounting and Tax Consulting I*

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Advanced Labour Economics Human Capital and Introduction to the Preference Theory* Post Keynesian Economics New Institutional Trends I* Corporate Law* Economic Dynamics I Economic Dynamics II

Economic Development, Transition and Growth

Accounting and Tax Consulting II*

History of the Czech Currency and Finance*

Risk Management and Financial Engineering on Developed Markets

Human Capital and Introduction to the Preference Theory* Post Keynesian Economics Industrial Organization

Philosophy and Economics

Political Economy of European Integration

Law and Economics

New Institutional Trends I*

Economics of Incentives and Contracts

Corporate Law*

Microeconomics of Banking

Corporate Governance Economics of Ageing

Private Law Institutions of the Market*

Law and Economics

Environmental Economics

Economics of Incentives and Contracts

Monetary Policy and Business Cycle

Introduction to the Institutional Framework of Security Markets* History of the Czech Currency and Finance* Stochastic Processes in Economics I* Stochastic Processes in Economics II* Decision Making in Economics I: Deterministic Optimization* Decision Making in Economics II: Stochastic Optimization* Quantitative Finance I

Private Law Institutions of the Market*

Quantitative Finance II

Environmental Economics

Auditing*

Monetary Policy and Business Cycle

Securities Accounting* New Institutional Trends I* Portfolio Analysis and Financial Risks Management Investment Valuation and Portfolio Management Corporate Law* Economic Dynamics I Economic Dynamics II Economics of Ageing Economics of Incentives and Contracts Microeconomics of Banking Private Law Institutions of the Market* Monetary Policy and Business Cycle

*course is taught in Czech

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Undergraduate programme

Compulsory Courses EB003 - Economics I (course is taught in Czech) Teachers: prof. RNDr. Jiří Hlaváček CSc., ČSOB Chair holder Literature: Samuelson P.A., Nordhaus W.D.: Economie, nakl. Svoboda, Praha 1991 Havel, J. aj.: Průvodce studiem Economics, Aleko, 1991 Holman R.: Ekonomie, C.H.Beck, Praha 1999 Mankiw N.G.: Zásady ekonomie, Grada Publishing, Praha 1999 Content:

1. Some definitions of economics. Role of economics. Is possible to be objective in social sciences? Could scientists believe in possibility to change the world? 2. The production-possibility frontier (PPF-curve) 3. Economic organisation. Alternative economic systems. The law of diminishing returns. CPE (centrally planed economy). Privatisation. 4. The market mechanism. The Invisible hand and perfect competition. The role of government . Public goods, externalities. 5. Supply-and-demand analysis. Explanation of downward-sloping demand curve and its convexity. Factors determining supply and demand . Equilibrium of supply and demand. 6. Price elasticity of demand and supply. Income elasticity and cross elasticity of demand. Applications : Incidence of a Tax, regulation and deregulation . 7. Theory of consumer behaviour. Diminishing marginal utility. Consumer surplus. Cardinal and ordinal utility. Equilibrium condition. Edgeworth box. 8. Business organisation. Forms of business organisation. To accounting : Income statement, balance sheet, cash-flow analysis 9. ;Neo-classic theory of producer, theory of marginal product. Basic definitions : the production function, total and marginal product, diminishing returns to scale, technological change 10. Analysis of costs, fixed and variable costs, marginal and average cost curves, the long-run cost curves, equal-cost lines and substituting inputs to cost minimisation 11. Competitive Markets, the concept of alocative efficiency, competitive equilibrium, the shutdown point and the break-even point. 12. Imperfect competition : monopoly, oligopoly. Barriers to competition. The point maximising monopolist´s and oligopolist´s profit, the control of monopoly, the antitrust policy 13. The distribution theory : pricing of factors of production, labour market, measurement of inequality of incomes

EB004 - Economics II (course is taught in Czech) Teachers: prof. RNDr. Jiří Hlaváček CSc., ČSOB Chair holder Literature: Samuelson P.A., Nordhaus W.D.: Economie, nakl. Svoboda, Praha 1991 Mankiw N.G. : Zásady ekonomie, Grada 1999 Havel, J. aj.: Průvodce studiem Economics, Aleko, 1991 Holman R.: Ekonomie, C.H.Beck, Praha 1999 Mankiw N.G.: Zásady ekonomie, Grada Publishing, Praha 1999 Content:

1. Macroeconomic instruments and goals, aggregate supply and demand, economic policy in market economy 2. Definitions of GNP, measurement of GNP, price indexes, GNP and NNP, disposal income (DI), 3. Consumption and savings, savings and investment. Determinants of investment. Real vs. nominal interest rates 4. Output determination : Keynes theory of multiplier 5. Output determination : supply-side theory 6. Business cycles, price level and natural GDP, long and short time horizon. 7. Definition of money. Components of money supply. Commercial banking. Central banking 8. Unemployment. The natural rate of unemployment. 9. Inflation and its connection to unemployment. Phillips curve

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10. Monetary policy, 11. Fiscal policy, deficit spending 12. Economic growth, International trade, theory of comparative advantage.

EB005 - Mathematics I (course is taught in Czech) Teachers:

RNDr. Miroslav Zelený Ph.D.

Literature:

Hájková V., John O., Zelený M.: Matematika, Karolinum, Praha 2000 Kopáček J. a kol.: Příklady z matematiky pro fyziky I., Matfyzpress, Praha 2002 Děmidovič B.P.: Sbírka úloh a cvičení z matematické analýzy, Fragment, Praha 2003

Description: Students become familiar with mathematical analysis of functions of one variable. The presented methods are convenient for solving problems in economy. Content:

Sets of numbers, supremum and infimum, minimum and maximum. Limit of sequence (finite and infinite), theorem on limit of monotone sequence. Functions of one variable: limit of function, elementary functions and their properties , derivative, properties of continuous functions, Langrange theorem, finding of extrema, convex and concave functions, investigation of function and construction of its graph. Introduction to theory of functions of several variables, partial derivatives.

EB006 - Mathematics II (course is taught in Czech) Teachers:

RNDr. Miroslav Zelený Ph.D.

Literature:

Hájková V., John O., Zelený M.: Matematika, Karolinum, Praha 2000 Kopáček J. a kol.: Příklady z matematiky pro fyziky I., Matfyzpress, Praha 2002 (kapitoly 7, 9.4 a 9.5) Kopáček J. a kol.: Příklady z matematiky pro fyziky II., Matfyzpress, Praha 2003 (kapitoly 3 a 5) Děmidovič B.P.: Sbírka úloh a cvičení z matematické analýzy, Fragment, Praha 2003 (nebo starší ruský originál)

Description: Students became familiar with mathematical analysis of functions of several variables, linear algebra, series and Riemann integral. The presented methods are useful for solving problems in economics, mainly problems from microeconomics. Content:

Functions of several variables: smooth functions, implicit function theorem, free and constrained extrema, quasiconcave fuctions. Linear algebra: basic matrix operations, determinants, solution of systems of linear equations. Series: convergence and divergence, criteria of convergence, absolute convergence. Basic properties of Riemann integral.

EB028 - Mathematics III (course is taught in Czech) Teachers:

Doc. RNDr. Ondřej Kalenda Ph.D.

Literature:

John, Kalenda, Zelený: Matematika (pokračování), Matfyzpress 2003. J.Kopáček a kol. Příklady z matematiky nejen pro fyziky, Matfyzpress 2005 (kapitola 7, oddíly 9.19.3)

Description: Deeper results of mathematical analysis and linear algebra which are applicable in economy are studied. Přednáška navazuje na Matematiku I a II, cílem je doplnění a prohloubení znalostí získaných v předchozích kursech (Taylorův polynom, Hessova matice a podmínky 2. řádu, vlastní čísla a vlastní vektory matic a pod.). Podmínkou zápisu kursu je absolvování předmětů: Matematika I a II. Content:

Taylor polynom of functions of one and several variables, sufficient conditions for local extrema, bilinear forms, difference equations. Vektorové prostory, lineární zobrazení, bilineární formy, vlastní čísla a vektory, Taylorův polynom

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funkcí jedné a více proměnných, postačující podmínky pro existenci lokálních extrémů, diferenční rovnice.

EB029 - Mathematics IV (course is taught in Czech) Teachers:

Michal Johanis

Literature:

John, Kalenda, Zelený: Matematika (pokračování), Matfyzpress 2003 M. Braun: Differential equations and their applications, Springer 1978 (ISBN 0-387-90289-9)

Description: An introduction to theory of ordinary differential equations is presented. This theory has a lot of applications in different fields of economy. Content:

Equations with separated variables, existence and uniqueness of solution of first order equation, linear equation of higher order, systems of linear equations of first order, introduction to theory of stability.

EB007 - Microeconomics I (course is taught in Czech) Teachers:

Ing. Ivo Koubek

Literature:

Varian, H.R.: Microeconomie, moderní přístup, český překlad,Victoria publishing, první vydání, 1995 Gravelle, H. - Rees, R.: Microeconomics, Longman 1992 Varian H.R. Intermediate Microeconomics, A Modern Approach, Norton 1993 Frank R. Mikroekonomie a chování, český překlad, Svoboda - Libertas, 1995 Laidler, D.:Estrin,S. Introduction to Microeconomics, third edition, Philip Allan, 1989 Frank R. Mikroeconomics and behavior, Mc Graw Hill, Third edition, 1997

Description: Microeconomics is a set of theories, which help us to understand processes by which the scarce resources are allocated among alternative uses. Microeconomics explains the role of prices and markets in these processes, and makes more clear behaviour of the economic agents. This course of Microeconomics I consist of introduction in Microeconomics and Consumer Theory. The course is oriented on standard analytic methods. The main goal is to provide fundamental instruments of microeconomic analysis. Content:

INTRODUCTION IN MICROECONOMICS: 1. Nature of microeconomics. 2. Introduction in optimisation. 3. The method of Lagrange. THEORY OF CONSUMER BEHAVIOUR: 4. Consumers budget constraint. 5. Preferences and preference ordering. 6. Utility, utility function and its properties 7. Consumer choice. 8. Comparative statics: Income changes and consumer choice, Engel curves and income elasticity of demand. 9. Comparative statics: Price changes and consumer choice, demand curves and price elasticities of demand. 10. Substitution and Income effects of price change. 11. Duality: Expenditure function and Shephards lemma. 12. Duality: Indirect utility function, Roy Roys identity and Slutsky equation 13. Measuring of changes in consumers benefit resulting from price changes, 14. Revealed preferences. 15. Price indices and changes in consumers standard of living. 16. Consumer buying and selling goods. 17. Consumers supply of labour. 18. Intertemporal choice and interest rate. 19. Capital market, investment and consumers production opportunity. 20. Consumer choice under uncertainty, insurance and bets, moral hazard and adverse selection. 21. Introduction in risky assets. 22. Consumption technologies.

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EB008 - Microeconomics II (course is taught in Czech) Teachers:

Ing. Ivo Koubek PhDr. Filip Žikeš MSc.

Literature:

Frank, R.: Mikroekonomie a chování, český překlad, Svoboda - Libertas, 1995) Laidler, D.- Estrin,S.: Introduction to Microeconomics, third edition, Philip Allan, 1989 MIKROEKONOMIE, Soukupová, Hořejší, Macáková, Soukup, Management Press, Praha 2000, druhé vydání.

Description: Microeconomics is a set of theories, helping us to understand process by which scarce resources are allocated among alternative uses. Microeconomics explain the role of prices and markets in this process and make clear economic agents behaviour. The lectures of Microeconomics II are oriented on Theory of Firm and Industrial Organisation. Content:

THEORY OF THE FIRM 1. Introduction in the firm theory. Production, production function and production possibility set. Isoquants of output level and marginal rate of technical substitution. 2. Exchangeability of inputs and elasticity of substitution. Changes in scale and returns to scale. 3. Elasticity of returns to scale, returns to scale in homogeneous and homothetic production functions 4. Short-run production function. Long-run versus short-run decision making. Returns to factor and elasticity of returns to factor, marginal and average product of factor. 5. Profit maximization on production possibility set (under perfect competition) 6. Cost: cost minimisation in the long run, corner solution 7. The long-run Cost function and its properties. Shephards lemma, price elasticity of cost. Properties of conditional input demands . 8. Expansion path of the firm and cost curves, average and marginal costs. Changes in economies to scale and output elasticity of cost. Comparativ statics of cost in the long-run. 3. Cost minimisation in the short-run and short-run expansion path of the firm. Short-run cost function. Fixed and variable cost. Comparativ statics of cost in the short-run. 10 Short-run cost versus long-run cost and envelope property. Cost minimisation in firm with several plants and sub-additivity of cost function. INDUSTRIAL ORGANIZATION 11. Perfect competition: Assumptions. Profit and Revenue. Profit maximisation in the long run under given cost function. Firm supply and supply function in the long run. 12.Profit maximisation and supply in the short run. The relationship between profit maximisation in the long run and in the short run. 13. Profit function and its properties, Hotellings lemma. Properties of Supply function. Marshallian input demands and their properties. 14. Market demand for Industry output under perfect competition. Industry supply in the long run and in the short run under constant input prices. Differences in costs among firms inside the Industry (short run and long run). 15. External technological diseconomies and economies to scale. External pecuniaryl diseconomies and economies to scale. Effect of production expansion of industry and following input price changes on firm and industry supply in the-long run and the short-run. 16. Perfect competitive markets and equilibrium, existence, stability, Walrasian versus Marshallian process. Naive versus rational expectations and Marshallian process in the long-run and short-run 17. Monopoly: Sources of Monopoly. Price and output under Monopoly, Monopolistic producers total, average and marginal revenue. Monopolistic profit and supplied output. Price elasticity of demand and markup. 18. I., II. and III. degree price discrimination. Monopoly and inefficiency, measures of market power, regulation. 19. Product differentiation and monopolistic competition: The Chamberlin model, kinked demand, spatial model of monopolistic competition. 20. Oligopoly. Quantity setting: The Cornout model, credible commitment and The Stackelberg model. Price setting: Bertrand model, Price leadership. Collusion and game theory - Prisoners dilemma, dominant strategy, Nash equilibrium. One-shot and repeated games, simultaneous and sequential games. INPUT MARKETS 21. Input markets. Perfect competitive and monopolistic output market and input demand. Monopsony and monopoly on input market. Input prices and rent. GENERAL EQUILIBRIUM 22. General equilibrium under pure exchange economy: Edgeworth box, Pareto-efficiency and Pareto-preference. Exchange and contract curve. All markets equilibrium. Prices, excess demand and Walras law. I. and II. Theorem of Welfare Economics. 23. General equilibrium -production possibilities economy. Robinson Crusoe Economy. Production

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and I. and II. Theorem of Welfare Economics. Production possibilities and marginal rate of transformation. Comparative advantage. Pareto-efficiency and production, existence of world prices and equilibrium. Walrasian equilibrium: Existence and excess demand function, stability and tâtonnement process. 24. Social welfare function. Arrows conditions and Impossibility Theorem. Majority voting decision. Externalities and Coase Theorem. Public goods: Samuelsons criterion of Pareto-efficiency.

EB009 - Macroeconomics I Teachers:

PhDr. Michal Hlaváček Ph.D.

Literature:

[1] Cahlík: Makroekonomie. Skripta Karolinum 1998. [2] Burda-Wyplosz: Macroeconomics, a European Text. 1993. [3] Barro: Macroeconomics. Fourth Edition. 1993

Description: The course acquaints students with macroeconomic indexes and with national accounts system. Behaviour of the economy in the long run and short run is explained, especialy with concern to generation, distribution and alocation of national income. The course also solves problems of small open economy. Content:

(1) What is macroeconomics. Economic theories and models. Methods. Business cycles, price level and natural GDP, long and short time horizont. Stabilization politics. (2) Measurment of economic activity, price changes and unemployment. National income accounts. Flow of funds. I-O analysis. (3) General classical model. (4) Effective demand. Consumption and investment. Income-expenditure model. (5) Liquidity preference theory. IS-LM model. (6) AD-AS model: AD curve. AS curve. (7) General keynesian model. Liquidity and investment trap. (8) Money supply. Monetary politics.I (9) Money supply. Monetary politics.II (10) Money demand. (11) Exchange rate and balance of payment. (12) IS-LM-BP model. (13) AD-AS model for open economy.

EB010 - Macroeconomics II Teachers:

PhDr. Michal Hlaváček Ph.D.

Literature:

[1] Cahlík: Makroekonomie. Skripta Karolinum 1998. [2] Mankiw: Macroeconomics, Worth Publishers, 1994 [3] Burda-Wyplosz: Macroeconomics, a European Text. 1993. [4] Barro: Macroeconomics. Fourth Edition. 1993

Content:

(1) Intertemporal budget constraint. Public debt. International investment position. (2) Adaptive expectations. Theory of rational expectations. Effective market theory. (3) Aggregate supply models: Friedman and Lucas. Sticky prices model. (4) Real business cycle theory I. (5) Real business cycle theory II. (6) New keynesian theory. (7) Dynamic AD-AS model. Demand and supply shocks in DAD-DAS model. (8) Inflation. (9) Unemployment. (10) Consumption. (11) Investment. (12) Growth. (13) Economic policy.

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EB011 – Probability Theory and Statistics I (course is taught in Czech)

Teachers:

Ing. Monika Hollmannová Doc. RNDr. Jan Ámos Víšek CSc.

Literature:

Andel, J. Matematicka statistika, Praha 1978 Hatle, J.- Likes, J. : Zaklady poctu pravdepodobnosti a statistiky, 1972 Rao, C.R.: Linearni metody statisticke indukce a jejich aplikace. Praha, 1978

Description: Content of the course is an introduction and the explanation of basic notions of the probability theory. The lectures allow to the participants to insight into noncausual interpretation of the world. Understanding does not require any special knowledge over the framework of mathematics which is read on the Institute. This course together with the statistical course opens a way to the understanding of the much more involved stochastic and econometric methods. The condition for selecting this course is passing Mathematics I. and II.. Content:

Basic notions of probability theory , random variables, their characteristics and measures of their mutual dependence, selected types of distributions, some probabilistic inequalities, types of convergence of random variables, laws of large numbers, central liit theorem and the law of iterated logarithm.

EB012 - Probability Theory and Statistics II (course is taught in Czech) Teachers:

Ing. Monika Hollmannová Doc. RNDr. Jan Ámos Víšek CSc.

Literature:

Andel, J. Matematicka statistika, SNTL&ALFA, Praha 1978 Hatle, J. - Likes, J.: Zaklady poctu pravdepodobnosti a statistiky, SNTL 1972 Rao, C.R.: Linearni metody statisticke indukce a jejich aplikace. Academia, Praha, 1978

Description: This course follows the course Probability Theory and Mathematical Statistics I (that course is required for selecting this one). Participants obtain an information about basic statistical methods and notions: random sample, various types of estimators and their properties, testing the hypotheses. Content:

1. Random choice Definition of random choice, statistics: an empirical mean, empirical moments, central empirical moments, and independent random choices. 2. Estimation Theory Unbiased estimators, efficient estimators, the best unbiased estimators, a maximum likelihood estimator, interval estimators. 3. Nonparametric estimation theory Random choice ordered, sign test, correlation coefficient estimators, change point. 4. Hypothesis test procedures A task formulation, a critical region, a critical level, the most powers critical region, a test procedure, and critical value of the test procedure.

EB013 - Econometrics I (course is taught in Czech) Teachers:

Doc. RNDr. Jan Ámos Víšek CSc.

Literature:

Anděl, J.: Matematická statistika , SNTL ALFA, Praha, Bratislava, 1978. Anděl, J.: Statistické metody , MATFYZPRESS, Praha, 1993. Atkinson, A. C.: Plots, Transformations and Regression: An Introduction to Graphical Methods of Diagnostic Regression Analysis, Claredon Press, Oxford, 1985. Berndt, E.: The Practice of Econometrics , Reading, Mass.,Addison-Wesley, 1990. Chatterjee, S., Hadi, A. S.: Sensitivity Analysis in Linear Regression, J. Wiley Sons, New York, 1988. Christ, C. F.: Econometric models and methods , Wiley Sons, New York, 1968. Greene, W. H.: Econometric Analysis , Macmillam Press, New York, 1993. Judge, G., Hill, C., Griffiths, W., Lee, T.: Theory and Practice of Econometrics , J. Wiley Sons, New York, 1985. Kennedy, P.: A Guide to Econometrics , MIT Press, Cambridge, 1992. Kmenta, J.: Elements of Econometrics , Macmillan Publishing Company, New York, 1986.

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Maddala, G.S.: Introduction to Econometrics , Macmillam Press, New York, 1988. Mood, A. M., Graybill, F. A., Boes, D. C.: Introduction to the Theory of Statistics , McGraw-Hill Series in Probability and Statistics, New York, 1974. Rao, C. ,R.: Lineární metody statistické indukce a jejich aplikace, Academia, Praha, 1978. Zvára, K.: Regresní analýza , Academia, Praha, 1989 Další literatura je na http://samba.fsv.cuni.cz/~visek/ Description: The course of (basic) economerics offers an introduction and explanation of (linear) regression model for cross-sectional data. The lectures (in English) are given on http://samba.fsv.cuni.cz/~visek/. A list of discussed topics (in given lecture) is given at the start of evey lecture. For a list of references see also http://samba.fsv.cuni.cz/~visek/. The seminars are devoted to reading and presenting (by students) some applied topics. Obligatory is Mathematics I and II and Probability and Mathematical Statistics I and II. Content:

Classical regression analysis Why just linear regression model (Stone-Weierstrass theorem), causality and correlation (new paradigma versus renesance), objectivity, subjectivity, approximation, explanation of data. Matrix formalizm, types of distributions (normal, Student´s , Fisher Snedecor , distribution of quadratic forms. Linear regression Estimators of coefficients, assumptions and optimality, equivalence of LS and ML, estimator of variance of random fluctuations. Diagnostics of estimator of regression model Distribution of quadratic forms, test of significance of coefficients, (adjusted) coefficient of determination, Fisher-Snedecor´s F, test of submodels, Chow´s test, criteria for selection of model. Outputs of statistical packages Tables, (diagnostic) grafs , interpretation. Verifying basic assumptions Tests of normality, homoscedasticity (examples, models, tests), independence of random fluctuations (Durbin-Watson), kolinearity, ridge regression, constraints on coefficients, independence of explanatory variables and random fluctuations (examples, instrumental variables, Hausman test). Sensitivity of model Underfitting, overfitting, influence of one observation, multicollineariry, its diagnostics and remedy against it, ridge regression, model with restrictions, evaluation of such model. Optimality of prediction inside and outside data -- Clemens result. Special regression models Generalized regression model, categorial explanatory variables, discrete response variable (problems with classical regression, binary response, estimators in logit and probit models). Explanatory variables measured with errors.

EB014 - Econometrics II (course is taught in Czech) Teachers: Literature:

Doc. RNDr. Jan Ámos Víšek CSc. Anděl, J.: Matematická statistika , SNTL ALFA, Praha, Bratislava, 1978. Anděl, J.: Statistické metody , MATFYZPRESS, Praha, 1993. Atkinson, A. C.: Plots, Transformations and Regression: An Introduction to Graphical Methods of Diagnostic Regression Analysis, Claredon Press, Oxford, 1985. Berndt, E.: The Practice of Econometrics , Reading, Mass.,Addison-Wesley, 1990. Chatterjee, S., Hadi, A. S.: Sensitivity Analysis in Linear Regression, J. Wiley Sons, New York, 1988. Christ, C. F.: Econometric models and methods , Wiley Sons, New York, 1968. Greene, W. H.: Econometric Analysis , Macmillam Press, New York, 1993.

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Judge, G., Hill, C., Griffiths, W., Lee, T.: Theory and Practice of Econometrics , J. Wiley Sons, New York, 1985. Kennedy, P.: A Guide to Econometrics , MIT Press, Cambridge, 1992. Kmenta, J.: Elements of Econometrics , Macmillan Publishing Company, New York, 1986. Maddala, G.S.: Introduction to Econometrics , Macmillam Press, New York, 1988. Mood, A. M., Graybill, F. A., Boes, D. C.: Introduction to the Theory of Statistics , McGraw-Hill Series in Probability and Statistics, New York, 1974. Rao, C. ,R.: Lineární metody statistické indukce a jejich aplikace, Academia, Praha, 1978. Wonnacot, T. H., Wonnacot, R. J.: Statistika pro obchod a hospodarstvi , Victoria Publishing, Praha, 1993. Zvára, K.: Regresní analýza , Academia, Praha, 1989 Some other references one can find on http://samba.fsv.cuni.cz/~visek/ Description: The course of (basic) economerics offers an introduction to time series and explanation of (linear) regression model for panell data. The lectures (in English) are given on http://samba.fsv.cuni.cz/~visek/. A list of discussed topics (in given lecture) is given at the start of evey lecture. For a list of references see also http://samba.fsv.cuni.cz/~visek/ Content:

Time series Description and categorization, decompozition on: trend, cyclic and seasonal parts, random fluctuations and shocks. Fitting polynomials (an estimation of the order) smoothing by exponencial and logistic curves, Hotteling´s and Tintner´s methods, bonus method. . Mechanical smoothing Moving sums, the impact on periodical part. Exponencial smoothing of the first, secong and third stage. Adaptive weights Regresional approximations. Holt-Winters´ method (aditive and multiplicative model). Diagnostics Test of randomness (sign test, based on points of change, Kendall´ tau, Spearmen´s rho, median test). Correlogram.. Intervention analysis. Estimation of coefficients of linear regression model for panel data. Correction for inefficiency caused by correlations between (or among) disturbances. Warning for mechanical application of correction methods. Robust regression General ideas, contamination of data and its consequences. An alternative interpretation of the estimating parameters. Influence function and characteristics derived from it (gross-error sensitivity, locall shift sensitivity, rejection point. Breakdown point. Redescending estimators. B- and V- optimal estimators. Diagnostics in robust regrssion. Classes of estimators (M,L,R, S, minmal determinant of covariance matrix and minimal volume of the ellipsoid, minimal distance, with high breakdown point). Estimates of variances and studentizations in robust regression .Implementation of methods. Interpretation of results.

EB016 - History of Economic Thought Teachers:

Mgr. Roman Pazderník PhDr. Tomáš Sedláček Prof. Ing. Milan Sojka CSc.

Literature:

Holman R. a kol.: Dějiny ekonomického myšlení. Praha, C. H. Beck 1999, 2002 Sojka M. a kol.: Dějiny ekonomických teorií. Praha, Karolinum 2000 Screpanti E., Zamagni S.: An Outline of the History of Economic Thought. Oxford, Oxford University Press 1995 Ekelund R. B., Hébert R. F.: A History of Economic Theory and Method. 4th Edition. McGraw-Hill 1997

Description: Course of lectures on the development of economic thought and economic theories since the Ancient Greek economic thought until modern times. The emphasis is on the development of economic ideas and theories of the most important streams, schools and authors of economic thought since the times of the classical political economy. The aim of the course is to help students

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of economics in understanding the wealth of ideas and theories which developed during centuries into the modern economics and its major alternatives. Content:

Lectures 1. From Economic Thought to Economic Science economicν thought of ancient Greece and Rome medieval economic thoughtν ν mercantilism 2. French Fysiocratic School 3. Classical Political Economy 4. Socialist Economic Thought 5. German Historical School 6. Austrian School 7. Neoclassical Economics 8. J. A. Schumpeter 9. Institutionalism an new institutional economics 10. Keynes and keynesianism 11. Neokeynesian macroeconomics and new keynesian economics 12. Postkeynesian Economics and neoricardian economics 13. Neoclassical Macroeconomics after Keynes 14. French Structuralism

EB018 - Economic Transformation I (course is taught in Czech) Teachers: Prof. Ing. Karel Kouba DrSc. Literature: 1. Kouba, K., Vychodil, O., Roberts J. Privatizace bez kapitálu: Zvýšené transakční náklady české transformace, Karolinum 2005, Praha (Studie Národohospodářského ústavu Josefa Hlávky; studie 4/2004) (B - monografie) 2. F.A. Hayek: Právo, zákonodárství a svoboda ( Nový výklad liberálních principů spravedlnosti a politické ekonomie), Academie Praha 1991.1) Pravidla a řád. Úvod. Kapitola II, Kosmos a taxis. Str. 9-13, 38-54. 3. F.A. Hayek: Využití znalostí ve společnosti. V: Sborník "Trh versus plán-půl století sporu. Sborník klasických i novějších statí k jádru sporů o prioritu trhu či centrálního plánu". Uspořádali J. Kameníček, K. Kouba. UK, Praha 1992. Nebo jako Využívání informací ve společnosti. Liberální ekonomie. Kořeny euroamerické civilizace. Prostor 1993. Str. 161-177. Nebo: Zásady liberálního řádu. ACADAMIA 2001. 4. Ludwig von Mises: Ekonomická kalkulace v socialistickém společenství. Sborník: Trh vs. plán.Str.69-94. Nebo: Zásady liberálního řádu. ACADAMIA 2001. 5. Milton Friedman: Tržní mechanismy a centrální ekonomické plánování. (1983).V: Liberální ekonomie. Prostor 1993. Str. 147-160.Nebo: G. Waren Nutter: Markets Without Property: A Grand Illusion. (1968). Sborník: Trh vs. plán.Str. 164-174. Nebo: Zásady liberálního řádu. ACADAMIA 2001. 6. Kornai János: Placení účtu za gulášový komunismus. Maďarský vývoj a makroekonomická stabilizace z pohledu politické ekonomie. Institut ekonomie ČNB, Praha 1996, VP č. 54, nebo PE 2,3/1997. 7. Belka, M.: Poučení z polské transformace. Finance a úvěr 4/2001. Nebo: 8. Belka, M.: Lessons and Challenges in Transition. Nebo: http://www.cnb.cz/_vystoupeni/pdf/mmf_belka.pdf. 9. Jonáš, J.: Ekonomická transformace v ČR v 90 letech: ztracená dekáda? První kapitola v: Světová ekonomika na přelomu tiisíciletí. Management Press, Praha 2000. (Str. 9-54). (V knihovně IESTransformace). 10. Bokros,L.: Rozdílné cesty visegradských dvojčat. Porovnání procesu transformacve v ČR a Maďarsku. Finance a úvěr 4/2001, nebo angl. : www.cse.cz. 11. North, D.C.: Institucionální struktury a transformační procesy. PE 5/1995. Nebo: North, D.C.: Vývoj ekonomické výkonnosti v čase. PE 4/1994. Nebo: Oslava ekonomie. ACADEMIA. 12. Kornai János: Deset let po cestě ke svobodné ekonomice. Politická ekonomie 5/2001. Nebo: Ten Years After "The Road to a Free Economy". The World Bank, 2000. Autorská sebereflexe po deseti letech ke knize: Kornai János: Cesta ke svobodné ekonomice. Academia, Praha 1990. (V IESTransf.). 13. Privatizace: "Privatization Lessons...".Int.:http://ies.fsv.cuni.cz.Ek.Transf.1.WB_transition_2001. 14. DALŠÍ DOPORUČENÁ LITERATURA: 15. Vychodil, O.: Privatization...Na int.: Ek. Transf. II. Vychodil_2001. 16. Kouba,K.: Systémová transformace a mikroekonomické základy makrostability. PE 3/1994. (V IES-Transf.). 17. Kouba, K.: Hlavolam neočekávané ztráty dynamiky české ekonomiky. CEP č. 6/2000. Nebo HN v

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IES-Transf. 18. Kouba, K.: Teorie pravidel a realita našeho života. Zájmové skupiny - terra inkognita české ekonomiky. 19. V: Střední Evropa 106/2001, Nebo: Institucionalizace (ne)odpovědnosti. Karolinum 2001.Nebo v IES-Transf. 20. Výzkumné publikace Světové Banky. World Bank. (Na internetu). 21. Výzkumné publikace Institutu ekonomie ČNB. ČNB, sekce měnová. 22. Ekonomická teorie a česká ekonomika. Publikace ze seminářů ČSE. Editor: M. Čihák.V. Kotlán. 23. Jonáš, J.: Ekonomická transformace v ČR, makroekonomický vývoj a hospodářská politika. Praha 1997. 24. Klaus,V.: Ekonomická věda a reforma. Praha 1991. 25. Mlčoch, L.: Zastřená vize ekonomické transformace. Karolinum UK, Praha 1997. 26. Mlčoch,L., Machonin,P., Sojka,M.: Ekonomické a spol. změny v čs. spol. po roce 1989.Karolinum 2000. 27. Acta Universitatis Carolinae. OECONOMICA. 1/1999: Konkurzy. 2/1999: Kapit.trh. 1/2000: Privatizace. 28. Hospodárská politika na Slovensku 1990-1999. INEKO, Bratislava 2000. 29. Spěváček, V. a kol.: Transformace české ekonomiky. Praha 2002. 30. Svejnar,J. ed.: The Czech Rep. and Economic Transition in Eastern Europ, AP 1995, česky ACADEMIA. 31. Zpráva o vývoji české společnosti 1989-1998. Ed. Večerník, J., ACADEMIA 1998. 32. Politická ekonomie. Finance a úvěr. Zejména FÚ 4/2001: Lekce a výzvy transformace po 10 letech. 33. Kupónová privatizace. Tříska, D., Klaus, V., Holman, R., Rudlovčák, V., Hrubý, M., Mládek, J. a Loužek, M. Sborník textů. CEP 2002. 34. STATISTICKÁ DATA -- ANALÝZY. ČNB Měsíční Bulletin. (Int:www.cnb.cz). Publ. ČSÚ-Českého úřadu statistického. (V knihovně IES FSV UK). Pravidelná zprávy Evropské Komise EU o ČR. 35. Ekonomické zprávy. V.Tomšík. Newton. (Knihovna IES, www.newton.cz). Hospodářské trendy KB. 36. WIIW. Research Reports. Vienna. CZECH REPUBLIC. CERGE 1997. 1998. 1999. 2000. 2001. 37. Transition Reports. EBRD. 38. Aktuální vývoj ČESKÁ REPUBLIKA. SLOVENSKÁ REPUBLIKA. ČSOB. 39. OECD ECONOMIC SURVEYS. Hungary. Poland. Czech Republic. Slovak Republic. 40. Další doporučená literatura v "Doporučená témata závěrečných prací"- IES knihovna Ek. Transf. Content:

1. Market order. Spontaneus order. 2. The rules of order. Formal and informal rules. Change of system. 3. Transformation, institutions, ethics, and economic performance. Institutional and ethical deficit. 4. Market coordination. Price mechanism and the state. The path of institutional change. 5. Model of the socialist system. Model and reality of the centrally planned economy. 6. The politics and economics of reform. Market socialism. 7. The paradigm of systemic changes of countries in transition. The case of the Czech Republic. 8. Macroeconomic policies (monetary, exchange rate, and fiscal policies) of countries in transition. 9. The institutional and microeconomic foundation of macrostability. 10.Changes of property rights and privatization policies in transition economies. 11.The Czech Republic. 12. Poland. 13. Hungary. 14. Comparison of strategies of transformation, their implementation, and corrective measures. 15. Discussion: Results, and social costs of transformation. Open issues and perspectives.

EB020 - Economic Policy I Teachers:

Ing. Vladimír Dlouhý CSc.

Description: The basic idea of the course is to show the interconnection between theoretical macroeconomic models and their application in practical ecnomic policy during the 20th century. It starts at the very beginning of modern macroeconomics in the Great Depression of the 1930s, and by comparing the Classical and Keynesian models it discusses the economic policy of that period, primarily in the USA (the New Deal). It further examines various models from the period following WWII, primarily the Neo-classical Synthesis and its application to the economic policy of the USA and Britain in the 1950s and 1960s, and compares this to approaches in other countries (France, Scandinavia, West Germany and Japan). It then continues with an examination of the models of an open economy (Mundell-Fleming), and discusses economic policy from the period the Oil Crises of the 1970s and 1980s, Lucas`s critique, and models of rational expectations. Attention is paid to specific developments in the economic policy of the 1970s and 1980s, including those of Ronald Reagan and Margareth Thatcher. The effectiveness of monetary and anti/inflationary policy is illustrated by

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the increasing role of the central banks in the economic policy of the 1990s. The final part discusses problems in the economic policy of the transition countries of Central Europe, and questions related to European economic integration. The exposition looks not only at the macroeconomic level, but also emphasis the importance of microeconomic factors in individual cases.

EB021 - Economic Policy II Teachers:

Ing. Vladimír Dlouhý CSc.

Description: The basic idea of the course is to show the interconnection between theoretical macroeconomic models and their application in practical ecnomic policy during the 20th century. It starts at the very beginning of modern macroeconomics in the Great Depression of the 1930s, and by comparing the Classical and Keynesian models it discusses the economic policy of that period, primarily in the USA (the New Deal). It further examines various models from the period following WWII, primarily the Neo-classical Synthesis and its application to the economic policy of the USA and Britain in the 1950s and 1960s, and compares this to approaches in other countries (France, Scandinavia, West Germany and Japan). It then continues with an examination of the models of an open economy (Mundell-Fleming), and discusses economic policy from the period the Oil Crises of the 1970s and 1980s, Lucas`s critique, and models of rational expectations. Attention is paid to specific developments in the economic policy of the 1970s and 1980s, including those of Ronald Reagan and Margareth Thatcher. The effectiveness of monetary and anti/inflationary policy is illustrated by the increasing role of the central banks in the economic policy of the 1990s. The final part discusses problems in the economic policy of the transition countries of Central Europe, and questions related to European economic integration. The exposition looks not only at the macroeconomic level, but also emphasis the importance of microeconomic factors in individual cases.

EB022 - Institutional Economics (course is taught in Czech) Teachers:

Prof. Ing. Lubomír Mlčoch CSc.

Literature:

Lubomír Mlčoch: Institucionální ekonomie, Praha, Karolinum 1996. Doporučená literatura: O.E.Williamson: The Economic Institutions of Capitalism, London, Free Press 1985. Lubomír Mlčoch: Úvahy o české ekonomické transformaci, Praha, Vyšehrad 2000. Lubomír Mlčoch: Restrukturalizace vlastnických vztahů: institucionální pohled. In: Mlčoch,L.Machonin P.- Sojka M.: Ekonomické a společenské změny v české společnosti po roce 1989. Praha, Karolinum 2000. Mlčoch L.: Deset lekcí z deseti let české transformace, Finance a úvěr 4/2001.

Description: New institutional economics /economics of transaction costs/: theory at the crossroad of formal institutions /legal framework/ and economy. Content:

1. Old and New Institutionalim: economics of transaction costs. 2. Formal and Informal Institutions, new economic man - contractual man: strong self- interest, bounded rationality and economic oportunism. 3. Economics of transaction costs 4. Theory of property rights. 5. Theory of contract 6. Markets and hierarchies: theory of vertical integration and limits of the firm 7. Theory of agency and corporate governance. 8. Theory of the state /government/ in the new institutionalism. 9. Theory of the institutional change. 10. Institutional analysis of the really existing socialism and economic transformation.

EB023 - Foundations of Law (course is taught in Czech) Teachers:

JUDr. Jiří Zoubek

Literature:

Dědič, J. - Švarc, Z.- a kol.: Učebnice práva pro ekonomy. Prospektum, Praha 1994

Description: Kurs je rozdělen do dvou částí. V první části jsou studenti seznámeni s vybranými otázkami práva, například otázkou práva na život, úlohou ústavy, definicí lidských práv a jejich systemizací, srovnání práva přirozeného a pozitivního, vybranými otázkami právního státu. V části druhé pak s

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důležitými právními předpisy ČR (Ústava ap.), druhy právních norem, jejich klasifikací, systémem právních předpisů ČR. Content:

1. Úvod 2.-4. Obecně právní pojmy 5.-7. Ústavní právo České republiky 8.-10. Základy veřejného práva 10.-13. Základy soukromého práva

EB024 - Commercial Law (course is taught in Czech) Teachers:

JUDr. Jiří Zoubek

Literature:

Dědič, J. - Švarc, Z.- a kol.: Učebnice práva pro ekonomy. Prospektum, Praha 1994

Description: Kurs je pokračováním úvodu do studia práva a končí soubornou zkouškou za oba semestry. Předmětem výkladu je nejprve celková koncepce obchodního práva obecně a v ČR, později výklad přechází k jednotlivým klíčovým právním normám daného oboru.

EB025 - Public Finance Teachers:

Doc. MPhil. Ondřej Schneider Ph.D., McKinsey Chair

Literature:

J.E. Stiglitz: Economics of the Public Sector, 2. edition, 2003. C.V. Brown and P.M.Jackson: Public Sector Economics, 4. edition, 1992. S.Bailey: Public Sector Economics - Theory, Policy and Practice, 1995. N. Barr: The Economics of the Welfare State, 2004. John Cullis, Philip Jones: Public Finance and Public Choice, McGraw Hill, 1992. J.E. Stiglitz: Economics of the Public Sector, 2. edition. C.V. Brown and P.M.Jackson: Public Sector Economics, 4. edition, 1992. S. Bailey: Public Sector Economics - Theory, Policy and Practice, 1995. N. Barr: The Economics of the Welfare State, 1993. John Cullis, Philip Jones: Public Finance and Public Choice, McGraw Hill, 1992.

Description: The course deals with standard public finance topics: we start with an introduction to the economic rationale for government. The major part of the course is then devoted to the theory of taxation, i.e. how taxes influence economic activities. The second part of the course analyzes public expenditures theories, namely public choice theory. We conclude with an overview of literature and empirics on the globalization and Internet effects on the tax systems worldwide. Content:

1) The Role of Public Finance Theories of state, public sector development and history, expenditure growth, public sector in the Central European countries. 2) Market Failures and Rationale for Government Moral hazard, adverse selection, externalities. Classical and public choice approach, government failures. 3) Taxation Theory Financing the welfare state, tax incidence, direct and indirect taxes, optimal taxation and Ramsey model. Intertemporal choices and generational accounting. 4) Public Expenditures Public goods, government budget, social programmes and redistribution. 5) Public Choice Theory Voting paradox, Arrow`s impossibility theorem. 6) Fiscal Policy in a Long-Term Horizone Political economy, political business cycle. Ricardian theory, social security reforms, pension reform. 7) Globalization, Internet and the Tax System Tax erosion brought by new technlogies, impact of the Internet on taxing income and consumption.

EB026 - European Economic Integration Teachers:

doc. Ing. Oldřich Dědek CSc., Česká spořitelna Corporate Chair PhDr. Jana Marková

Literature:

Baldwin R. & Wyplosz C.: The Economics of European Integration (second edition). McGraw-Hill Education, 2006.

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Jovanović M. J.: The Economics of European Integration: Limits and Prospects. Edward Elgar, 2005. El-Agraa, A., M., The European Union, Institutions, Economics and Politics, Prentice Hall Europe, 5 th edition, London, 1998. Šrein, Z., Mechanismy hospodářské politiky Evropské unie, VŠE Praha, 1999 Artis, K., J., Lee, N., The Economics of European Umion. Policy and Analysis, Oxford University Press New York, 1998. europa.eu.int Description: Introductory comprehensive course to the European economic integration. Individual topics of economic integration are approached from three angles: i) theoretical background helping understand desirability of integration methods are presented, ii) integration processes are explained from the historical perspective and iii) discussion pays attention to current problems and challenges. Lectures are supplemented with seminars with the aim to encourage active participation. Content:

Complete set of presentations (both in Czech and English) covering lectured topics is available for downloading at http://samba.fsv.cuni.cz/~dedek 1. Basic notions and concepts (stages and methods of integration, economic hints for subsidiarity, legal foundations of EU and its constitutional treaties, main European institutions) 2. Free movement of goods (effects of foreign trade liberalisation, tariff and non-tariff barriers to trade, free trade area versus customs union, preferential liberalisation, objectives of Rome Treaty, formation of customs union, technical barriers to trade, objectives of SEA, dynamic effects of trade liberalisation) 3. Free movement of capital 4. Monetary integration and euro (theory of optimum currency areas, exchange rate as shock absorber, preservation of external price competitiveness, exchange rate and capital mobility, endogenouity of monetary union, post-war monetary integration, shake in the tunnel, building blocks and stages of European Monetary System, Maastricht Treaty and its convergence criteria, enlargement of Eurozone) 5. Integration of fiscal policies (parameters of European budget, sources of budget, multi-year financial perspectives, tax harmonization, its impact on individual taxes, Stability and Growth Pact, its motivation and basic features, SGP reform) 6. Common agricultural policy (rationale for state assistance, main price and non-price intervention instruments, green currencies, key problems and reforms, challenges of Eastern enlargement) 7. Regional policy (regional differences in EU, centrifugal and centripetal agglomeration effects, model of spatial equilibrium, organisation of regional policy, financial instruments, efficiency of regional policy) 8. Trade policy (EU trade flows, rationale for common trade policy, World Trade Organisation, preferential pyramid of EU trade relations, EFTA, ACP countries, hub-and-spoke integration)

EB027 - Financial Economics (course is taught in Czech) Teachers:

doc.ing. Jan Pudlák CSc.

Literature:

Sekerka, Bohuslav: Banky a bankovní produkty. Profess Consulting s.r.o., Praha 2005. Z. Revenda, M. Mandel, J. Kodera, P. Musílek, P. Dvořák, J. Brada: Peněžní ekonomie a bankovnictví. 4. vydání. Management Press, Praha 2005 Dvořák, Petr: Bankovnictví pro bankéře a klienty. Učebnice, 3. vydání, Linde, Praha 2004. Anderson, R., et. al. (1996), Banking Sector Development in Central and Eastern Europe, CEPR, Forum Report of the Economic Policy Initiative no.1. Cahlík: Finanční ekonomie Blok A: Finanční systém, peníze a ekonomika. Karolinum 1999. Heffernan, S., (1996), Modern Banking in Theory and Practise, Willey, London, Mishkin, F.S.(1988, Money, Banking and Financial Markets, 3rd edition,. Mishkin Economics.Inc.,USA, 1988. Sharpe,W.F.:- ALexander, G.J.: Investice (překlad), Victoria Publishing, Praha, 1994 Sinkey, J.F.: Commercial Bank Financial Management, 5th edition, Macmillan, New York-Oxford, 1998

Description: Semestral intensive course is focused on the basic finace, elementary banking and capital markets instruments and institutions.

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Elective Courses

EB019 - Economic Transformation II (course is taught in Czech) Teachers:

PhDr. Adam Geršl PhD. Prof. Ing. Karel Kouba DrSc. PhDr. Eva Kreuzbergová

Literature:

Kouba, K., Vychodil, O., Robertsová, J.: Privatizace bez kapitálu. Zvýšené transakční náklady české transformace, Karolinum 2005, Praha

Content:

Discussion of transition from different angles of economic science, especially institutional economics and new political economy. Výklad a diskuse textů předních ekonomů mezinárodní ekonomické obce o teoretickém a hospodářsko-politickém zázemí transformačních procesů z hlediska institucionální ekonomie. Komparace makroekonomických, mikroekonomických, institucionálních problémů a strukturálních ( penzijních, zdravotnických ) reforem středoevropských tranzitivních zemí.

Description: Transformace a privatizace v původních představách a 13-14 let poté: Diskuse v mezinárodní a české ekonomické obci o výsledcích transformace ve středoevropských tranzitivních zemích. Neuspokojivě odpovědi na neočekávané problémy. Teoretické zázemí transformačních programů: Neoklasická a/vs neoinstitucionální ekonomie. Evolučně-institucionální analýza transformace. Privatizace v tranzitivních zemích: Teorie vlastnických práv ve specifických podmínkách tranzitivních zemí. Bezpříkladná obtížnost privatizace. Úskalí české privatizace. Komparace výsledků privatizace. V čem vývoj tranzitivních zemí obohacuje vývoj ekonomické teorie.

EB035 - Probability Theory and Statistics III (course is taught in Czech) Teachers:

Ing. Monika Hollmannová Doc. RNDr. Jan Ámos Víšek CSc.

Literature:

J. Á. Víšek : Selected Topics from Statistics. Carolinum. Anděl, J.: Matematická statistika, SNTL & ALFA, Praha, Bratislava, 1978. Anděl, J. (1993): Statistické metody, MATFYZPRESS, Praha,1993. Antoch, J.- Vorlíčková, D.: Vybrané metody statistické analýzy dat. Academia, Praha, 1992. Rao, C., R.: Lineární metody statistické indukce a jejich aplikace. Academia, Praha, 1978.

Description: The course is a continuation of the courses Probability and mathematical statistics I and II and enlarges knowledge from there about the new topics, namely frequently used ones. Firstly, the attention is paid to the bayesian statistics, i.e. to the possibility to utilize the a priori obtained knowledge in the statistical inference. It is an approach which is altyernative to the classical Fisher statistics. Then we shall turn to the tests of good fit, processing of contingency tables and finally we will study theory of selection from finite populations. Content:

I. Bayesian statistics Basic idea of bayesian statistics, Bayes´ theorem, systems of apriori- distributions, uncertainty principal, Jeffrey´s theorem and corresponding system of apriori-distributions. Predictive density. Types of estimates. II. Tests of good fit Chi-squre test of good fit with known and unknown parameters. Kolmogorov-Smirnovov´s tests. Tests of good fit for some special distributions. III. Contingency tables Test of independence and of symmetry, Fisher´s and McNemara´s tests. Stuart´s test. Simpson paradox.

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IV. Sampling from finite populations Basic idea, support of selection, probabilities of drawing and inclusion in the sample and their relations. Types of sampling (simple random, Poisson´s, rejecting, Sampford´s, successive, stratified, more stages sampling), estimation of total. Representativeness, unbiasedness. Basic ideas of questionnaries.

EB038 - Theory of Regulation and Competition Policy (course is taught in Czech) Teachers:

PhDr. Michal Bauer Ing. Zdeněk Hrubý CSc. PhDr. Pavel Streblov MSc

Literature:

http://mujweb.cz/www/regulace Baldwin R., Cave M.: Understanding Regulation: Theory, Strategy and Practice, Oxford 1999 Samuelson, P.A., Nordhaus, W.D.: Ekonomie, Svoboda 1990 Becker, G. S.: A Theory Of Competition Among Pressure Groups For Political Influence, in: The Quarterly Journal of Economics, pp. 371-400, No. 3, 1983 Becker, G. S.: A Theory Of Competition Among Pressure Groups For Political Influence, in: The Quarterly Journal of Economics, pp. 371-400, No. 3, 1983 Becker, G. S.: Public Policies, Pressure Groups, and Dead Weight Costs, in: Stigler, G. J.: Chicago Studies in Political Economy, pp. 85-105, The University of Chicago Press, Chicago and London 1988 Peltzman, S.: Toward a More General Theory of Regulation, in: Stigler, G. J.: Chicago Studies in Political Economy, pp. 234-266, The University of Chicago Press, Chicago and London 1988 Stigler, G. J.: The Citizen and the State, Essays on regulation, The University of Chicago Press, Chicago and London 1975 Stigler, G. J.: The Theory of Economic Regulation, in: Stigler, G. J.: Chicago Studies in Political Economy, pp. 209-233, The University of Chicago Press, Chicago and London 1988

Description: Introduction to the theory of regulation. Regulation as a consequence of market failures. Regulation as a consequence of political pressure of pressure groups. Applied regulatory policy. Current discussion: Regulation in New Economy industries.

EB039 - International Trade I. Teachers:

Doc. Ing. Vladimír Benáček CSc.

Literature:

M. Kreinin: International Economics, Part I., pp. 15-241. Dryden, 1998 or 2002, available in the IES library (ask the librarian to take it from the deposit) or PUGEL T.: Int. Economics, ISBN 007 119875 X paperback, 2004. There are other recommended textbooks that cover approximately the same topics: P. Kenen: The International Economy. Cambridge Univ. Press, Part One, 1994, or Appleyard and Field ISBN:0072315148 {more advanced texts) or P. Lindert: International Economics, any edition. CERGE library (Politickych Veznu St. 7) is also highly recommended to visit in the search for literature. It is also good to cross-reference some of the topics with the free (or $18) on-line textbook of international economics by S. Suranovic http://www.internationalecon.com/v1.0/index.html. Ofcourse, any other alternative textbook can be used at your taste. In addition, there are our lectures and handouts.

Description: The objective of this course is to offer a basic guideline to the principles how the trading among nations operates. We will deal to a large extent with microeconomics at a level of industries, enterprises and commodities. We will look first at the reasons for the benefits of trading and the causes of specialisation. There are three main theories of the division of labour: Ricardian comparative advantages in productivity, factor proportions based on endowments and the “modern” theories based on increasing returns to scale and imperfect markets. Next we will review the policy instruments: tariffs, quotas, subsidies, anti-dumping measures, customs unions and strategic trade arrangements that allow the nations to protect or to push the trade. Practically all this course is based on a multitude of models explaining a particular feature of the problem. The will be useful for those who would like to work in the business of exports or imports. Content:

1. Methodology, behaviour of agents in trade and problems of measurement 2. Model of comparative advantage, interpretations by Ricardo and Haberler 3. Gains from specialization and deadweight losses

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4. Terms of trade, immiserising growth, burdens of restructuring 5. Factor proportions, theorems of Heckscher-Ohlin, Rybczynski, Stolper-Samuelson and factor price equalisation 6. Leontief paradox, Dutch disease, effects of specialisation on resources, production and factor prices 7. Alternative theories of trade, trade under different tastes, increasing returns to scale and intraindustrial trade 8. Midterm test and midterm presentation of the seminar paper 9. Theory of tariffs in a small and large country, Stolper-Samuelson theorem and tariffs, effective rate of tariff protection 10. Quotas, VER, export tariff; customs union; cartels and monopoly in trade, dumping 11. Industrial policy applied to agriculture, implicit subsidies and export promotion 12. Factor movements, FDI 13. Final test (2 hours), final seminar paper presentation.

EB045 - Financial Management Teachers:

Prof. Ing. Michal Mejstřík CSc.

Literature:

1) Brealey R.A., Myers Stewart C.: Principles of Corporate Finance, 7th edition, McGraw-Hill, 2003, 0-07-286946-1 (or in Czech from Computer Press Praha 2000 (5.vyd.),ISBN 80-7226-189-4)Press Praha 2000 (5.vyd.), ISBN 80-7226-189-4) 2) Blaha, Z.S. - Jindřichovská, I.: Podnikové finance, Management press, 2001, ISBN 80-7261025-2 3) Kislingerová E. (ed.): Manažerské finance, 1.vydání, C.H.Beck, 2004, 80-7273-095-9 4) Reilly, F.- Brown,K.: Investment Analysis and Portfolio Management, 6th edition, Dryden, New York 2000 5) Bodie Z., Merton R., Finance, Prentice Hall New Jersey,2000, ISBN 0-13-310897-X 6) Buckley A., Ross S., Westerfield R., J.F.Jaffe, Corporate Finance Europe,McGrawHill Pub.1998, Berkshire, ISBN 0256 203997 7) Largan M., Multinational Corporate Finance, Chartered Inst. of Bankers, London 1996, ISBN 085297-427-2 8) Levy H., Sarnat M., Kapitálové investice a finanční rozhodování, Praha, Grada Publ.1999, ISBN 80-7169-504-1 9) Ross S., Westerfield R., Jordan B., Fundamentals of Corporate Finance, Irwin Inc. 1995, London, ISBN 0-256-13585-1 10) Shapiro A.,Balbier S.,Modern Corporate Finance, Prentice Hall London, 2000,ISBN 0-13080098-8 11) White G., Sondhi A., Fried D., The Analysis and Use of Financial Statements, John Wiley, New York, 1994, ISBN 0-471-02419-8

Description: The course is intended for undergraduate students and focuses on basic issues of financial management and corporate finance. At the beginning, some terms of corporate finance will be presented (financial analysis of the company´s statements, criteria for investment decisions under risk conditions etc.). As background to corporate finance, a present value "PV" of cash flows is outlined (the concept of PV is important for the calculation of the price of bonds and shares, project evaluation, for calculation of duration etc.). Furthermore, terms such as compound and simple interest and discount factor will be clarified. Further lectures will present a basic model of the capital market capital asset pricing model (CAPM), security market line (SML) and its shifts as a result of risk aversion and inflation as well. The last part of the course deals with calculation and application of α, β - coefficients for estimating the price of common stocks and bonds which are used in analysing companies´ financial costs. This approach permits integration of various financing alternatives with respect to cost of capital (weighted average costs of capital - WACC). Content:

1. Introduction and fundamental terms: basic legal framework and goals of business -- value creation for shareholders and other goals, price and tax environment of business, short-term and long-term financial needs of a firm, internal and external sources, a definition of money, financial market and intermediation and its instruments in the CR and the EU, savings vs. investments (inter-temporal model), implication of the present value´s concept for managerial governance 2. Financial statements and their analysis. Analysis of the corporate position and financial projection: ratios relating to the corporate goals, ratios of profitability, solvency and capital structure, ratios based on the accounting and non-accounting sources, application of financial analysis and financial projection 3. Present value, simple and compound interest, discounting, frequency of interest -- continuous,

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annual, nominal and effective interest rate, perpetuity and annuity, feature of additivity 4. Capital budgeting -- application of the present value ("PV") for project evaluation, investment decisions under rule of the net present value vs. other criterions: the payback period rule, internal rate of interest and its modifications, estimation of cash flows, project interactions, capital rationing model (BM-Chapter 6) 5. Application of PV for valuation of firms and securities, PV of bonds and shares -- prompt and future price, DCF models, a console and a standard bond, valuation of common shares, models with constant growth 6. Dividends versus growth opportunities, sensitivity analysis of prices of shares and dividends politics, corporate governance for the second time -- majority vs. cumulative voting 7. Risk, return, alternative costs of capital and liquidity, components of return of a individual security, capital market and measuring portfolios risk, relationship between risk and return, selection of the optimal portfolio, capital asset pricing model ("CAPM") and its assumptions, α, β -coefficients, security market line ("SML") 8. Corporate-financing decisions and efficient capital markets -- three forms of efficiency and its evidence, types of corporate financing, issuing equity securities 9. Capital budgeting, capital structure and costs of capital, leverage and β -- coefficient. Summary of cost calculations of various instruments of long term financing (costs of debt, preferred and common stocks, retained profit etc.) 10. Weighted average costs of capital ("WACC"), the initial and objective capital structure in the book and market value. Free cash flow for the shareholders and for the firm as a whole, valuation of the whole (indebted or leveraged) firm and the unindebted firm. Valuation models with multiples of ratios. 11. Debt policy, optimal capital structure and valuation of a firm, perfect and imperfect capital market (MM model), earnings and debt policy, taxes and capital structure, costs of financial distress, interaction between financial and investment decisions, valuation of the unindebted firm and its independence from tits dividends policy. 12. Debt financing: valuation of a risk\ debt, kinds of debt, security, leasing 13. Short-term decisions and management of working capital, commercial credit instruments, cash management, short-term lending and borrowing

EB045T - Financial Management - tutorials Teachers:

PhDr. Hana Bartůňková PhDr. Martin Kubíček

Literature:

1) Brealey R.A., Myers Stewart C.: Principles of Corporate Finance, 7th edition, McGraw-Hill, 2003 2) Cipra T.: Praktický průvodce finanční a pojistnou matematikou, Ekopress, 2005 3) Damodaran A.: Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, 2nd edition, John Wiley & Sons, 2002 4) Kislingerová E. (ed.): Manažerské finance, 1.vydání, C.H.Beck, 2004 5) Dvořák P., Radová J. Finanční matematika pro každého, 4. vydání, Grada, 2003 6) Jílek J.: Finanční trhy, Grada publishing, 1997 7) Mařík M.& kol.: Metody oceňování podniku, Ekopress, 2003 8) Neumaierová I. (ed): Řízení hodnoty podniku, 1.vydání, Profess Consulting, 2005 9) Reilly, F.- Brown,K.: Investment Analysis and Portfolio Management, 6th edition, Dryden, New York 2000

Description: Tutorials follow lectures of Financial Management and explain several basic problems of financial mathematics, securities valuation, testing of market efficiency and further calculations related to financial management. Content:

1) Introduction +basic terms 2) Financial Statements 3) Financial Analysis 4) Projects Evaluation 5) Bonds Valuation 6) Stocks Valuation 7) Risk and Return 8) The CAPM Model 9) Mid-term Test 10) Mid-term Discussion, testing of the EHM 11) WACC + Capital Budgeting + Company Valuation I 12) Holiday 13) Company Valuation II

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EB046 - Accounting I (course is taught in Czech) Teachers:

Ing. Irena Kemény

Literature:

Zákon o účetnictví 563/1991 Sb. ve znění novel. Postupy účtování pro podnikatele.

Description: Basic functions, principles,system of record keeping. Financial accounting as an information system. Content:

1. Accounting as an information system, users of accounting information, basic accounting principles. Accounting requirements in different types of business activity. 2. Legal framework of accounting. 3. Basic financial statements - Balance Sheet, Income Statement, Cash Flow. 4. Basic financial statements - relationship between them. Transactions and their effect on the Ballance Sheet. 5. Bookkeeping - documents, entries in the books of accounts. 6. Fixed Assets - valuation, depreciation for accounting and tax purposes. 7. Bookkeeping for fixed assets. 8. Bookkeeping for stock, valuation of stock and work in progress. Valuation methods - average cost, FIFO, LIFO, influence on profit.

EB047 - Accounting II (course is taught in Czech) Teachers: Ing. Irena Kemény Literature: Zákon o účetnictví 563/1991 Sb. ve znění novel. Postupy účtování pro podnikatele. Content:

1. Bookkeeping for cash and bank accounts. 2. Bookkeeping for creditors and debtors, accounting in foreign currencies. Bookkeeping for employees. 3. Accounting for taxes - VAT, income tax. Final accounts. 4. Capital accounts - registered capital, capital funds, subsidies, reserves. Distribution of accouting profit. 5. Bookkeeping for expenses and revenue. Evidence for tax purposes. 6. Adjustment for accruals. 7. Accounting in diferent types of businesses - banks, insurance companies, non-profit organisations, etc. 8. IAS - differences in Czech Accounting System. EEC Directives.

EB048 - World Economic History (course is taught in Czech) Teachers:

Doc. Ing. Karel Půlpán CSc.

Literature:

Kuznets, S.: Economic Growth of Nations, NY 1971 Maddison, A.: The World Economy in the 20th Century, Paris, OECD Development Center 1989 Mezinárodní hospodářská statistika 1973-90, Národní inf. středisko ČR 1991 /srovnání ČSFR s OECD/ Rostow, W.: The Stages of Economic Growth. A Non-Communist Manifesto, Cambridge 1960 Toffler, A.: Previews and Premises, N. Y. 1983 Toffler, A.: The Third Wave, N. Y. 1980 Ukazatele hospodářského vývoje v zahraničí, Praha, různé ročníky Zamrazilová, E. – Ekon. úroveň ČSFR a její vývoj v mezin. srovnání, EÚ ČSAV, Praha 1990

Description: Předmět volně navazuje na kurs České hospodářské dějiny a zaměřuje se na výklad základních vývojových tendencí světové ekonomiky, zejména ve 20. století. Content:

1. Prehistorie a vznik moderní tržní ekonomiky - tržní struktury v jinak naturálních tradičních ekonomikách (na příkladu Řecka, Říma a středověké Evropy - vznik a vývoj peněz a měnových soustav

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- tzv. původní akumulace kapitálu 2. Průmyslová revoluce v Anglii a následná industrializace v dalších zemích - zdroje a průběh průmyslové revoluce v Anglii - tzv. následná industrializace v západní a střední Evropě a USA - specifičnost vzniku moderní tržní ekonomiky v Německu 3. Vývoj světové ekonomiky do r. 1913 - přesun v relativním významu jednotlivých zemí a oblastí - průběh 2. průmyslové revoluce v hlavních zemích - vztah k liberalismu a protekcionismu v jednotlivých zemích, mezinárodní pohyb zboží a kapitálu měnový vývoj (zlatý standard) - imperialismus a kolonialismus 4. Válečná ekonomika - odlišnost 1. světové války od všech předchozích válečných konfliktů a její ekonomické příčiny - metody mobilizace všech hospodářských zdrojů pro válečné účely - dopady průběhu a výsledku 1. světové války na relativní postavení rozhodujících zemí ve světové ekonomice - nacistická řízená ekonomika - dopady průběhu a výsledku 2. světové války na relativní postavení rozhodujících zemí ve světové ekonomice 5. Konjunktura 20. let, velká deprese a hledání východisek - růst, recese a deprese v meziválečném období - průběh poválečné recese a konjunktura 20. let v USA, UK, Francii a Německu - měnový systém meziválečného období - shrnutí rozdílných přístupů k příčinám a hloubce velké deprese - odraz měnících se názorů na úlohu státu v ekonomice ve 30. letech 6. Obecné vývojové tendence světové ekonomiky po 2. světové válce - růstové tendence ve vyspělých tržních ekonomikách v období 1945-1993 - rozbor příčin relativní stability růstových tendencí ve srovnání s meziválečným obdobím - změny v relativní váze jednotlivých zemí a oblastí - odraz měnících se názorů na úlohu státu v ekonomice v 80. letech, způsoby řešení inflačních tlaků - poválečný měnový systém - globální problémy světové ekonomiky v interpretaci Římského klubu 7. Západní Evropa a integrační procesy - poválečná obnova ekonomiky, význam Marshallova plánu - základní růstové trendy v jednotlivých zemích - rozbor německého hospodářského zázraku - integrační tendence od Montánní unie k Evropě bez hranic 8. Ekonomika USA po 2. světové válce - USA jako jediná rozvinutá země s tradičním cyklem v daném období - zbrojení, lokální války a ekonomika USA - postindustriální revoluce na americkém příkladu - ekonomika Kanady a záměry integračního seskupení NAFTA 9. Japonský hospodářský zázrak a jeho kořeny - rysy japonského feudalismu a jejich transformace koncem 19. století - japonský militarismus a imperialismus a jeho dopady poučení americkým vzorem po 2. světové válce a jeho kombinace s domácími tradicemi - etapizace vývoje národního hospodářství po 2. světové válce, japonské plány a jejich plnění 10. Rozvojové země - rysy závislého ekonomického vývoje v bývalých koloniích - Afrika jako nejslabší článek světové ekonomiky, rozbor příčin - rozporný vývoj jihoamerické ekonomiky, rozbor chilské transformace, Mexiko jako člen OECD - úloha nerostného bohatství v ekonomickém vývoji na příkladu zemí OPEC - indický subkontinent a některé další asijské země - rozbor experimentu zvaného cesta socialistické orientace 11. Tzv. nově industrializované země (NIC) - vývoj ekonomik jednotlivých čtyř asijských draků a jejich vzájemné srovnání - ve stopách draků - rozvoj dalších asijských tržních ekonomik - lze se poučit z úspěchů NIC (mohou-li být vzorem pro země SVE či africké a arabské země) - úloha náboženských, kulturních a sociálně-politických tradic 12. Ruská a sovětská ekonomika - charakter ruské industrializace, rozporný, leč neobyčejně dynamický vývoj před 1. světovou válkou - sovětský NEP (nová ekonomická politika) ve 20. letech a její srovnání s NIC - vývoj za Stalina, rozbor socialistické industrializace, její výsledky a cena, již za ni národy SSSR zaplatily - militarizace a drancování přírodního bohatství

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- fyzický vývoj národního hospodářství do r. 1991 - popis výchozího stavu postsovětských republik a jejich šance k dalšímu rozvoji 13. Vznik, vývoj a zánik světové socialistické hospodářské soustavy - vznik, vývoj a zánik evropského socialistického bloku - základní rysy a etapy vývoje NDR, Polska a Maďarska - specifický vývoj socialistické Jugoslávie, její rozpad a šance nástupnických států - Čína jako země velmi neortodoxního socialismu i nástupu moderní tržní ekonomiky.

EB049 - Czech Economic History (course is taught in Czech) Teachers:

Doc. Ing. Karel Půlpán CSc.

Literature:

Historická statistická ročenka ČSSR, Praha 1985 Půlpán, K: Nástin vývoje české a československé ekonomiky do roku 1990 I. a II., Karolinum, Praha 1993 Statistická ročenka ČSFR 1991, Praha 1991 Doporučená literatura: Baťa.T.: Úvahy a projevy, Praha 1990 Bráf,A.: Národohospodářská politika, Praha 1914 Hejda,J.: Žil jsem zbytečně, Praha 1991 Hoch,K: Alois Rašín, Praha 1934 Horna,M: Měnová politika, Praha 1945 Faltus J.- Průcha, V.: Prehĺad hospodárskeho vývoja na Slovensku v rokoch 1918-1945, Bratislava 1969 Janáček,K.: a kol. - Čs. ekonomika na prahu 90. let, Praha, EÚ ČSAV 1990 Kamenec,I.: Slovenský stát, Praha 1992 Kaplan,K.: Československo v letech 1945-1953 I., II, Praha 1991 Kaplan,K.: Československo v letech 1953-1966, Praha 1992 J.Kolařík, J.: Peníze a politika (K. Engliš, bojovník o stabilizaci), Praha 1937 Kysilka, P.: Stručný přehled čs. poválečných reforem, Praha, EÚ ČSAV 1988 Lacina, Vl.: Formování československé ekonomiky 1918 -1923, Praha 1990 Osud Židů v protektorátu 1939-1945, Praha 1991 Peroutka,F.: Budování státu I-IV, Praha 1991 Stručný hospodářský vývoj Československa do r. 1955, Praha 1969 Zieleniec, J. a kol.: Československo na rozcestí, Praha 1990 Žekulin,N.S.: Československá měna od reformy dra Rašína až do zřízení Československé národní banky, Praha 1927

Description: Kurs se zaměřuje na výklad hlavních vývojových tendencí české a československé ekonomiky do r. 1990. Content:

1. Úvod do studia hospodářských dějin předmět a metody zkoumání vztah k jiným vědním a výukovým disciplínám periodizace vývoje ekonomiky kritika nacionalistického pojetí hospodářských dějin 2. Základní rysy české tradiční ekonomiky a počátky její dynamizace v manufakturním období celková etapizace českých hospodářských dějin stručná charakteristika jednotlivých starších období tržní struktury v tradiční české ekonomice vývoj měny na našem území manufaktury a celkové shrnutí reformního úsilí od reforem Marie Terezie do poloviny 19. stol. 3. Český hospodářský zázrak (1850 - 1913) přeměna Rakouska v moderní tržní ekonomiku 1. a 2. průmyslová revoluce v českých zemích sektorová a odvětvová skladba české ekonomiky (s důrazem na vývoj zemědělství,dopravy a urbanizace -postavení českých zemí v rakouskouherském ekonomickém prostoru vývoj měny a vznik moderního bankovnictví a peněžnictví české (v nacionálním smyslu) hospodářské obrození první světová válka a její ničivé dopady 4. Vznik čs. národohospodářského komplexu a konjunktura 20. let RČS jako nový ekonomický prostor a jeho počáteční problémy Rašínova měnová odluka, Kč jako stabilní měna, státní finance0 počešťování ekonomiky na počátku 20. let poválečná obnova, recese a konjunktura 20. let 5. Velká krize (1930-1934) a obecné tendence hospodářského vývoje v posledních letech

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existence svobodného Československa popis průběhu velké deprese v naší ekonomice regionální a nacionální dopady krize (německé pohraničí, Slovensko a Podkarpatská Rus) státní regulace ekonomiky příprava na obranu republiky, čs. zbrojní průmysl postavení R.Č.S. v meziválečné světové ekonomice 6. Fenomén Baťových závodů a další charakteristiky čs. průmyslu meziválečného období popis vývoje a struktury čs. průmyslu přednosti a nedostatky našeho strojírenství inspirující odkaz Baťova koncernu Protektorát Čechy a Morava v systému německé válečné ekonomiky ekonomické dopady Mnichova význam českých zemí v nacistickém řízeném hospodářství arizace a germanizace české ekonomiky 7. Slovenská ekonomika v meziválečném období a v letech Slovenské republiky poznámky k vývoji Horních Uher do r. 1918 postavení Slovenska v čs. meziválečném hospodářství slovenská konjunktura 1939-1943, její příčiny a zvláštnosti, rozpad slovenské ekonomiky v závěru války ekonomické a sociální dopady války na českou a slovenskou společnost 8. Hledání třetí cesty po r. 1945 rozbor ekonomických představ hlavních politických sil tohoto období o dalším rozvoji Českoslovenka, iluze o mostu mezi Východem a Západem hluboké vlastnické přesuny v tomto období a jejich rizika přehled konjunkturního vývoje 1945-1948 9. Sovětizace čs. ekonomiky po únoru 1948 a peripetie extenzívního růstu v 50. a 60. letech základní rysy úplné sovětizace čs. ekonomiky (od vlastnických přeměn přes strukturální deformace a orientaci ZO k ucelenému systému centrálně řízené ekonomiky) militarizace ekonomiky na počátku 50. let obecné charakteristiky ekonomického vývoje do r. 1970 zaměstnanost, mzdy a sociální otázky státní finance a vývoj měny (s důrazem na státní bankrot r. 1953) vnější ekonomické vztahy systém řízení a pokusy o jeho reformu devastace českého průmyslu a životního prostředí 10. 70. a 80. léta - od neefektivního rozvoje ke stagnaci a úpadku obecné charakteristiky ekonomického vývoje 70. a 80. let obnovení systému CPE a pokračování v chybné růstové strategii narůstání strukturálních deformací v sektorovém, odvětvovém i oborovém průřezu a jejich odraz v postupném vyhasínání extenzívního rozvoje a problémech na světových trzích reakce hospodářské politiky na stagnaci ekonomiky na počátku 80. let a čs. varianta perestrojky zaměstnanost, mzdy a sociální otázky šedá ekonomika a její postupné narůstání státní finance, měna a peněžnictví 11. Slovenská ekonomika po II. světové válce industrializace Slovenska, její úspěchy a deformace popis ekonomického vývoje v daném období zdroje pro rychlý extenzívní růst a přerozdělovací procesy z českých zemí srovnání struktury, výkonnosti a spotřeby českých zemí a Slovenska úvaha o šancích nezávislého Slovenska na ekonomický růst v 90. letech 12. Souhrnná charakteristika čs. národního hospodářství na počátku tržní transformace čs. ekonomika v komparaci s vyspělými tržními ekonomikami - anatomie úpadku a složitost znovunalezení místa ve světové dělbě práce čs. ekonomika v komparaci s ostatními transitivními ekonomikami úvaha o šancích nezávislé České republiky na ekonomický růst v 90. letech.

EB050 - International Finance Teachers:

Doc. Ing. Vladimír Benáček CSc.

Literature:

M. Kreinin: International Economics, Part II., pp. 243-475. Dryden, 1998, available in the IES library (ask the librarian to take it from the deposit) or P. Lindert/T. Pugel: International Economics, any edition, ideally brand-new PUGEL T.: ISBN-13: 978-007 110727-3 or ISBN-10: 007 1100727-4 paperback or ISBN 007 119875 X paperback, 2004 (part 3 and 4, pp. 375-672). It is also recommended to cross-reference some of the topics at http://www.internationalecon.com/v1.0/Finance/index.html – the free on-line textbook of

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international economics by S. Suranovic (its full electronic version costs $ 18). Of-course, any alternative textbook can be used at your taste. In addition, there are our lectures and handouts. Description: The objective of this course is to offer basic guidelines how the finances operate in the international scene. We will deal to a large extent with macroeconomics at a level of national banks, IMF and international investors. Exchange rate, balance of payments, international investment, their roles in the economy and policies for sustainability under fixed or adjustable exchange rates are the main topics of our study. Practically all course is based on a multitude of models, explained mainly on graphs, describing a particular feature of the problem. The course is also useful to those interested in international financial management. Content:

1. Balance of payments structure and accounting 2. Current account, national income and expenditure, savings and foreign investments 3. Foreign exchange market, supply and demand for foreign exchange; adjustment process, national bank's intervention and sterilisation, golden standard, currency board 4. Speculation, hedging, covered and open interest parities, spot and forward market. International financial management. 5. Domestic income and the principles of the multiplier in closed and open economies 6. Nominal and real exchange rates, the PPP theories of exchange rate; competitiveness 7. Internal and external balance under fixed and floating exchange rates, IS-LM-BP model 8. Elasticities approach to the balance of trade adjustment, Marshall-Lerner condition; micro and macro views; impacts on terms of trade. 9. Policies and the adjustment process in case of external disequilibrium, assignment problem, the Swan diagram of policy options with flexible and fixed exchange rate. 10. Monetary approach to balance of payments, the quantity theory of money, specie-flow mechanism and its exchange rate theories 11. Alternative exchange rate regimes, optimum currency area and international currency systems. 12. History of international financial institutions.

EB052 - Individual Decision-Making: Theory and Reality Teachers:

Mgr. Michal Skořepa Ph.D

Literature:

Baron, J. (2000): Thinking and Deciding. Cambridge University Press. (the book is available at the library of CERGE-EI) Camerer, C. (1995): Individual decision making. in Kagel, J., Roth, A.E. (eds.): Handbook of Experimental Economics. Princeton, Princeton University Press (the book is available at the library of CERGE-EI) Shafir, E., LeBoeuf, R.A. (2002): Rationality. in Annual Review of Psychology, 53, 491-517. (http://www.cebiz.org/cds/ShafirAnnualReview.pdf)

Description: In traditional economics courses, students usually get to know just one or two models of decisionmaking, which – thanks to their mathematical simplicity and universality of use – serve well as cornerstones for most formal economic theories. In many real-life situations, however, these models need not resemble actual decision-making. This course discusses briefly some features of these theoretical, „ideal“ models of making decisions, presents selected empirical findings about how people actually make decisions and describes some of the newer models that build on these findings. Given that the study of decision-making is a relatively new scientific discipline, the course devotes attention to some conceptual and methodological issues as well. Content:

The primary point is to give students of social sciences a broader perspective on how human behaviour is/can be modelled and to show that different existing models fare better or worse in different aspects (such as universality of use, simplicity, realism). On a more practical side, by showing where and how people err, the course also makes students better prepared to detect mistakes in their own or other people’s real-life decision-making. Last but not least, the findings discussed in the course give fascinating insights into how smart people can be on some occasions, how limited their thinking can be on other occasions – and how hard it may be to tell which of these two verdicts actually applies to a given case.

EB053 - Labour Economics Teachers: Ing. Vladislav Flek CSc. Literature: Carlin, D. and Soskice, D.: Macroeconomics and the Wage Bargain. Oxford: Oxford University Press, 1990. Flek, V., ed. (2004): Anatomy of the Czech Labour Market: From Over-Employmemt to UnderEmployments in Ten Years? Working Paper No.7. Prague: Czech National Bank.

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http://www.cnb.cz/en/vyz_cnb_working_paper_series.php Flek, V.: Teorie a politika určování mezd (Theory and policy of wage determination). Praha: VŠE 1993. Gordon, R. J. (1997): "The Time-Varying NAIRU and its Implications for Economic Policy."Journal of Economic Perspectives, Vol. 11, pp. 11-32. Nickell, S. (1997): "Unemployment and Labor Market Rigidities: Europe versus North America." Journal of Economic Perspectives Vol. 11, No.3, pp. 55–74. Svejnar, J.(1999): "Labor Markets in the Transitional Central and East EuropeanEconomies." In: Ashenfelter, O., and D. Card, eds. Handbook of Labor Economics, Noth Holland, pp. 810-2857. Content:

1. Labour Market Macroeconomics - Theory of competing claims - Wage inflation - Actual and equilibrium unemployment - Empirical issues 2. Labour Market Microeconomics - Efficiency wages theory - Trade union monopoly - Efficient wage bargaining - Empirical issues 3. Structural Issues - Wage inequality, returns to education, minimum wage - Labour mobility - Employment: voluntary or involuntary - Regional unemployment elasticity of wages; the wage curve

EB055 - Selected Topics in Macroeconomics Teachers:

Doc.Ing. Tomáš Cahlík CSc. Prof. George J. Staller

Description: The course is lectured by professor Staller from Cornell University, doctor h.c. Charles University and it applies standard macroeconomics on topical events. Lectures take place one week PRIOR to the beginning of the semester and one week AFTER the end of the Summer semester. Both weeks are compulsory. Content:

Reviews of August 2003 Lectures Professor George J. STALLER, CORNELL UNIVERSITY TOPIC 1: Introduction to Macroeconomics TOPIC 2: Macroeconomic Measurements TOPIC 3: Macroeconomic Models "CLASSICAL" "KEYNESIAN" TOPIC 4: Appropriate Policies CLASSICAL LAISSEZ FAIRE KEYNESIAN ACTIVIST TOPIC 5: International Trade and Finance

EB060 - Microeconomics and Behaviour I (course is taught in Czech) Teachers: PhDr. Jiří Kameníček CSc. Literature: MIKROEKONOMIE a chování, Robert H. FRANK, Svoboda-Libertas 1995 MIKROEKONOMIE, středně pokročilý kurz, R. Holman, nakladatelství C.H. Beck, Praha 2002 MIKROEKONOMIE, J. Soukupová, B. Hořejší, L. Macáková, J. Soukup, Management Press, Praha 2000 Content:

1. Dividing of labour, an Exchange, and Market. A Concept of an Invisible Hand. Market, and NonMarket regulation of the economic Activities. Implications to Behaviour of the economic Subjects. 2. Deciding under Conditions of Scarcity. The Cost-Benefit Approach to Decisions. A Role of Economic Theory. Rationality, and self-interest. Positive Questions and Normative Questions.

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3. Supply and Demand Analysis. Equilibrium Quantity and Price. The Examples of conspicuous determining of Price under, and upper Market Equilibrium. Relevant Implications, and Deformations of Market. 4. The Opportunity Set, and Budget Constraint. Different Types of the Budget Constraints. Consumer Preferences. An Indifferent Curve. Different Types of Indifferent Curves. The non-standard Maps of the Indifferent Curves. 5. The Best Feasible Bundle. The Price-Consumption Curve and the Individual Consumers Demand Curve. An Income-Consumption Curve and the Engel Curve. The Substitution, and the Income Effects. Price Elasticity of Demand. 6. Using the Rational Choice Model to Answer Policy Questions. Consumer Surplus. Overall Welfare Comparisons (A Gasoline Tax and Rebate Policy; School Vouchers, etc.). 7. The Inter-temporal Choice Model. The Budget Constrain under Temporal Choice, the Interest Rate, Presence and Future. Inter-temporal Indifference Curves. Negative and Positive Time Preferences. Positional Goods. 8. The Economics of Information. The Costly-to-Fake Principle. The Full-Disclosure Principle. Product Warranties. The Lemons Principle. Conspicuous Consumption as an Ability Signalling. Adverse Selection. Statistical Discrimination. 9. Choice under Uncertainty. Expected Value and Expected Utility. The von Neumann-Morgenstern Expected Utility Model. Risk Averse, Risk Neutral, and Risk Seeking Behaviour. The Principles of Insurance. 10. Altruistic Preferences. The Strategic Preferences. A Parable of Hawks and Doves. Co-operators and Defectors, and the Costs of Vigilance. The Prisoners Dilemma. 11. The Asymmetric Function. The Concept of Hedonic Framing. Choice under Uncertainty. Judgmental Heuristics and Biases. The Difficulty of Actual Deciding.

EB061 - Microeconomics and Behaviour II (course is taught in Czech) Teachers: PhDr. Jiří Kameníček CSc. Content:

1. Production Functions. Production in the Short Run, Total, Marginal, and Average Products. Production in the Long Run. Returns to Scale. Showing Returns to Scale on the Isoquant Map. 2. Costs in the Short Run. The Relationship among MP, AP, MC, and AVC Curves. Costs in the Long Run. Long Run Costs and the Structure of Industry. The Relationship between LR and SR Cost Curves. 3. Perfect Competition. The Short Condition for Profit Maximisation. Short Run Competitive Equilibrium. Adjustments in the Long Run. Applying the Competitive Model. 4. Monopoly, Four Sources. The Profit Maximising Monopolist. Monopolist Has No Supply Curve. Adjustments in the Long Run. The Output Maximising Monopolist. Price Discriminations. 5. The Efficiency Loss from Monopoly. Public Policy toward Natural Monopoly (State Ownership and Management, State Regulation, Exclusive Contracting, Antitrust Laws). Monopoly and Innovations. 6. Monopolistic Competition. The Chamberlin Model. Paying for Variety. Hotellings Hot Dog Vendors. Consumer Preferences and Advertising. 7. Oligopoly. The Cournot Model. The Stackelberg Model. Collusion and the Theory of Games. Application: The Advertising Arm Race. Sequential Games. Contestable Markets. 8. Labour. The Perfectly Competitive Firms Short Run Demand Curve for Labour. The Market Demand Curve for Labour. The Supply of Labour. Compensation Wage Differentials. Monopsony. 9. Discrimination in the Labour Market. Statistical Discrimination. Labour Unions (Minimum Wage Laws). The Internal Wage Structure. The Economics of Superstars. 10. Capital. Financial and Real Capital. Demand for Real Capital. The Relationship between the Rental Rate and the Interest Rate. The Market for Stocks and Bonds. Tax Policy and the Capital Market. Economic Rent. Peak-Load Pricing. Natural Resources as Inputs in Production. 11. General Equilibrium and Market Efficiency. A Simple Exchange Economy, an Edgeworth Exchange Box. Gains from Exchange. The Contract Curve. A Disequilibrium and Relative Price Changes. 12. Efficiency in Production. Efficiency in Product Mix. Gains from International Trade. Taxes in General Equilibrium. Other Sources of Inefficiency (Monopoly, Public Goods). 13. Externalities, Property Rights, Coase Theorem. The Reciprocal Nature of Externalities. Six Basic Examples. Property Rights (The Tragedy of the Commons). Positive and Positional Externalities. Taxing Externalities. 14. Public Goods. The Optimal Quantity of a Public Good. Private Provision of Public Goods. Public Choice. Majority Voting. Local Public Good. Rent Seeking. Income Distribution. Fairness and Efficiency. Methods of Redistribution.

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EB062 - Mathematics V (course is taught in Czech) Teachers:

Doc. RNDr. Oldřich John CSc.

Literature:

M.I.Kamien and N.L.Schwartz, Dynamic Optimization, North-Holland 2000,

Description: Formulation of problems of calculus of variations, Euler equation, analysis of examples, basic problem of optimal control theory, maximum principle. Content:

Formulation of problems of variational calculus, Euler equation, analysis of examples, basic problem of optimal control theory, maximum principle. Further complements according to interests of participants.

EB063 - Current Affairs (course is taught in Czech) Teachers:

PhDr. Tomáš Sedláček

Literature:

Articles and papers according to the lecturers advice.

Description: One-term facultative course for students of bachelors degree where current economical and political topics are discussed. Precondition of enrolment: basic course of economic policy and economic transformation (parallel enrolment with these courses is acceptable). Interdisciplinary module. In cooperation with Institute of political science, tutor Radek Špicar, M.Phil. Content:

Topics are chosen in cooperation with the lecturers two weeks in advance. The discussion is opened by a presentation by students (2x10mins), containing outline of the problem and arguments. (A summary shall be sent to participants in advance.) App. one-hour discussion follows.

EB064 - Political economics Teachers:

PhDr. Martin Gregor PhD, ČEZ Chair

Literature:

Lecture notes plus suggested readings (see references in the notes; extra reading will be specified during the lectures). For parts of the course, Czech-speaking students can use the following book: Martin Gregor (2005), "Nová politická ekonomie", Karolinum Press. IES library or for purchase in Celetné ul. (Bookshop Karolinum Press).

Description: The course examines political constraints and determinants of economic policy. In theory, we analyze the median voter approach and the interest group approach to economic policy making. In the applied part, we focus on political economy of bailouts, budget process, and decentralization. Content:

1. Introduction into effects of politics on economic policy 2. Median voter theorem and its refinements: redistribution, and Japan in 1990s 3. Interest groups, lobbying, and rent seeking 4. Bailouts 5. Budgeting: excessive deficits and expenditures 6. Decentralization versus centralization

EB065 - The human factor and personnel managament (course is taught in Czech) Teachers:

PhDr. Jiří Kameníček CSc. Ing. Ivo Koubek

Literature:

Milkovich G. T. - Boudreau J. W.: Řízení lidských zdrojů, překlad 6. vydání, Grada a.s. 1993 Milkovich G. T. - Boudreau J. W.: Human Ressource Management 6. edition, Irwin 1991 Milkowich G. T. - Newman J. M.: Compensation, čtvrté vydání, Irwin 1993

Description: This course usually takes a place in the Winter Fall. It was originally prepared with a support of The School of Industrial and Labor Relations, Cornell University from United States. The Course concentrates on problems, which managers and HRM experts are facing when they design organisational structures of companies and manage human resources.

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Content:

1. Introduction to Human Resource Management. Importance and role of HRM, issues of HRM, assesses conditions, HR objectives, and activities. 2. External conditions, environmental scanning, social, and demographic changes, markets. 3. Organization conditions, strategy, technology, culture, management style, HRM and organization design 4. The nature of work, work level factors, job analysis, job design. 5. Employee conditions, assessing performance. Employee attitudes. 6. Laws, regulations, social framework for HRM activities. (Lecture I) 7. Laws, regulations, social framework for HRM activities. (Lecture II) 8. Planning, objectives, and evaluation, auditing HRM activities, employment planning, planning of specific HRM activities. HR information system. 9. External recruiting, evaluating of external recruitment activities. 10. External employee selection, evaluating of external selection activities. 11. Work force reduction, and retention, alternatives W.F. reduction, costs of reduction. 12.First part of written exam 13. Internal staffing, and career development, career planing and career management, evaluating internal staffing and careers. The tasks HRM when company develops an abroad activities. 14. Training, orientation and development, assessing training need, training objectives, evaluating training outcomes. 15. Compensation, external and internal comparisons, job evaluation decisions, basic policy decisions, translating policy decisions into practice, external competitiveness, internal consistency. 16. Paying individual employees, the forms of individual, and group incentives, the main systems of compensation. 17. Benefits, objectives and strategies, evaluating the results of benefit decisions. 18. Employee relations. Labor relations, why employees join unions, union strategies. 19. Collective bargaining, impasses in collective bargaining, Unions in the Czech Republic, differences, objectives, activities. 20. Second part of written exam

EB066 - Economic Policy of the Czech Republic Teachers:

Doc. Ing. Pavel Mertlík, CSc.

Literature:

Spěváček, V. et at.: Transformace české ekonomiky. Politické, ekonomické a sociální aspekkty. Prague: Linde 2002. Kadeřábková, A., Spěváček, V., Žák, M. (Eds.): Růst, stabilita a konkurenceschopnost: aktuální problémy české ekonomiky na cestě do EU. Prague: Linde 2003. Relevant articles in economic journals, namely Finance a úvěr, Politická ekonomie and Prague Economic Papers. Working paper series of IES, Czech National Bank, CERGE-NI. Official government documents and sources. Students not commanding Czech language rely on official documents, research papers and journal articles available in English.

Description: The course provides a descriptive analysis of Czech economic policies since 1993 (the origination of sovereign Czech Republic). Content:

1. Periodization of Czech economic policy development. Business cycle. 2. Monetary policy. 3. Exchange rate policy. 4. Fisccal policy. Fiscal system. 5. Taxation policy. 6. Market regulation, anti-monopoly policy, competition policy. Pricing policy. State aid. 7. Industrial and trade policies (structural policy). Policy of support of entrepreneurship. R&D policy. 8. Labor market policy. 9. Pension system, pension reform. Welfare policy. 10. Regional policy. 11. Housing policy. 12. EU enlargement - economic and legal harmonization. EMU. Nominal and real convergence. Remark: The structure of the course is subject to minor changes, amendments and corrections.

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Graduate Programme Compulsory Core Courses (core units –common to all programmes) EM003 - Advanced Microeconomics I Teachers:

Doc. Ing. Karel Janda M.A., Dr., Ph. D., Transgas-RWE Chair

Literature:

A. Mas-Colell, M. Whinston, and J. Green: Microeconomic Theory, Oxford University Press, 1995. Lecture notes of Matt Rabin from University of California, Berkeley.

Description: First part of the course provides a rigorous, mathematically formulated theory of consumer choice in the non-strategic setting. It is essentially a review and extension of intermediate micro in a more rigorous form. Second part of the course provides an intuitive, non-mathematical, introduction to the strategic decision making in the situation of imperfect competition. Third part of the course covers an introduction to general equilibrium. Content:

Topics Covered Preferences and Choice - Preference Relation. - Choice Rules. - The Relation between Preference Relations and Choice Rules. Consumer Choice. - Consumption Set. - Competitive Budgets. - Demand Functions and Comparative Statics. - Weak Axiom of Revealed Preferences and Law of Demand. Classical Demand Theory. - Basic Properties of Preference Relations. - Preference and Utility. - The Utility Maximization Problem. - The Expenditure Minimization Problem. - Relationship between Demand, Indirect Utility and Expenditure Functions. - Welfare Evaluation of Economic Changes. - Integrability. - Strong Axiom of Revealed Preferences. Introduction to game theory. Generic and finite perfect information games. - Backwards induction. - Strategies versus outcomes. Bargaining. Simultaneous move games. - Rationalizability. - Iterated weak dominance (IWD). - Mixed strategies. - Nash equilibrium. General Equilibrium. - Exchange. - Welfare theorems. - Production. - General Equilibrium under uncertainty

EM004 - Advanced Macroeconomics Teachers:

Doc.Ing. Tomáš Cahlík CSc. PhDr. Michal Hlaváček Ph.D.

Literature:

Romer D.: Advanced Macroeconomics. McGraw-Hill 1996. ISBN 0-07-053667-8 (1st edition), or 2nd or 3rd edition samba.fsv.cuni.cz/~cahlik : “Advanced Macroeconomics” directory samba.fsv.cuni.cz/~hlavacem : materials used in seminars can be found

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Description: The aim of this course is to introduce into the study of advanced macroeconomics. Competing theories of economic growth, economic cycles, inflation, unemployment and investments are presented and discussed. Mathematical models are broadly used, with special attention to both their interpretation and mathematical methods for development of those models. This course is in English. Content:

1st (week). The Solow Growth Model 2. Economic Growth, Development and Transition 3. The Ramsey-Cass-Koopmans Model (1) 4. The Ramsey-Cass-Koopmans Model (2) 5. The Diamond Model 6. Research and Development Models 7. Models with Human Capital 8. Business-Cycle Theories (1) 9. Business-Cycle Theories (2) 10. Inflation 11. Unemployment 12. Investments 13. Summary

EM005 - Advanced Econometrics Teachers:

PhDr. Martin Netuka

Literature:

Baltagi, Badi H. Econometrics. 3nd ed. Springer 2002, 401 p. Berndt, Ernst. The Practice of Econometrics. Classic and Contemporary. Addison Wesley 1991. 702 p. Panel Data Baltagi, Badi H. Econometric Analysis of panel Data. 2nd ed. Wiley 2001. 293 p. Wooldridge, Jeffrey. Econometric Analysis of Cross Section and Panel Data. MIT Press 2001. 740 p.

Description: The course provides an introduction to advanced econometric techniques. It deals with the the seemingly unrelated regression models, models of simultaneous equations, panel data and introduction to time series analysis. Content:

I. Binary and Limited Dependent Variable Models Linear Probability Model, Logit, Probit Tobit, Truncated Regression Model, Sample Selection Empirical examples II. Models with Distributed Lags Models with Finite Lags Models with Infinite Lags III. Seemingly Unrelated Regressions Introduction, notation Estimation of parameters Empirical examples Testing diagonality of the variance-covariance matrix Test of linear restrictions in SUR IV. Simultaneous Equations Models Introduction, simultaneous bias, notation Problem of identification (rank and order condition) Estimation (2SLS, LIML, 3SLS) Hausmans specification test Empirical examples V. Panel Data Models Introduction, notation The error component models (fixed effects and random effects models] Time-wise autocorrelated and cross-sectionally heteroskedastic procedures Empirical examples

EM006 - Contemporary Economic Theories Teachers:

PhDr. Tomáš Sedláček Prof. Ing. Milan Sojka CSc.

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Literature:

Obligatory literature: Dow S.C.: The Methodology of Macroeconomic Thought. A Conceptual Analysis of Schools of Thought in Economics. Cheltenham, Edward Elgar 1996 Mair D., Miller A.G. (Eds.): A Modern Guide to Economic Thought. An Introduction to Comparative Schools of Thought in Economics. Aldershot, Edward Elgar 1991 Other literature: Backhous R.: A History of Modern Economic Analysis. Oxford 1985 Blaug M.: The Methodology of Economics (or how Economists Explain). Cambridge, CUP 1980, 1985 Caldwell B. J.: Beyond Positivism. Economic Methodology in the Twentieth Century. London, Routledge 1982, 2nd Ed. Unwin Hyman 1991 Dow S. C.: Economic Methodology: An Inquiry. Oxford, OUP 2002 Friedman M.: Essays in Positive Economics. Chicago, Univ. of Chicago Press 1953 Pheby J.: Methodology and Economics. A Critical Introduction. London, Macmillan 1988, 1990 Shackle G. L. S.: Epistemics and Economics. Cambridge, CUP 1972 Shackle G.L.S.: Keynesian Kaleidics. The Evolution of General Political Economy. Edinburgh, EUP 1974

Description: The course aims at helping students to understand methodological differences among major economic theories of the 20th Century. Comparative perspectives on methodological approaches, problems of the scope and building of basic theoretical structures of different streams and schools of economic thought are explained. In this way the prerequisites for an ability to compare the strong and weak points of different theoretical approaches may be developed. Subject should create prerequisites for a deeper understanding the complexity of contemporary economic theory. Content:

1. Methodological issues and the role of methodology in the development of economic science -lecture on the major methodological approaches in economic theories of the 20th Century, and on the role of methodology in the development of economic theory . 2. Neoclassical economics before Keynes -- lecture on basic methodological approaches of the prekeynesian neoclassical theories used before 1930ies. 3. Neoclassical economics after Keynes - lecture on the methodological developments in the neoclassical economics since 1930ies. The importance of the development of neoclassical macroeconomics and the methodological approach of M. Friedman is stressed. 4. Austrian and neoaustrian economics -- a consistent methodological individualism and its implications,lecture on major methodological issues of neoaustrian economics in the tradition of L. von Mises and F. von Hayek. 5. Keynes and his methodological approach - lecture on the methodological approaches of J. M. Keynes as developed in his major works. Problems of expectations, animal spirits, time issues etc. 6. Neokeynesian macroeconomics - lecture on the development of the neoclassical synthesis using examples from the papers and books by F. Modigliani, P. A. Samuelson, D. Patinkin and other leading neokeynesians. 7. Postkeynesian economics -- postkeynesian methodological perspective, critical realism, interpretation of the theoretical heredity of J. M. Keynes, antimarginalist revolution, historical time and expectations. 8. Neoricardian economics, Sraffa and the implications of his work for the development of economic theory - lecture on methodological principles of the theoretical approach of P. Sraffa, reproducibility, surplus etc. 9. Institucionalismus a new institutional economics - lecture on methodological approaches and differences between old and new institutional economic theories, (institutions, historical time , development and role of institutions, property rights, formalization and mathematical methods etc.). 10. J. A. Schumpeter -- an alternative without followers? Lecture on methodological approaches of J. A. Schumpeter in his Theory of economic development (entrepreneur, innovation, empiricalinductive perspective, creative destruction). 11. Marxian political economy -- lecture on methodological approaches of K. Marx, and theoretical approach of marxian economic theory in its later development. 12. French structuralism - lecture on sociological approach to economic theory on the basis of a structural method, a trial to solve the methodological dichotomy in contemporary economics by a sociological method.

EM012 - European Economic Policies Teachers:

PhDr. Lucie Antošová Ing. Michaela Erbenová Ph.D Doc. MPhil. Ondřej Schneider Ph.D., McKinsey Chair

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Literature:

Richard Baldwin, Charles Wyplosz: The Economics of European Integration, McGraw Hill, 2004. Paul de Grauwe: Economics of Monetary Union, 6th Edition, Oxford University Press, 2005 Ali M. El-Agra: The European Union, 6 ed., Prentice Hall, 2001 Sylvester C.W.Eijffinger and Jakob de Hahn: European Monetary and Fiscal Policy, Oxford University Press, 2000. (EIJ) Economic Policy -- EMU Assessment, Issue of the Economic Policy, October 2003. (EP) Marco Buti, Jurgen von Hagen and Carlos M.Mongay: The Behaviour of Fiscal Authorities, Pelgrave MacMillan, 2002. (BUTI) Michael Burda, Charles Wyplosz: Macroeconomics, A European Text, 3rd Edition, Oxford University Press, 2001.

Description: This course covers all major aspects of the economic policy-making in the European Union. The course will explore main issues connected to the fiscal, monetary, financial and competitive policies within the wide European economy. We will focus on relevance of individual policies, on the political and economic impetuses for various policies and their institutional set-ups. Special attention will be given to the political economy aspects of the European policy-making and to the impact of the accession countries on the EU-wide economic policy and the decision making within the enlarged union. Content:

1. Introduction: The Theory of Economic Integration, Microeconomics 2. Growth Effects of the European Integration, Macroeconomics 3. Political Economy of European Integration 4. Fiscal Policy in an Integrating Europe A.Stability and Growth Pact B. European Union Budget, Agenda 2000 C. European Fiscal and Tax Policies: Co-ordination 5. Monetary Policy of an Integrated Europe 6. EMU, Labour Markets and Social Security Systems 7. Common Agriculture Policy (Laurent Weill) 8. Regional Policy

Compulsory and Elective Courses (required specialising courses and elective specialising courses)

EM013 - Advanced Microeconomics II Teachers:

Doc. Ing. Karel Janda M.A., Dr., Ph. D., Transgas-RWE Chair

Literature:

A.Mas-Colell, M. Whinston, and J. Green: Microeconomic Theory, Oxford University Press, 1995 main textbook. R. Gibbons: Game Theory for Applied Economists, Princeton University Press, 1992.

Description: The introduction to the imperfect competition theory. The introduction to the rigorous theory of uncertainty and risk. Content:

Topics Covered 1. Uncertainty 1.1. Expected utility theory 1.2. Money lotteries and risk aversion 1.3. Comparison of payoff distributions in terms of return and risk 1.4. State-dependent utility, subjective probability theory 2. Dynamic, imperfect information games. 2.1. Nash, IWD, rationalizability etc. 2.2. Subgame perfect Nash equilibrium. 3. Repeated games. 3.1. Finitely repeated games. 3.2. Infinitely repeated games. 4. Incomplete information. - I do not expect we will have time to cover this during this semester. 4.1. Static Bayesian games. 4.2. Signaling games.

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EM014 - Game Theory 1. Teachers:

RNDr. Miron Tegze CSc.

Literature:

Mas-Colell, Whinston+Green, Micro.Th.,Oxford Univ.Press,NY 95 (Part 2) D.Kreps, A Course in Micro.Th., Princeton University Press, 1990 (Part 3) D.Gale, "The Th.of Linear Economic Models", McGraw-Hill, NY (1960). Jean Tirole -- The Theory of Industrial Organization (Appendix) Myerson, Game Th.-Anal.of Conflict, Harvard Univ.Press, London, 1991 D.Funenberg, J.Titrole, Game Theory, MIT Press, 1991 E.van Damme, Stability and Perfection of Nash Equilibria, Springer Verlag, Berlin, 1991

Description: The course deals with the Game Theory including Matrix Games. Content:

1. An Introduction to Math. Models of Strategic Interaction. Examples. 2. Game in Extensive and Normal Form. Backward Induction. Examples. 3. Minimax strategies,Intelligent/Nonintelligent Player Probabilities,Risk. 4. Domination. Nash Equilibrium, Properties, Importance. Examples. 5. Prisoners Dilemma and its Relation to Cournot Duopoly in the Market. 6. Matrix Games. Pure Strategies. Saddle point Theorem. 7. Mixed Strategies. The "Minimax" Theorem -- Formulation. 8. Linear Programming. Basic Concepts, Intuitive Way of the Solution. 9. Simplex Algorithm for Solving the Linear Programming. Examples. 10. Duality in Linear Programming. 11. Connection Matrix Games vs. Linear Progr. Solution of Matrix Games. 12. Differences btween Matrix Games and the General Case of Games. 13. The Proof of the Existence of N.E. using the Browers Theorem. 14. Repeated vs. One-run Games, Reputation, Finite vs. Infinite Horizon.

EM015 - Theory of Regulation and Regulation of industries Teachers:

Ing. Zdeněk Hrubý CSc. PhDr. Pavel Streblov MSc

Literature:

http://mujweb.cz/www/regulace

Description: Theory of regulation and case studies in various industries and areas such as electricity, gas, telecommunication, transport and environmental protection. Part of the lectures will be delivered by distinguished experts in relevant areas. Content:

Week 1 3.10.2006; Pavel Streblov - Introduction - Course overview - Motivation and basic theory overview Week 2 10.10.2006; Michal Bauer - Review of main theories and approaches towards regulation Week 3 17.10.2006; Guest lecturer Jana Pospíšilová - Financial and capital markets Week 4 24.10.2006; Guest lecturer Daniel Čekal - EU Competition Policy I Week 5 31.10.2006; Guest lecturer Michaela Erbenová - Regulation cases from Czech financial and capital markets Week 6 7.11.2006; Guest lecturer Petr Brynda - Electricity and Gas markets Week 7 14.11.2006; Guest lecturer Otakar Pártl - Electricity pools Week 8 21.11.2006; Pavel Streblov - Environmental regulation, European experience of emission permits

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Week 9 28.11.2006; Zdeněk Hrubý - Telecommunications Week 10 5.12.2006; Guest lecturer Libor Dušek - Californian energy crisis Week 11 12.12.2006; Guest lecturer Daniel Čekal - Air transportation - liberalization and regulation Week 12 19.12.2006; Guest lecturer Daniel Čekal - EU Competition Policy II

EM017 - Business Cycles Theory Teachers:

Doc. Ing. Miloslav Vošvrda CSc.

Literature:

Mills, T.C.: Long Term Trends and Business Cycles, Vol. I, II, The International Library of Critical Writings in Economnics, 149, Elgar, 2002 Niemira, M.P., Klein, and P.A.: Forecasting Financial and Economic Cycles, Wiley 1994 Peasaran, M.H., and Potter: Nonlinear Dynamics, Chaos and Econometrics, Wiley, 1994 Puu, T.: Nonlinear Economic Dynamics, Springer, 1997 Sargent T: Dynamic Macroeconomic Theory, Cambridge, 1987

Description: This course is oriented on the observation, estimation, and modelling of basic economic indicators by the economic time series. Content:

1. Introduction:Cycle types, long waves, crises, and review of cycle theories 2. Modelling Trends and Cycles: linear, non-linear trends, and cyclical components 3. Modelling Trends and Cycles: estmating trends, and cyclical components 4. Stochastic Trends and Cycles 5. Signal extraction 6. Filtering Economic Time Series: MA filter 7. Filtering Economic Time Series: Hodrick-Prescott filter 8. Regime Shift Models 9. Multivariate Modelling of Trends and Cycles 10. Multivariate basic structural models 11. Multivariate detrending and filtering

EM019 - Advanced Mathematical Statistics (course is taught in Czech) Teachers:

Prof. RNDr. Marie Hušková DrSc.

Literature:

Anděl, J.: Matematická statistika, SNTL -ALFA, Praha, Bratislava, 1978 Anděl, J.:Statistické metody, MATFYZPRESS. Praha, 1993. Antoch, J.- Vorlíčková, D.:Vybrané metody statistické analýzy dat. Academia, Praha, 19+92 Jurečková, J.: Neparametrické testy, skriptum MFF UK, 1981 Rao, C.R.: Lineární metody statistické indukce a jejich aplikace, Academia, Praha, 1978. Zítek, Fr.: Ztracený čas. Academia Praha. 1969

Description: 1.Rank based procedures ( basic principles, rank tests for one- and two-sample problem) 2. Multivariate Statistical Analysis (multivariate normal distribution, Wishta distribution, Hotteling distribution, estimators and tests on pparameters of multivariate normal distribution, some specific multivariate methods- cluster analysis, discrimination analysis, principal components,...) 2.Noparametric regresion (kernel type etimators, local polynomial smoothing, choice of smoothing parametres). 4. Resampling methods (bootstrap in location models, linear models, time series).

EM020 - Ethics and Economics (course is taught in Czech) Teachers:

Prof. Ing. Lubomír Mlčoch CSc. PhDr. Tomáš Sedláček

Literature:

Amitai Etzioni: The Moral Dimension. Toward a New Economics. The Free Press 1990. /In Czech:

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Morální dimenze ekonomiky, Victoria Publishing, Praha 1995/. Mlčoch L.: 10 lekcí z 10 let české ekonomické transformace, Finance a úvěr, duben 2001. Mlčoch L.: "The Economics of Trust"& "From Institutialized Irresponsibility to the Institutialized Responsibility". In:Finance & Common Good, No.13-14 "Conflicts of Interest and the Structures of Trust in Countries in Transition", Geneva, 2003 R.Attfield: A Theory of Value and Obligation, Blackwell 1993. Sh.H.Heap: Rationality in Economics, Basil Blackwell 1989. Engliš K.: Věčné ideály lidstva, Vyšehrad, Praha 1992. Zamagni,S.: Extended rationality, altruism and the justification of moral rules. University of Bologne, July 1991. Zamagni,S.: Economics of Altruism, Edward Elgar 1998. Bruno Dallago: The Irregular Economy. Dortmouth, Aldershot 1990. Mlčoch,L.: "Czech Privatization: A criticism of misunderstood liberalism". Journal of Business Ethics, July 1998. Mlčoch,L.: Úvahy o české ekonomické transformaci, Vyšehrad 2000. Mlčoch,L.: "Globalizace jako hospodářský proces a civilizační výzva". In: Mezřický,V./ed./: Globalizace, Praha, Portál 2003, s.71-92. Mlčoch L.: Analýza a interpretace současné katolické sociální nauky z pohledu ekonomie, in: Fiala.P.-Hanuš,J./ed./: "Sociální učení Jana Pavla II", Vyšehrad, Praha- CDK, Brno. Molitor,B.: Etika hospodářství, Česká křesťanská akademie, Praha 1998. Rich,A.: Etika hospodářství, I.a II.díl, OIKÚMENÉ, Praha 1994. Sen, A.: On Ethics and Economics, Oxford, Basil Blackwell 1987 /in Czech Etika a ekonomie by Vyšehrad 2001/ Tanzi,V.: Policies, Institutions and the Dark Side of Economics, Edward Elgar, Cheltenham Northampton 2000. Helping Countries Combat Corruption, Poverty Reduction and Economic Management Network, The World Bank, Washington,D.C., June 2000. Description: Interface of etics and economic theory, business ethics, standard practices and codes of ethical behavior in EU Content:

1. Ethics and eoconomics: paradigm of classical and neoclassical economics versus moral philosophy 2. Theory of values and obligations, ethical systems: utilitarism, deontology, christian ethics 3. Moral grounds of market institutions and ethical limits of the market 4. Extended rationalism, altruism, and justification of moral rules 5. Revolutionary social ethics /?/ of communist expropriation and economic transformation 6. Business ethics: ethical codes in the industrial sphere and in the public administration 7. Business ethics and regulation on capital markets and within the banking sector. 8. Ethics of the social teaching of the church. 9. Ethics, economics and development: the global problems of the earth 10. Irregular economy and the concept of order: Ethics or Chaos?

EM021 - Comparative Economic Systems (course is taught in Czech) Teachers:

Prof. Ing. Lubomír Mlčoch CSc.

Literature:

James Angresano: Comparative Economics, Prentice-Hall, Inc.Englewood Cliffs, N.J.1991 Kohler Heinz: Economic Systems and Human Welfare. A Global Survey. South-Western Pu.Co., Cincinnati, Ohio 1997 Gregory,P.R.-Stuart,R.C.: Comparative Economic Systems, Houghton Mifflin Co., Boston 1999. - Michal,Jan,Š.: Komparativní hospodářské systémy, Univerzita Karlova 1994. - Küng Hans: Světový étos pro politiku a hospodářství, Vyšehrad 2000. -Mlčoch,L.-Machonin.P.-Sojka M.: Ekonomické a sociální změny v České společnosti po roce 1989 /alternativní pohled/, Karolinum 2000. -Mlčoch L.: Úvahy o české ekonomické transformaci, Vyšehrad 2000. Finance a úvěr, č.4 /duben/ 2001: monotematické číslo věnované komparaci transformace v ČR, Polsku a Maďarsku. - Mlčoch L: Globalizace jako hospodářský proces a civilizační výzva,in: Mezřický,V./ed/ Globalizace, Portál, Praha 2003. - Dembinski,P.H./ed/: "Economic and Financial Globalization: What the Numbers Say". United Nations, New York and Geneva 2003.

Description: Comparative economic systems based on the institutional evolutionism

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/Since the Ancient Roman Empire to the competition of contemporary alternative models of capitalism/ Content:

1. Comparative Economics: methods of comparative analysis and criteria of evaluation 2. Institutional Evolutionism: principles and methodologhy 3. Economic system of Ancien Rome 4. Medieval Economy: economic system of feudalism 5. Laissez faire capitalist market economy 6. State capitalism in the German Third Reich 7. Guided market economies 8. Social market economy 9. Real socialism 10. Competing models of global capitalism 11. Lessons from the comparison of economic systems: findings for economic transformation of post-socialist countries.

EM022 - Contemporary Keynesian Economics - its rise and development Teachers:

PhDr. Tomáš Sedláček Prof. Ing. Milan Sojka CSc.

Literature:

R. Backhouse: A History of Modern Economic Analysis. Oxford, Basil Blackwell 1985 Sh. Dow: Macroeconomic Thought. A Methodological Approach. Oxford, OUP 1985 Arestis Ph.: The Post-Keynesian Approach to Economics. Aldershot, Edward Elgar 1992 Carlin, W., Soskice, D.: Macroeconomics and the Wage Bargain. Oxford, OUP 1990

Description: The aim of the course is to enhance understanding of development of the most important streams of keynesian macroeconomics on the bases of discussions of original papers and chapters of the most important books Content:

I. Foundations of the keynesian macroeconomics in the work of John Maynard Keynes 1. The Treatise on Money . London, Macmillan 1930 (ch. 15) 2. The General Theory of Employment, Interest and Money. San Diego, HBJ 1953 (ch. 5, 12) II. Neokeynesian macroeconomics - the Great Neoclassical Synthesis 3. John Hicks: Mr. Keynes and the Classics. Econometrica, Vol. 5, April 1937 4. Franco Modigliani: Liquidity Preference and the Theory of Interest and Money. Econometrica, Vol. 12, January 1944 5. James Tobin: Inflation and unemployment. American Economic Review, March 1972;Price Flexibility and Output Stability - An Old Keynesian View. The Journal of Economic Perspectives, No. 1, Vol. 7, Winter 1993 III. Disequilibrium keynesianism 6. Robert Clower: The Keynesian Counterrevolution: A Theoretical Appraisal. In: Hahn, F. E., Brechling, F. P. R. (eds.): The Theory of Interest Rates. London, Macmillan 1965 7. Axel Leijonhufvud: Keynes and the Keynesians. A Suggested Interpretation. American Economic Review, Vol. 57, May 1967 IV. Postkeynesian Economics 8. Nicholas Kaldor: The Irrelevance of Equilibrium Economics. The Economic Journal, No. 328, Vol. 82, December 1972 9. Jan Kregel: Economic Methodology in the Face of Uncertainty. Economic Journal, Vol. 86, June 1976 10. Hyman Philip Minsky: The Financial Instability Hypothesis: A Restatement.Thames Papers on Political Economy 1981 Paul Davidson: A Technical definition of Uncertainty and the Long-Run Non-Neutrality of Money. Cambridge Journal of Economics, Vol. 12, 1988 V. New Keynesian Economics 11. James Meade: Wage-Fixing Revisited. London, IEA 1985 12. George Akerlof, Janet Yellen: A Near Rational Model of the Business Cycle with Wage and Price Inertia. The Quarterly Journal of Economics, Vol. C -- Supplement, 1985 13. Bruce Greenwald and Joseph Stiglitz: New and Old Keynesians. Journal of Economic Perspectives, Vol. 7, No. 1, Winter 1993

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EM023 - Neoclassical Macroeconomics and its Development Teachers:

PhDr. Tomáš Sedláček Prof. Ing. Milan Sojka CSc.

Literature:

R. Backhouse: A History of Modern Economic Analysis. Oxford, Basil Blackwell 1985 Sh. Dow: Macroeconomic Thought. A Methodological Approach. Oxford, OUP 1985 and selected articles from economic journals and selected book readings

Description: The aim of the course is to enhance understanding of development of the neoclassical macroeconomics since the times of its founding fathers until present on the bases of discussions of original papers and chapters of the most important books. Content:

I. Quantity theory of Money in the Neoclassical tradition before Keynes 1. Irving Fisher 2. Alfred Marshall and the Cambridge tradition 3. Knut Wicksell II. Neoclassical Renaissance 4. Don Patinkin and the theory of the real money balances 5. Lloyd Metzler: interest induced effect 6. Robet Solow: the neoclassical theory of growth 7. Milton Friedman: revival of the quantity theory of money 8. Milton Friedman: the natural rate of unemployment 9. Karl Brunner, A Meltzer - taking fiscal policy in account III. New Classical Macroeconomics 10. John Muth and the rational expectation hypothesis 11. J. R. Lucas: Understanding Business Cycles 12. Economic Policy Ineffectiveness Hytothesis 13. Real Cycles Theory

EM024 - Evolutionary economics Teachers:

PhDr. Martin Gregor PhD, ČEZ Chair PhDr. Petr Švarc

Literature:

ACE Axelrod, R. (2003). Advancing the Art of Simulation in the Social Sciences, University of Michigan. Axtell R. (2000). Why Agents? On carried motivations for agent computing in social sciences, Center on Social and Economic Dynamics, The Brooking Institution. Holland, J. H. (1991). Artificial Adaptive Agents in Economic Theory, AEA Papers and Proceedings, 82 (2). Tesfatsion, L. (2002). Agent-based computational economics: Growing economies from the bottom up, Artificial Life, 8, 55-82. EGT Gintis, H. (2000). Game Theory Evolving. Princeton University Press. Osborne, M. (2004). An Introduction into Game Theory. Cambridge: Cambridge University Press. Sloth, B. and H. J. Whitta-Jacobsen (2004). “Economic Darwinism”. Presented at 2004 EEA Meeting, Madrid. Weibull, J. (1995). Evolutionary Game Theory. Cambridge, MA: MIT Press. Weibull, J. (1998). „What Have We Learned from Evolutionary Game Theory So Far?“ ESEM Presidential Address, 30 August 1997. Supplementary Arthur, W. B., Inductive Reasoning and Bounded Rationality. American Economic Review 84: 406– 11, 1994. Booker, L. B., Goldberg, D. E., Holland, J. H. „Classifier Systems and Genetic Algorithms“, Artificial Inteligence 40, str. 235-282, 1989. Dawkins, R. (1996). Blind Watchmaker. Why the Evidence of Evolution Reveals a Universe Without Design. W.W. Norton & Company. Goldberg, D. E. „Genetic Algorithms in Search, Optimization, and Machine Learning“, Addison Wesley, Reading MS, 1989. Simon, H. (1992). Economics, bounded rationality and the cognitive revolution. Edward Elgar,

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Aldershot. Tesfatsion L., “How Economists Can Get Alive”, in W. Brian Arthur, Steven Durlauf, and David Lane (eds.), The Economy as an Evolving Complex System, II, Santa Fe Institute Studies in the Sciences of Complexity, Volume XXVII, Addison-Wesley, 533-564. Tesfatsion L. “Agent-Based Computational Economics: A Brief Guide to the Literature” in: Michie J. (ed.), Reader’s Guide to the Social Sciences, Volume 1, Fitzroy-Dearborn, London, 2000. Vriend N. J. „Artificial Intelligence in Economics Theory“, Many-agent Simulation and Artificial Life, Hillebrand and Stender ed., IOS Press, 1994. Wit, U., ed. (1992). Explaining Process and Change: Approaches to Evolutionary Economics. The University of Michigan Press, Ann Arbor. Description: Individual rationality is arguably far from perfect. At the same time, market players adjust strategies in the course of play; the more successful strategy, the higher likelihood of being played in the future. Modern evolutionary economics thus explores interactions of imperfectly rational players with focus on evolutionary selection of strategies (e.g. production, marketing, and organization strategies). We make a formal introduction into two major tools to study evolutions: evolutionary game theory and agent-based computational economics. In the applied part, we apply evolutionary methodology on general issues such as social behavior and terrorism. Content:

I. Evolutionary Game Theory 1. Evolutionary Stability (Evolutionary Game Theory) * Game of Harm (Evolution of Retaliation) * Polymorphic Equilibria (e.g. in Battle of Sexes) * Darwinian Equilibrium, Darwinian Stability 2. Evolutionary Dynamics 3. Applications * Cournot duopoly * Public goods * Miscellaneous II. Agent-Based Computational Economics (ACE) 1. Economy as a Complex System and ACE 2. Main Tools and Technologies of ACE * Multi-Agents Simulation * Object Oriented Programming and Computational Labs * Artificial Intelligence 3. Evolution of Strategies in Iterated Prisoner's Dilemma and Oligopoly Games 4. (Optional) Examples of ACE Models III. Bounded rationality (Behavioral Game Theory) * Case Study: Do Large Institutional Dealers Make Systematic Errors? * Market Instruments vs. Cognitive Imperfections

EM025 - The Czech Economic Thought (course is taught in Czech) Teachers:

Doc. Ing. Jiří Havel CSc. Doc. Ing. Karel Půlpán CSc.

Literature:

Holman, R. a kol.: Dějiny ekonomického učení, Praha, Beck,1999 Sojka, M a kol.: Dějiny ekonomického myšlení. Svoboda-Libertas, 1994 Vencovský, F.: Dějiny českého ekonomického myšlení do roku 1948. Brno,NUM, Georgetown,MU, NAUMA, 1977

Description: Předmět seminární formou seznamuje posluchače s vybranými etapami českého ekonomického myšlení. Posluchač si po individuální konzultaci s pedagogem vybere etapu českého

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ekonomického myšlení (např. Bráf, Kaizl, Engliš, Macek či osmdesátá léta 20. stol.), a seznámí se s originálními texty českých ekonomů. Zkouška probíhá formou obhajoby krátké seminární práce. Content:

1. Stručný přehled dějin českého ekonomického myšlení, výběr témat pro seminární práce, zadání literatury 2. Česká ekonomická tradice, předvědecká etapa českého ekonomického myšlení 3. Vznik akademického českého ekonomického myšlení, E. Jonák, J. Kaizl, A. Bráf 4. Alois Rašín, teorie a praxe finanční reformy 5. 5 Ekonomické myšlení Karla Engliše, soustava národního hospodářství, pojetí ekonomických systémů 6. Ekonomický odkaz sociáldemokratického směru v českém myšlení, Josef Macek: Sociální ekonomika 7. Padesátá léta v české ekonomické literatuře, stalinistická a poststalinistická etapa 8. Obrodné ekonomické myšlení, Šik, Turek, Kouba, Goldmann 9. Oficiální ekonomické myšlení sedmdesátých let 10. Alternativní ekonomické myšlení osmdesátých let 11. Spory o reformní 3. strategii

EM027 - Advanced Monetary Economics Teachers:

Mgr. Tomáš Holub Ph.D. Mgr. Kateřina Šmídková Ph.D, MA.

Literature:

Walsh, C. E.: Monetary Theory and Policy, Cambridge, Massachusetts, MIT Press, 1998. Mahadeva L., Sterne G. (2000) Monetary policy framework in a global context, Routledge, London. see file Outline

Description: The goal of this course is to give the students a basic orientation in modern monetary economics. The first part is devoted to the role of money in the economy and to the demand for money. The second part deals with money supply and the determination of interest rates. The traditional monetarist model of money multiplier is compared to the theory of endogenous money and modern theory of optimal monetary policy rules. The following block concentrates on the impact of money on the real economic output and on the transmission mechanisms of monetary policy. The final part of the course deals with the optimal institutional and operational set-up of monetary policy. Content:

1) The role of money 2) The demand for money its role in money targeting 3) Seigniorage and the relationship between monetary and fiscal policies 4) Monetarist model of money supply vs. models with endogenous money 5) Central bank reaction function, monetary policy rules 6) Channels of transmission of monetary policy 7) Inflation targeting in comparison to other strategies 8) Monetary policy under uncertainty 9) Central bank status, independence, transparency and accountability 10)FX interventions in the inflation targeting regime 11)Euro adoption 12)QPM of the CNB

EM028 - Advanced Labour Economics Teachers:

Ing. Michaela Erbenová Ph.D Doc. MPhil. Ondřej Schneider Ph.D., McKinsey Chair

Description: A standard graduate course in labour economics. We study supply of and demand for labour, labour market institutions and we also focus on labour market issues in transition and European Union's context. Content:

I. Labour supply. 1. Introduction, static models of labour supply. 2. Long-term trends in the Czech Republic and abroad, application of the static theory. 3. Human capital. II. Labor demand. 4. Demand of firms, the industry and market labour demand and their major determinants, elasticity of labour demand. 5. Fixed labour costs, firm`s labour investment decisions, implicit contracts, career labour markets. III. Institutional dimension of the labour market.

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6. Labour market clearing: the role of institutions, flexibility versus rules, analysis of minimum wages. 7.-8. What causes wage differences in competitive labour markets? 9. Discrimination in labour markets: economic analysis. 10.-11. Collective barganing: stylised facts, union preferences, models of bargaining with trade unions, consequenses of the existence of trade unions for labour market clearing. 12. Empirical view of the world: instruments and facts

EM029 - European Economic Integration – Business Viwepoint (course is taught in Czech) Teachers:

JUDr. Václav Šmejkal Ph.D.

Description: Výklad zaměřený na současnou problematiku evropské ekonomické integrace z pohledu podniku. Členění kursu vychází z jednotlivých dopadů jednotného trhu na (český) podnik. Kurs zahrnuje část právní a manažersko-strategickou. Content:

1. Podnik v právním prostředí EU Právní harmonizace v EU Faktory ovlivňující znění evropské právní normy Oblasti práva EU s největším dopadem na podnikání Poměr evropské a národní regulace podnikání 2. Podnikatelské svobody EU a judikatura Evropského soudního dvora Role ESD při dotváření a prosazování svobod jednotného trhu EU Volný pohyb zboží, služeb, osob a kapitálu Svoboda usazování se za účelem podnikání 3. Podnik a stát v právu EU (I) Role členského státu na poli průmyslové, rozvojové a podnikatelské politiky Státní pomoc podnikům Firemní lobbying Obrana práv podniků proti orgánům členských států a EU 4. Podnik a stát v právu EU (II) Daně, cla a poplatky Právo obchodních společností Podnik a ochrana kategorických zájmů a veřejných statků 5. Podnik a obchodní vztahy v právu EU Ochrana hospodářské soutěže Ochrana průmyslového vlastnictví Mezinárodní soukromé právo a právo EU 6. Podnik a zaměstnanci v právu EU Pracovní právo Bezpečnost a ochrana zdraví při práci Kolektivní práva zaměstnanců Charta práv občanů EU a sociální dialog 7. Podnik a spotřebitelé v právu EU Bezpečnost výrobků Odpovědnost výrobce Práva spotřebitelů 8. Podnik a jeho konkurenceschopnost v EU Úsilí EU o vyšší konkurenceschopnost Úsilí EU o vyšší kvalitu podnikatelského prostředí Národní modely, specifika a konkurenceschopnost podniků v EU Podpůrné fondy EU a české podniky 9. Jednotný trh EU z pohledu podnikové strategie Analýza jednotného trhu jako vnějšího prostředí podniku Národní trhy a obory podnikání v podmínkách jednotného trh 10. Český podnik na jednotném trhu EU

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Analytické nástroje v přípravě konkurenční strategie podniku Strategické alternativy českých podniků Aktuální připravenost českých podniků na šance a rizika jednotného trhu EU 11. Formulace a implementace konkurenční strategie Formulace strategické vize a plánu Role firemního lídra Role firemní kultury Management vnitřní změny 12. Diskusní seminář Prezentace studentských esejů a diskuse za účasti podnikatelů

EM030 - Economic Development, Transition and Growth Teachers:

Doc.Ing. Tomáš Cahlík CSc.

Literature:

Required Readings: on samba.fsv.cuni.cz/~cahlik Recommended Readings: [1] Blanchard,O: The Economics of Post-Communist Transition. Oxford University Press 1997. ISBN 0-19-828926-X [2] Cahlík, T. at al. Real Economic Convergence – Selected Topics. Praha: Karolinum, 2004. [3] Cahlík, T. Technologický rozvoj jako produkt sociokognitivní sítě. Praha: Karolinum,2000. [4] Freeman,Ch.-Soete,L.: The Economics of Industrial Innovation. The MIT Press 1997. ISBN 0-262-56113-1 [5] Hayami, Y: Development Economics. Oxford University Press 1997. ISBN 0-19-829493-x (pb) [6] Jones, CH.I.: Introduction to Economic Growth. W.W.Norton&Comp. 1998. ISBN 0-393-97174-0 [7] Yager,T.J.: Institutions, Transition Economies and Economic Development. Westview Press 1999. ISBN 0-8133-3573-6 (pb)

Description: The aim of this course is to analyze problems of economic development and economic transition, using the new institutional approach. Technological development as the basic reason of economic growth in developed countries is analyzed - using different approaches - in the broader economic and social framework, from inventions to innovations. Course Learning Objectives: By the end of this course the students will be able: 1. to analyze the process of economic changes in the broad context of social and political development, 2. to enumerate the dynamics of economic performance, 3. to define major current economic, social and political changes in the World, 4. to compare economic, social and political development among different countries, with the aim 5. to contrast the basic differences and commons of the economy of student’s home country and other economies and policies. Midterm exam stresses the fulfillment of objectives 1-3, home works, teaching assistance and the final exam stresses the fulfillment of objectives 4 and 5. Content:

Weekly Schedule: Necessary Theoretical Background (3 weeks) 1. Introduction to the course: The End of History or the Clash of Civilizations? Economic Development, Economic Transition and Economic Growth. Understanding Historical Development, Basic Current Issues. Changes of Social Systems. Sources of Information. 2. Institutional Economics: The Coase Theorem – The Link to Institutions. Institutions and Economic Growth; Static and Dynamic Case. The Polity as Creator of Institutions. 3. Economic Performance: Measurements. System of National Accounts. Basic Economic Mechanisms. Economic Analysis of Financial Systems – Transaction Costs and Asymmetric information.

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Economic Development (3 weeks) 4. A Theoretical Framework for Economic Development. A Comparative Perspective on Developing Economies. Population Growth and the Constraint of Natural Resources. Breaking the Resource Constraint. Suggested Topics for Teaching Assistance: Poverty and Attacking Poverty Population Growth and Attacking Population Growth Population Stagnation and Aging and Attacking Population Stagnation and Aging. 5. Capital Accumulation in Economic Development. Patterns and Sources of Technological Progress. Income Distribution and Environmental Problems. Suggested Topics for Teaching Assistance: AIDS Case Studies from South America or South-East Asia 6. Market and State. The Role of Community in Economic Modernization. Tradition and Modernization Suggested Topics for Teaching Assistance: Case Studies from India Case Studies from Islamic Countries Economic Transition and EU Enlargement (3 weeks) 7. Basic Facts, Basic Mechanisms, Partial Analysis and Global Analysis of Transition: Reallocation. Restructuring. Privatization. How can we explain the U-shaped evolution of GDP? Suggested Topics for Teaching Assistance: Case Studies from the Former Soviet Union Countries Case Studies from China 8. Czech Approach to Transformation: Gradualism x Shock Therapy. Accepted Transformation Strategy. Voucher (Coupon) Privatization – a Specifically Czechoslovak Approach. Privatization Summarized. Critical Remarks. Suggested Topics for Teaching Assistance: Case Studies from the Central and East European Countries 9. The EU Enlargement Process midterm exam Economic Growth and Innovations (3 weeks) 10. Human Capital and Absorption Capacity. Suggested Topics for Teaching Assistance: Education Health Care On-the-Job Training 11. The Economics of Innovation: Socio-Cognitive Network. Development and the Diffusion of Technology. Aspects of Public Policy for Science, Technology and Innovations. Historical Illustrations; the Rise of Science Related Technology. National Systems of Innovation. Suggested Topics for Teaching Assistance: 7th Framework Programme in Europe Case Studies from National Systems of Innovation 12. Scientometric Analysis of the R&D Sector Suggested Topics for Teaching Assistance: Miscellaneous on Economic Growth and Innovations

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Summary of the Course (1 week) 13. Current Issues - Globalization

EM031 - Advanced Public Finance Teachers:

Doc. MPhil. Ondřej Schneider Ph.D., McKinsey Chair

Literature:

There is no single textbook, lectures are based on chapters from the list of books below. Every lecture is accompanied by readings that are mandatory and their knowledge will be assumed at the exams. Nicholas Barr: “Economics of the Welfare State, Oxford University Press, 2004. Bernard Salanié: “The Economics of Taxation”, MIT Press, 2003. Alan Auerbach and Martin Feldstein: Hanbook of Public Economics, Volume III, Elsevier, 2002. Jurgen G.Backhaus and Richard E.Wagner: “Handbook of Public Finance”, Kluwer, 2004. A.B. Atkinson and J.E. Stiglitz: Lectures on Public Economics, McGraw-Hill, New York, 1980. A.B. Atkinson: Public Economics in Action, Oxford University Press, 1995. S.Bailey: Public Sector Economics - Theory, Policy and Practice, 2nd edition, Palgrave, 2002. R. Disney: Can We Afford To Grow Older?, MIT Press, Cambridge, Massachusetts, 1996. D. Mueller: Public Choice III, 3rd edition, Cambridge University Press, 2003. J. Stiglitz: Public Sector Economics, 3rd edition,

Description: A graduate course that develops concepts introduced in the Public Finance for undergraduates (E1025). We begin with discussion of the theories of the state. The course then introduces students to the principles of theory of optimal taxation and tax incidence theory. The second part of the course is devoted to the public choice and theory of bureaucracy. We continue with a discussion of public expenditure costs and benefits. The last topic is the impact of globalization and Internet on tax systems. The participants are required to attend lectures and seminars and read assigned papers (see “readings”), “literature” indicates background literature where additional information is to be found. All mandatory papers are available in the library (see the Public Finance binder), most of them are available on the class web page. These papers will be discussed at seminars, where additional technical material will be deliveerd. Content:

Lecture 1-2: Introduction, role of the governments, market failures Theoretical and practical concepts of taxation. Theory of state, market and government failures. Taxes and the role of the government. Literature: Nick Barr: “Economics of the Welfare State”, chapter 3: “Political Theory – Social Justice and the State”, pp. 42-63. R.S. Sobel: “Welfare Economics and Public Finance”, chapter 2 of the Handbook of Public Finance. T.E. Borcherding, J.S. Ferris and A.Garzoni: “Growth in the Real Size of Government since 1970”, chapter 4 of the Handbook of Public Finance. Mandatory readings: A.B.Atkinson: The Welfare State and Economic Performance, National Tax Journal 1995, D.C. Mueller: Public Choice, 3 Edition, Chapter 22: Government Size and Economic Performance Lecture 3-4: Direct Taxes History of the tax, efficiency of the income tax. Deadweight loss, income and substitution effects. Partial Equilibrium models of income taxes. Labour supply effects, poll tax. Mirrlees’s model of an optimal linear tax. Corporate tax. Literature: R.E. Holcombe: “Taxation, Production, and Redistribution”, chapter 6 of the Handbook of Public Finance. Bernard Salanié: “The Economics of Taxation”, chapter 2: ”Distortions and Welfare Losses”, pp. 35-45 and chapter 4: “Direct Taxation”, pp. 79-110. Alan Auerbach: Who Bears the Corporate Tax? A Review of what We Know, WP 11686, NBER, October 2005. Stiglitz (chapters 18 and 19), Bailey (chapter 4). Mandatory readings: Joe Slemrod: "Optimal Taxation and Optimal Tax Systems" (Journal of Economic Perspectives, Winter 1990). Samuelson: "Theory of Optimal Taxation" (Journal of Public Economics, 1986, pp. 137-143). Atkinson: Lindahl Lecture 2, Basic Income Scheme.

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Lecture 5: Indirect Taxes Efficency, Ramsey model. General Equlibrium models. Literature: Bernard Salanié: “The Economics of Taxation”, chapter 3: “Indirect Taxation”, pp. 63-78. Stiglitz (chapter 20) Mandatory readings: Frank Ramsey: "A Contribution to theTheory of Taxation" (Economic Journal, March 1927, pp. 4761. Metcalf, Gilbert: “The National Sales Tax: Who Bears the Burden”, CATO Policy Analysis No. 289, December 1997. Lectures 6-7: Tax incidence Static two-sector model. Harberger model. Theory of Second best. Literature Bernard Salanié: “The Economics of Taxation”, chapter 1: “Tax Incidence”, pp. 15-34. Atkinson, Stiglitz: Lectures (chapter 6), J.Pechman: Who Really Pays Taxes?. Don Fullerton and G.E.Metcalf: “Tax Incidence”, chapter from the Handook of Public Economics, part 2 pp.10-29 plus charts. Richard Lipsey: “Reflections on general Theory of Second best”, mimeo, 2006. Mandatory reading: Fullerton, Rogers: Who Bears the Lifetime Tax Burden? - Introduction" Lecture 8: Public expenditures – Public Choice Theory Voting papradox, Arrow´s theorem Log-rolling, Rent-seeking, Pressure groups Literaure: G.S.Becker: ”A Theory of Competition Among Pressure Groups for Political Influence”, The Quarterly Journal of Economics, 1983. R.E.Wagner: “Redistribution, Poor Relief, and the Welfare State”, chapter 14 of the Handbook of Public Finance. Disney (chapter 10) Mandatory reading: Robert Tollison: "Rent Seeking: A Survey", Kyklos, 1982, pp.575-602. Lecture 9: Public provision - Theory of bureaucracy and public budgets Theory of an office, model of bureaucracy. Literature: William Niskanen, Jr.: The Theory of Bureaucracy and Public Economics, The Locke Institute 1994. R.S. Sobel: “Welfare Economics and Public Finance”, chapter 2 of the Handbook of Public Finance (p.31-32). Mandatory reading: S.Hinds, N.Sanchez, and D.Schap: “Public Enterprise – Review and Theory”, chapter 11 of the Handbook of Public Finance. Alberto Alesina and Roberto Perotti: “The Political Economy of Budget Deficits”, IMF Working Paper 85/1994. Lecture 10: Social Insurance Theory of social insurance, demand and supply side of insurance, private and social insurance. Literature: Nick Barr: “Economics of the Welfare State”, chapter 5: “Economic Theory 2 - Insurance”, pp. 102120. Casey B.Mulligan and Xavier Sala-i-Martin: “Social Security in Theory and Practice I and II”, chapters from the Handook of Public Economics. Heinz Grossekettler: “Social Insurance”, chapter 13 of the Handbook of Public Finance. Mandatory reading: Henry Aaron: "The Social Security Paradox", 1966. Laurence J. Kotlikoff (1995): Privatization of Social Security: How It Works and Why It Matters, NBER Working Paper 5330, Cambridge, MA, Oct 1995. Lecture 11 - Pension Models Samuelson and Aaron models. Pay-As-You-Go vs. Funded systems. Reforms. Literature:

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Disney (chapters 3,4,5,10), Martin Feldstein and J.B.Liebman: “Social Security”, Handbook of Public Economics. Mandatory reading: Nicholas Barr (2000): Reforming Pensions: Myths, Truths and Policy Choices, IMF Working Paper WP/00/139. Mitchell, O.S. and Zeldes, S.P. (1996) “Social security privatization: A structure for analysis”, American Economic Review, Vol. 86, No. 2, pp. 363-367. Also NBER Working Paper 5512, Cambridge, MA. Lecture 12: Health Care and Public Economics Health care provision, risks and models. Literature: N.Barr: “Economics of the Welfare State”, chapter 8: “Insurance: Unemploym,ent, sickness and disability”, pp. 168-185. D.M.Cutler: “Health Care and the Public Sector”, Handbook of Public Economics, Volume 4, Chaper 31, pp. 2140-2243. Mandatory reading: L.J.Kotlikoff and S.Burns: “The Coming Generational Storm”, Chapter 6: “Changing Course”, The MIT Press 2004. Lecture 13: Globalisation, tax systems and public budgets Globalisation and tax systems, tax optimalisation. Literature: Jerry Hausman: Efficiency Effects on the U.S. Economy from Wireless Taxation, NBER 2000. R.M.Bird: “Taxing Electronic Commerce: The end of the beginning?”, ITP Paper, 2005. Mandatory reading: Vito Tanzi: "Globalization, Tax Competition and the Future of Tax Systems", Working Paper WP/96/141 Hal Varian: "Taxation and Electronic Commerce - a U.S. View". CES, Ifo Forum Autumn 2000. Charles McLure: "Alternatives to the Concept of Permanent Establishment" dtto.

EM032 - Banking Teachers:

Prof. Ing. Michal Mejstřík CSc.

Literature:

1) Jílek, J.: Finanční rizika,Grada Publishing, Praha, 2000, ISBN 80-7169-579-3 2) Revenda, Z.: Centrální bankovnictví. Management Press, Praha, 1999, ISBN 80-85943-89-1 3) Sinkey, J.F.: Commercial Bank Management in the Financial Services Industry, 6th edition, Prentice Hall, New Jersey, 2002, ISBN 0-13-098424-8 4) Cipra T.:, Matematika cenných papírů, HZ Presss, Praha 2000,ISBN 80-86009-35-1 5) Cornett M.M., Saunders A.:Fundamentals of Financial Institutions Management, McGraw Hill, 1999, ISBN 0-256-25367-6 6) Dewatripont, M.- Tirole,J.: The Prudential Regulation of Banks, MM Press, Cambridge, 1993, ISBN 0-262-04146-4 7) Diamond, D.W.:Finanční zprostředkování jako delegované monitorování: jednoduchý příklad. Finance a Úvěr, 47, 1997, č. 11, s. 680 - 693. 8) Dvořák, P.: Komerční bankovnictví pro bankéře a klienty. LINDE Praha, a.s.,1999, 475 s. ISBN 80-4201-141-3 9) Freixas X.,Rochet J-Ch.:Microeconomics of Banking, MIT Press, Cambridge,1998, ISBN 0-26206193-7 10) Golin J.: The Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors, Wiley, 2002, ISBN 471842176 11) Heffernan, S.: Modern Banking in Theory and Practice. J. Wiley, New York, 1996, ISBN 0-47196208-0 (nebo --2) 12) Jílek, J.: Peníze a měnová politika, Grada, Praha, 2004, ISBN 80-247-0769-1 13) Mejstřík M.: Cultivation of Financial Markets, Karolinum Press. 2004 14) Mishkin F.S. Ekonomie peněz, bankovnictví a finančních trhů,Finance a úvěr 1991-1992 15) Molyneux,P.et al. : Efficiency in European Banking. J. Wiley, New York, 1996, ISBN 0-74196211-2 16) Polidar, V.:Management bank a bankovních obchodů. EKOPRESS, Praha, 1999. 2. vydání ISBN 80-86119-11-4 17) Price Waterhouse: Úvod do řízení úvěrového rizika. Management Press, Praha, 1994, ISBN 80-85603-49-7 18) Rose, P.S.: Peněžní a kapitálové trhy. Victoria Publishing, Praha, 1995, ISBN 80-85605-52-X 19) Sekerka, B.: Řízení bankovních rizik. Profess Consulting s r.o.-Praha, edice Banky a Bankovní

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Produkty, 1998, 293 s.. ISBN 80-85235-56-0 20) Tomášek, M.: Bankovnictví jednotného vnitřního trhu Praha, Linda 1997, 516 s., ISBN 807201-052-2 21) Tomášek, M.: Právní základy evropské měnové unie. Bankovní Institut, a.s. Praha, 1999, 165 s. Description: The course familiarizes students with the basic terminology of banking and financial markets, as well as different approaches to bank transactions management. As one of its starting points it describes various models of interest rates movements, including the consideration of risk and maturity, together with appropriate manners interest rates risk management. An analysis of financial institutions is further developed by the assessment of their activities, the related credit, liquidity, market and operational risks. The course outlines banking management techniques which tries to create value for shareholders whilst keeping these risks in mind. Content:

1. Introduction and basics: history of banking, basic banking principles, banking regulation, banking risks, heterogeneity of banks. 2. Basel Accord, the central bank -- regulation and monetary policy, money supply and monetary aggregates, models of money multiplier for M1 and M2. Central bank as a creditor of the last resort, private vs. public regulation, financial systems and financial intermediaries in CZE and world-wide. 3. Interest rates behavior: interest rates measurement, the present value, nominal vs. real interest rate, equilibrium interest rate, loan funds theory, a liquidity preference model, perfect and imperfect capital markets, perpetuity and annuity. 4. Bank financial statements , bank efficiency, basic banking operations, funds and their utilization, bank returns, banks balance sheet, banks profit and loss account, profitability, liquidity, insolvency risk, liquidity risk, economies of scale, efficiency and specific DuPont analysis of ROE and ROA, loss loans reserves, current situation of Czech banks. 5. Basic principles of assets and liabilities management (ALM): liquidity management, reserves, assets management, liabilities management, functions and sources of equity capital, capital adequacy and its development, stability and regulation of banking system, instability and banking panic, financial intermediation as delegated monitoring. 6. Interest rates structure in view of their risks and time structure, interests and taxes, yield curve, expectations hypotheses, theory of segmented markets, 7. Interest rate risk management, gap analysis and assets and liabilities maturities analysis, duration and convexity for approximation of interest rates sensitivity analysis, banks classification according duration of assets and liabilities, interest rates hedging, Case: American Savings and Loans 8. Banking liabilities operations: liabilities management, retail deposits, large deposits, at sight deposits, term deposits, deposit certificates, savings accounts, bank bonds, credits from other banks (interbank market), credits from the central bank, interest rates of deposits and loans, 9. Banking assets operations: credit management, principles, credit types, maturities, securities and collateral, bank types, portfolio allocation, debtors and creditors behavior in economic cycle, assets and liabilities maturity structure reconciliation, credit policy, lending limits, banking supervision, credit risks, rating, credit process, dubious loans, provisions and management of potential loss, 10. Short term credits and loans: overdrafts, NOW accounts and credit cards, working capital credits; private loans, consumer loans, promissory notes, guaranteed loans, middle-term and long term credits: syndicated loans, mortgages, long and medium term consumer loans and relevant institutions, credit scoring of consumers 11. Banks and payment services, banking and financial innovation: factoring, forfeiting, leasing, financial innovation with aim of risk mitigation (mortgages, deposit certificates with variable interest rate, futures), new technologies (credit cards, securitization, internationalization), new regulations mitigation, 12. Bank investments in financial markets, assets and liabilities cash-flow stream-lining, risk vs. return investment goals, taxes, regulation, investment strategies, bank investments on international markets, FX risk and hedging, obligatory reserves in history and today, capital adequacy today and in history, daily balancing of funds available and needed, 13.-14. Banking sector developments as a part of financial services in EU and worldwide: universal and specialized banks, merchant and investment banks, regulations, competition and structure of commercial banking, competition in savings banks, international banking, BASEL II, non-banking financial institutions competition, financial holdings, economies of scale, insurance companies, investment funds, pension funds, brokerages, investment banks and securities markets. Bank capital and state-owned banks privatization.

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EM032A - Banking - Tutorials Teachers:

Mgr. Magda Pečená (Neprašová) Ph.D. PhDr. Soňa Pokutová - Benecká

Literature:

1) Cipra T.: Matematika cenných papírů, HZ Praha, 2000 2) Damodaran A.: Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, 2nd edition, John Wiley & Sons, 2002 3) Golin J.: The Bank Credit Analysis Handbook: A Guide for Analysts, Bankers and Investors, Wiley, 2002 4) Jílek J.: Finanční trhy, Grada publishing, 1997 5) Kislingerová E. (ed.): Manažerské finance, 1.vydání, C.H.Beck, 2004 6) Sinkey, J.F.: Commercial Bank Management in the Financial Services Industry, 6th edition, Prentice Hall, 2002 7) Zmeškal Z. (ed.):Finanční modely, 1. vydání, Ekopress, 2004

Description: The tutorial follows the course of Banking and explains several basic problems of financial mathematics, securities valuation and further calculations related to banking. Content:

Financial mathematics+bonds; Bank financial statements; Credit application; Interest rates; Money and central banking; ALM, duration and convexity; Loan pricing; Capital adequacy; Securitization, Derivatives.

EM034 - Corporate Finance Teachers:

doc. Ing. Oldřich Dědek CSc., Česká spořitelna Corporate Chair Mgr. Ján Slavíček

Literature:

The principal text for this module is: Brealey, R.A., Myers, S.C. - Principles of Corporate Finance, sixth edition, Irwin McGraw-Hill, 2000

Description: Advanced course in Corporate Finance. This course is aimed to provide an understanding in four major areas of Corporate Finance. The course offers deeper insight into capital structure and related themes of dividend policy and company valuation. It explains means and features of longterm financing as well as characteristics and risks inherent in short-term finance. Finally, it covers special topics Mergers and Acquisition and Financial Distress. At the end of the module students should be able to understand capital structure and assess corporate financial policy in different stages of corporations' life. Content:

Part 1 Capital Structure and Dividend Policy Capital structure Debt policy, financing and valuation Dividend policy Part 2 Long-Term Financing Long-Term financing and Long-Term debt - introduction Long-Term debt - quantitative section Equity capital, Issuing Securities to the Public Warrants and Convertibles Leasing Part 3 Short-Term Finance Short term Finance and Planning, Budgeting Short term Borrowing and Lending Cash and Credit Management Part 4 Special Topics Mergers and Acquisitions Financial Distress

EM035 - Financial Markets Instruments I Teachers:

doc. Ing. Oldřich Dědek CSc., Česká spořitelna Corporate Chair Mgr. Ján Slavíček

Literature:

handouts for down-loading

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Description: The objective of the course is to provide basic and medium-level grounding in theoretical background and practical functioning of selected segments of financial markets, namely the futures and option markets. The stress is laid primarily on understanding the role of these instruments in managing financial risks and in speculative, hedging and arbitrage trading strategies. The attendants are recommended to take on the course Financial Markets Instruments II which is lectured in the summer semester. Content:

Part I: Forward and futures contracts 1. Mechanics of forward a futures contracts (basic concepts, margin accounts, marking to market, forms of closing up of the contract, trading limits) 2. Practical examples of futures contracts (short-term and long-term interest rate futures, currency futures, stock index futures) 3. Model cost-of-carry (derivation of basic formula, covered and uncovered interest rate parity, stock index tracking) 4. Speculation and arbitrage trading (characteristic features of speculative and arbitrage deal, position and spread trading, box and conversion arbitrage, program trading) 5. Hedging using futures (classification of hedging, aims of hedging, finding the optimal number of contracts, basis risk, hedging using interest rate, currency and stock index futures) Part II: Options 6. Mechanics of option contracts (basic concepts, ice-hockey diagrams, practical aspects of option trading) 7. Examples of option contracts (stock option, currency option, interest-rate option, option on stock index) 8. Elements of option pricing (binomial model, Black-Scholesova formula, sensitivity analysis, putcall parity) 9. Option combinations (straddles, combinations, synthetic securities and others) 10. Trading using options (position and spread speculation, box arbitrage, hedging using options) 11. Exotic options (Asian, barrier, correlation, hybrid and others)

EM036 - Financial Markets Instruments II Teachers:

doc. Ing. Oldřich Dědek CSc., Česká spořitelna Corporate Chair Mgr. Ján Slavíček

Literature:

handouts for down-loading: Bonds (in English) Swaps (in English) http://samba.fsv.cuni.cz/~dedek

Description: The course Financial Markets Instruments II is the continuation of the winter course Financial Markets Instruments I. Its objective is to provide basic and medium-level knowledge about theoretical background and practical functioning of selected segments of financial markets, namely the fixed-income securities (bonds, repos, mortgages), swaps and credit derivatives. The stress is laid primarily on understanding the role of these instruments in managing financial risks and in speculative, hedging and arbitrage trading strategies. Content:

Part I: Bonds and mortgages 1. Classification of bonds and basic concepts (fair price, accrued coupon, yield to maturity, etc.) 2. Analysis of the yield curve (zero rates, implied forward rates, pricing of variable coupon bonds, index-linked bonds) 3. Measuring interest rate risk (risk from holding bonds, duration and convexity, immunisation of interest rate risk) 4. Sale and repurchase agreement (basic concepts and conventions, users of repo transactions) 5. Money market instruments (types of quotations, yield curve, financial arithmetic) 6. Mortgages (repayments plans, hedging inflation risk, financial engineering with mortgages). Part II: Swaps and credit derivatives 7. Interest rate swap (description of the contract, types of swaps, using swaps for speculative and hedging trade strategies, arbitrage trading, techniques of warehousing, pricing interest rate swaps) 8. Forward rate agreement (description of FRA contract, FRA strip, hedging FRA using interest rate futures) 9. Currency swap (description of the contract, types of currency swaps, using currency swaps for speculative and hedging trade strategies, pricing currency swaps) 10. Asset swap (description of contract, asset swap with fixed and variable notional amount) 11. Credit derivatives (forms of credit risk, credit options, credit swaps, credit linked notes)

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EM037 - Introduction to the Theory of Financial Markets Teachers:

Prof. Ing. Michal Mejstřík CSc.

Literature:

Reilly, F.- Brown,K.: Investment Analysis and Portfolio Management, 6th ed, Dryden, New York 2000,ISBN 0-03-025809-x Sharpe, W.F. - Alexander G.J.-Bailey J.V.: Investments,Prentice-Hall Int., London,6th ed., 1999, ISBN 0-13-010130-3 (Sharpe, W.F.- Alexander G.J.: Investice (překlad), Victoria Publishing, Praha 1994, ISBN 80-85605-47-3) Cipra T.: Matematika cenných papírů, HZ Praha, 2000, ISBN 80-86009-35-1 Brealey, R.A.- Myers, S.C.:Teorie a praxe firemních financí, Victoria Publishing,.1992, ISBN 8085605-24-4 Bodie Z., Merton R., Finance, Prentice Hall New Jersey,2000, ISBN 0-13-310897-X Elton E.- Gruber M.: Modern Portfolio Theory and Investment Analysis, 4th edition, Wiley, New York 1991, ISBN 0-471-53248-7 Fuller R.J - Farrell J.L.:Modern Investment Analysis and Security Analysis, McGraw-Hill Book Comp.New York - London,1987, ISBN 0-07-022621-0 Jílek, J: Finanční trhy, Grada, Praha, 1997, ISBN 80-7169-453-3 Jones Ch.P.:Investment Analysis and Management,6thd ed.,J.Wiley,1998, ISBN 0-471-16959-5 Musílek P.: Finanční trhy a investiční bankovnictví, ETC Publishing,Praha,1999, ISBN 80-8600678-6 Mejstřík,M.et al: The Privatization Process in East-Central Europe: Evolutionary Process of Czech Privatization, Kluwer Academic Publishers.,Boston-London,1997,ISBN 0-7923-4096-5 Mejstřík M.etal: Cultivation of Financial Markets,Karolinum Press 2003 Reilly, F.- Brown,K.: Investment Analysis and Portfolio Management, 6th ed, Dryden, New York 2000,ISBN 0-03-025809-x Sharpe, W.F. - Alexander G.J.-Bailey J.V.: Investments,Prentice-Hall Int., London,6th ed., 1999, ISBN 0-13-010130-3 (Sharpe, W.F.- Alexander G.J.: Investice (překlad), Victoria Publishing, Praha 1994, ISBN 8085605-47-3) Tomášek, M.: Bankovnictví jednotného vnitřního trhu EU, Linde Praha, 1997, 516 s.,ISBN 807201-052-2

Description: The course introduces students into basics of Financial Market Theory, terms as securities, evaluation of securities and transactions are cleared up. The course also deals with criterions of investment decisions into individual securities and whole portfolios under the uncertainty condition. Furhermore, models of capital market operations and tools of capital market analysis (indices included) are presented as well. Next part of the course focuses on complementary introduction into i) fundamental and technical analysis of stocks, ii) analysis of credit instruments and iii) tools of collective investments in the Czech and International surrounding Content:

1. Introduction and basic terms (1 lecture) Financial investments and financial markets: savings and the investment process, contract theory, allocation and operational market efficiency, its functions and institutional organization, primary and secondary markets, market participants, financial institutions, instruments, main factors of rate of return, securities and their valuation, Graham a Dodd and the modern portfolio theory. 2. Security markets (2 lectures) Security markets and market orders, primary and secondary markets, stock exchanges, the third and fourth market, requirements for public issue. Trends in the world financial markets, especially in Europe and the Czech Republic, summary of stock exchanges, forms and framework of trading, the most important stock exchanges indices. Settlement. Public issue. Framework of trading and components of transaction costs. Principles of market regulation and Securities Act. 3. Risk, return and liquidity of investments and market models (1 lecture) Demand on investment instruments and its elasticity. Measuring past return and risk. Quantification of expected returns and risk of assets. Liquidity -- market depth and width. Expected return, risk and liquidity of alternative investment instruments. Quantification of expected returns and risk of a portfolio, systematic and unique risk, a market model, estimation of beta and alpha coefficients. 4. Efficient market hypothesis (1 lecture) Forms of efficient market hypothesis (EMH), a weak form, semi-strong form, strong form, hypothesis testing, examples of market inefficiencies, passive vs. active management. 5. Analysis of floating-rate bonds and fixing rate bonds (2 lectures)Short-term debt instruments (TBills, T-notes, certificates, commercial papers) and the annualized yield on discount basis, equivalent yield. Long-term debt instruments (bonds of public sector, bank bonds, corporate bonds), rating, innovation in the bond markets, valuation of the intrinsic bond value, measuring the bond yield (par, current, yield to maturity, yield to call) and their determinants, duration and convexity, callable and convertible bonds and their valuation).

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6. Stock analysis (2 lectures) Fundamental analysis of stocks - global, local, corporate, estimationof risk of common stocks (estimation of the past beta and itsprediction), methods of determining of intrinsic share value (presentvalue of dividend, discount model with constant growth of dividend, profitand cash-flow models, regression models), elements of technical andpsychological analysis, commercial code and voting. 7. Asset evaluation theory (2 lectures) Capital Market Theory - the portfolio theory, capital asset pricing model (CAPM) and its assumptions, shifts of SML, CAPM with zero beta, taxmodel CAPM, testing of CAPM models, theory of arbitrage evaluation. Options: Options futures market, types of hedging and synthetic strategies, principles of option evaluation. 8. International trading and banking (1 lecture) International investment trade and banking: national and international issues, types of banking, impact of EMU to the capital market structure,global investments in Europe, framework of GDR. 9. Institutional investors in new financial environment - portfolio management (2 lectures) Three sorts of institutional investors - according to instrumentsof collective investing (investment and mutual funds - opened and closed, pension funds and life insurance companies, non-life insurance companies), production and analysis of portfolio, determination of optimal mix, calculating of rate ok return of the fund, net market value and passive international strategies, exchange rate risk, inefficiency risk, liquidity risk and information risk.

EM037A - Introduction to the Theory of Financial Markets A - seminar Teachers:

Mgr. Radovan Chalupka Mgr. Ján Slavíček

Description: The course introduces students into basics of Financial Market Theory, terms as securities, evaluation of securities and transactions are cleared up. The course also deals with criterions of investment decisions into individual securities and whole portfolios under the uncertainty condition. Furhermore, models of capital market operations and tools of capital market analysis (indices included) are presented as well. Next part of the course focuses on complementary introduction into i) fundamental and technical analysis of stocks, ii) analysis of credit instruments and iii) tools of collective investments in the Czech and International surrounding Content:

Market instructions and margin accounts - short sale and purchase on loan; Statistical terms related to financial markets - measuring portfolio risk and return, stock markets indices; Bond analysis - long-term securities, short-term securities, duration, convexity, convertibles, warrants; Stock analysis - dividend discount model; Capital asset pricing model (CAPM) - the capital market line, the security market line; Alternative capital asset valuation - factor models & arbitration pricing theory (APT).

EM038 - Bills of Exchange and Promissory Notes (course is taught in Czech) Teachers:

Doc. Ing. Jiří Havel CSc.

Literature:

Zákon směnečný a šekový Svobodová V.: Směnka. Brno, ECON 1994 Havel J.: Úvod do úpravy kapitálových trhů. Praha, Karolinum 2000

Description: Subject is focused on the theoretical and practical problems of promisssory notes and bills of exchange. Bills of exchange are the oldest type of securities, they are used frequently mainly in the banking sector. Legal framework in this case is evaluated as the best in the financial area and it is extremely stable for a long time. The course is focused on the practical use of bills of exchange and on the practical training of the "censorship" of bills of exchange and promissory notes.

EM039 - Risk Management and Financial Engineering on Developed Markets Teachers:

Dr. Z. Sid Blaha M.A., D.B.A. Mgr. Magda Pečená (Neprašová) Ph.D.

Literature:

See description of the course on my web site: samba.fsv.cuni.cz/~blahaz

Description: Description of the module: The course aims to provide a comprehensive overview of modern-day

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markets and financial instruments. It deals with the ways in which risks are quantified and managed in a portfolio that includes financial derivatives. Role of capital and, in particular, derivatives markets is discussed and analysed, as are the risk management hedging tools (such as forwards/futures and options). Some knowledge of contingent assets (options, as well as financial mathematics) and their use and applications is assumed. Students with insufficient prerequisites as regards financial derivatives, option valuation and related areas generally have difficulties and should not register in this course. There is some coverage of market "Value at Risk", a system allowing financial economists to gauge risks and take proactive steps to control them. In addition, credit risk measurement and management, so useful in the modern financial world, may also be partially covered. The knowledge gained in this module is designed to be "cumulative", in the sense that knowledge acquired in topics covered early in the course will be necessary to understand later topics. For example, it is important to understand the analysis underlying different aspects (such as delta, gamma and the other "Greeks") of the risk in a portfolio consisting of financial derivatives and other assets in order to "summarize" the total risk in a portfolio of financial assets: Value at Risk is an attempt to provide a single number for senior management summarizing the total risk as part of portfolio valuation. Therefore, the final exam will require students to have an understanding of all topics coved during the course. Option theory and applications are emphasised throughout the course. Content:

For all up-to-date course description and curricula see my Web site: http://samba.fsv.cuni.cz/~blahaz Note: This is an intermediate level MBA-type course suitable for first or second-year post-graduate - and in some cases for the advanced undergraduate students - majoring in finance. The module content has been drawn along the lines of similar courses offered in the field of financial economics (financial derivatives; option theory, risk management) at educational institutions in North America and the United Kingdom. The course participants should gain an exposure in and knowledge of developed markets and up-to-date research methods and applications in financial risk magagement.

EM040 - Accounting and Tax Consulting I (course is taught in Czech) Teachers:

Ing. Irena Kemény Mgr. Jindra Klobásová

Description: Účetnictví jako informační systém. Orientace na oblast finančního a nákladového účetnictví, zejména jejich využití jako informačního zdroje řízení firem. Content:

1. Charakteristika daňového systému ČR, hlavní zásady správy daní, srovnání daňového řízení v Evropě 2. Zdaňování příjmů v ČR –daň z příjmu fyzických osob 3. Zdaňování příjmů v ČR –daň z příjmu fyzických osob 4. Zdaňování příjmů v ČR –daň z příjmu právnických osob 5. Zdaňování příjmů – obecné zásady mezinárodního zdanění, daňové aspekty zahraničních investic, smlouvy o zamezení dvojího zdanění, daňové ráje 6. Zdaňování úrokových a dividendových příjmů – z domácích zdrojů, z cizích zdrojů, systémy s částečnou a plnou započitatelností. 7. Majetkové daně 8. Nepřímé daně – spotřební daně, DPH 9. Mezinárodní srovnání v oblasti nepřímých daní – vazba na státní rozpočet, způsob výběru daní, sazby daně. 10. Daně v Evropské unii – vývoj daňových systémů, zdaňování úspor, daňové stimuly, harmonizace v oblasti důchodové daně korporací 11. Opakování 12. Závěrečný test

EM043 - International Finance A I Teachers:

RNDr. Alexis Derviz CSc.

Literature:

Rivera-Batiz, F. L., and Rivera-Batiz, L. A. (1994) International Finance and Open Economy Macroeconomics, Mcmillan. Krugman P., and Obstfeld, M. (1991) International Economics. Theory and Policy. 2nd edition,

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HarperCollins. Description: The course offers a concurrent overview of traditional makroeconomics (the Mundell-Fleming and the monetarist models, their neoclassical synthesis) and a number of open problems of international finance practice (euromoney creation, uncovered interest parity for the exchange rate, secondary markets for sovereign debt) that do not yield to the named theoretical approaches. The course is a preparation for a deeper international macroeconomic analysis based on microfoundatinos. Content:

I. The IS-LM-BP (Mundell-Fleming) Model 1. The building blocks of the model; the trade and service balance 2. IS, LM, and BP equations, equilibrium 2.1. Degrees of capital mobility 2.2. Fixed vs. flexible exchange rate regime 3. Policy consequences 4. The exchange rate-related aspects of the model 4.1. Purchasing power parity 4.2. Deviations from uncovered interest rate parity, Siegel’s paradox II. Generalizations of the Mundell-Fleming model 1. Convergence to full equilibrium 2. Dornbusch’s “overshooting” in an IS-LM-BP-economy 3. Policy consequences. The “Dutch disease” 4. Fixed exchange rate in the Mundell-Fleming model 4.1. Monetary and fiscal policy feasibility 4.2. Consequences of devaluation 4.3. Alternative: a first look at the monetarist understanding of the exchange rate, comparison to the Mundell-Fleming results 5. Applicability limits of the IS-LM-BP scheme: sovereign debt 5.1. Debt buybacks 5.2. Issue of senior debt III. The monetarist approach to the balance of payments 1. The Frenkel-Mussa model of the exchange rate dynamics 2. Price and output adjustment under an autonomous monetary policy 2.1. Growing economies and the balance of payments 2.2. The “price-specie-flow“ mechanism, the gold standard and its sustainability 3. A weak point of the quantity theory of money: eurocurrency markets 4. Exchange rate overshooting in the monetary model IV. Aggregate supply, wages, and prices in an open economy 1. A model with sticky nominal wages 2. Aggregate supply and demand models under fixed and flexible exchange rates 3. The balance of payments and long-run equilibrium 4. The monetary mechanism of price adjustment 5. Consequences of devaluation under a fixed exchange rate

EM044 - International Finance A II Teachers:

RNDr. Alexis Derviz CSc.

Literature:

Obstfeld, Maurice, and Kenneth Rogoff (1996): Foundations of International Macroeconomics. The MIT Press.

Description: The course gives an overview of international financial intermediation from a unified macroeconomic perspective. The basic technical tool of analysis is intertemporal optimization under uncertainty. The central questions addressed by the discussed models are: the exchange

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rate and the balance of payments reaction to supply and demand shocks. Content:

I. A small two period open economy 1.Current account (CA) and consumption smoothing 2. The role of investment. Nominal vs. real CA. Investment productivity and the real interest rate (RIR) 3. International labor force movements. II. A small multi-period open economy 1. Dynamics of the current account. Government insolvency 2. The role of uncertainty. Deaton’s paradox. Productivity shifts 3. The trend productivity growth 4. Speculative bubbles in asset prices. III. The real exchange rate and the terms of trade 1. Non-tradable goods. Violations of the law of one price. Productivity growth and the real exchange rate (RER). 2. Consumption dynamics, price level and RIR 3. The terms of trade in a dynamic Ricardian model. The transfer effect for industrial countries 4. The case of endogenous supply of labor 5. Non-zero capital mobility costs and the short-term relative price adjustment. IV. International financial markets 1. A global model of trade with random states of nature. International correlation of consumption and output. Market completeness inside and across countries 2. International portfolio diversification. The home bias puzzle 3. Asset pricing. The equity premium puzzle. GDP-indexed securities 4. Non-tradable goods and the international consumption correlation. Gains from international risksharing. V. Economic growth and global integration 1. The neoclassical growth model 2. International productivity convergence. The Baumol-De Long-Romer debate. The public capital accumulation and convergence 3. Endogenous growth. Capital deepening and sustainable growth. The role of population growth 4. The stochastic neoclassical growth model. VI. Monetary models of exchange rate based on individual optimization 1. Assumptions about the nature of money. Cash-in-advance vs. liquidity-preference models 2. Nominal exchange rate regimes and speculative attacks 3. Models with nominal assets.

EM046 - History of the Czech Currency and Finance (course is taught in Czech) Teachers: Doc. Ing. Karel Půlpán CSc. Literature: Almanach čs. peněžnictví (red. A. Pimper), Praha 1928 BRÁF, A.: Život a dílo IV, Praha 1923 Československá finanční politika (Nástin vývoje v letech 1918-1930), Praha 1932 Deset let Národní banky Československé, Praha 1937. Engliš, K.: Otázky a názory, Praha 1926. Faltus J.- Průcha,V.: Prehlad hospodárskeho vývoja na Slovensku v rokoch 1918-1945, Bratislava 1969 Hoch, K.: Alois Rašín, Praha 1934. Horna, M.: Měnová politika, Praha 1945. Chmela, L.: Hospodářská okupace Československa, její metody a důsledky, Praha 1946. Kolařík, J.: Peníze a politika (Karel Engliš, bojovník o stabilizaci), Praha 1937. Kozák, J.: Čs. finanční politika. Nástin vývoje v letech 1918-30, Praha 1932.

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Kozák, J: Finanční politika československá v době krize, Praha 1937. Krofta, K.: Dějiny selského stavu, 2. vydání, Praha 1949. Macek, J.: Zlatá měna a státovkový dluh, Praha 1930. Maiwald, K.: Co stály sanace bank, Praha 1936 Palkovský, B.: Národní banka čs. a náprava měny, Praha 1925. Pekař, J: Kniha o Kosti, Praha 1970. Peroutka, F.: Budování státu I-IV, Praha 1991 Pimper, A.: České obchodní banky za války a po válce, Praha 1929 Pimper, A.: Hospodářská krize a banky, Praha 1934 Pimper, A.: Nové vývojové tendence v čs. a světovém bankovnictví, Pha 1935 Rašín, A.: Finanční a hospodářská politika československá do konce r.1921, Praha1922. Rašín, A.: Řeči v Národním shromáždění, Praha 1934. Rašín, A.: Můj finanční plán, Praha 1920. Spáčil, B.: Česká měna od dávné minulosti k dnešku, Praha 1974. Státní tiskárna cenin, Praha 1988. Vencovský, F.: Englišova měnová a finanční politika, Akcionář č. 7-11/91. Vencovský, F: Karel Engliš, Brno 1993 Zpráva zlaté delegace finančního výboru Společnosti národů, Praha 1932. Žekulin, N. S.: Československá měna od reformy dr.Rašína až do zřízení Československé národní banky, Praha 1927. Content:

I. Medieval and Austrian Period: A) Czech Monetary History (955 – 1561) and Austrian Silver Money (1561 - 1892); Survey of monetary reforms from denars to tollars, introduction of Habsburg currency and its development in Czech lands; State bankruptcies 1623, 1811; Gold coin standard in Austro-Hungarian Monarchy from 1892; World War I and monetary and fiscal problems of the Monarchy; B) The History of modern central banking in the Austrian Empire (starts by foundation of the National Bank in 1816, later Austro-Hungarian Bank). C) Financial Intermediaries: Commercial banks (1855 - 1918) in Austria and Czech lands Financial intermediaries under the public law: - State Post-Office Savings Bank (1883) - Landesbanks (investment, mortgage, municipal loans) from 1865 - Savings banks from 1825 - rise and influence of the small loan companies, small village credit unions (p.e. Raiffeisen system) from 1855 - insurance companies (private sector) from 1827 - Prague Stock Exchange (1871). II. The Interwar Period 1918 - 1938, WW II A) Central Banking: Bank Office of the Ministry of Finance [1919 - 1926] - the successful predecessor of the National Bank of Czechoslovakia; Survey of discussions concerning the type [state or private] of Czechoslovak central bank; Functioning of the National Bank of Czechoslovakia [1926 - 1939]; Role of the National Bank under Nazis. B) Monetary Policy and Monetary Development: Dissolution of Austro-Hungarian monarchy and the introduction of Czechoslovak crown (The role of minister A. Rašín); Inflation and deflation (discussions); The End of Inflation - Disinflation 1922/25; Stabilization Period (1925 - 1929); 1929: Cz. crown as a gold exchange currency - monetary and fiscal problems of the Great Depression - 1934, 1936 - two devaluations of crown; Economist, Minister of finance and Governor of NB Karel Engliš - his heritage for present and future of the Czech monetary and financial system; Monetary System of Nazi occupation period, the methods of exploitation of the Czech lands. C) Financial Intermediaries: Commercial banks - nostrification of branches of Austrian banks, stabilization, government regulation (Banking Acts 1924 and 1932), influence of Great Depression, expropriation and concentration under Nazi system, liquidation of Jew`s tradition in Czech banking; Financial intermediaries under public law: - State Post-Office Savings Bank - The Re-discount Institute (1934) - Landesbanks (investment, mortgage, municipal loans)

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- Savings banks - enormous influence of the small loan companies, small village credit cooperatives - public insurance companies Insurance companies (private sector) - Prague Stock Exchange. III. Postwar Period (1945 - 1989) A) Central Banking Nationalization of National Bank of Czechoslovakia The Rise of Czechoslovak State Bank (1950) and mono-bank system; Discussions concerning the role of central bank in 1968 and in the perestroika period; B) Monetary Policy and Monetary Development: Monetary reforms in 1945 and 1953; The role of money in the soviet-type economic system; Monetary and fiscal policy as the best part of economic policy under socialism (strong policy from Rašín to Klaus); Western currencies and so-called black (gray) economy. C) Financial Intermediaries: Commercial banks - nationalization after WW II (1945), concentration (1946 - 1948), liquidation after 1948 Liquidation of Financial intermediaries under public law (1948 -1952); State-owned institutions under socialism: Savings bank, Insurance company, Investment Bank (1950 - 1959), Czechoslovak Commercial Bank (from 1965).

EM047 - Advanced International Trade Teachers:

ing., Mgr. Vilém Semerák PhD.

Literature:

Brenton P., Scott H., Sinclair P.: International Trade - A European Text. Oxford U. Press, 1997 Krugman P., Obstfeld M.: International Economics. Addison Wesley, 1997 Kenen P: The International Economy, Cambridge Univ. Press, 1994 (selected parts) Bhagwati J. (editor): International Trade - Selected Readings. MIT Press, 1996 Selected papers of P. Krugman, R. Jones, A. Winters, J. Pelkmans and E. Leamer.

Description: Advanced course in the pure theory of international trade, trade policies and empirical studies in trading (4th year students) Content:

1. Comparative advantage with a large number of commodities and countries 2. Forecasting the foreign trade flows, gravity models; work with the UN database of world trade flows 3. Models of the optimal specialisation and the trade structure; CGE models 4. Advanced problems of the Heckscher-Ohlin model - econometric testing of the causes of trade structure 5. Intraindustrial trade and increasing returns 6. Barriers to trade and imperfect markets 7. Theory of customs union and its effects on the economy 8. Model of contestability in open economies 9. Effects of single market creation, technical efficiency and increasing returns 10. Testing the trade diversion and trade creation - Czech economy and EU 11. FDI and other factor movements in countries in transition 12. Factor requirements and FDI flows - empirical testing of causes and effects 13. Strategic trade, Brander-Spencer model and imperfect competition

EM050 - Economic Policy - A Teachers:

RNDr. Miron Tegze CSc.

Literature:

N.Acocella, The Foundations of Economic Policy: Values & Techniques, Cambridge University Press 1998. (Translated from the Italian). Luděk Urban a kolektiv, Hospodářská politika, Viktoria Publishing, Praha 1997. Luděk Urban, Praktická hospodářská politika, skripta, VŠE 1997. P.R.Samuelson, W.D.Nordhaus, Economics, McGraw Hill, 1989. P.R.Agenor and P.J. Montiel, Development Macroeconomics, Princeton University Press, 1996. The East Asian Miracle: Economic Growth and Public Policy, World Bank Policy Research Report (J.Page and all), World Bank, Oxford University Press, 1994. The Economist, Ekonom, Hospodářské noviny.

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Description: One semester course is primarily aimed at students of economics at the IES FSV UK but it is open to other students with equivalent background as well. Part of the course deals with different aspect of Economic Policy and Macro-economic Management. Globalization and Integration of Europe and the changing role of the State in this context is substantial part of the course. Attention is given to the rise and crisis of "East Asian Tigers" as well as to the policy of the US and the other developed countries in the 90s. Content:

1. Review of Basic Concepts. Pros and Cons of Economic Policy. 2. Political Framework. Political Failures. Political Business Cycles. 3. Macro Framework. Macroeconomic Management and its Relations to Integration. 4. Micro Framework. Market Failures. Distortions of the Competition in Time. 5. Pros and Cons of Co-operation of the Firms, Horizontal and Vertical Structures. 6. Legal Failures and Cheating as Factors Decreasing the Efficiency of the Economy. 7. Competitiveness and the State Aid. Regulations of the EU in this Field. 8. Competitive Advantage as a New Goal of the Economic Policy of the State. 9. Ecological Aspects and their Relations to the Global Economy of the World. 10. International Capital Flows and the Risk for Small Economies. 11. "The Rise and Crisis of Asian Tigers" -- an Example of Economic Policy and its Risks. 12. Globalization and its Consequences. Changing Role of International Institutions.

EM053 - Stochastic Processes in Economics I (course is taught in Czech) Teachers:

Ing. Karel Sladký CSc.

Literature:

Karlin, S.- Taylor, H.M.:A First Course in Stochastic Processes, second edition, Academic Press, New York 1975 Ross, S.M.: Introduction to Probalility Models, Fifth edition, Academic Press, New York,1993 Ross, S.M.: Applied Probability Models with Optimitization Application, Holden Day, San Franscisco 1970

Description: Úvod do teorie stochastických procesů. Markovovy řetězce. Exponenciální rozložení a Poissonův proces. Markovovy procesy ve spojitém čase. Semi-Markovské procesy. Teorie hromadné obsluhy. Wieneruv proces. Content:

1. Úvod do teorie stochastických procesů (1 přednáška) 1.1. Náhodné proměnné,distribuční funkce a základní pojmy teorie pravděpodobnosti 1.2. Podmíněné pravděpodobnosti a podmíněné střední hodnoty 1.3. Klasifikace obecných náhodných procesů 2. Markovovy řetězce (2 přednášky) 2.1. Základní pojmy, klasifikace Markovových řetězců. 2.2. Limitní pravděpodobnosti, některé aplikace 2.3. Markovské rozhodovací procesy 2.4. Aplikace v ekonomických modelech, jednoduchý model nezaměstnanosti 3. Exponenciální rozložení a Poissonův proces (2 přednášky) 3.1. Exponenciální rozložení a Poissonův proces. 3.2. Poissonův proces a jeho vlastnosti 3.3. Aplikace v modelech ekonomických a technických systémů. 4. Markovovy procesy ve spojitém čase (2 přednášky) 4.1. Základní pojmy limitní vlastnosti 4.2. Procesy rození a úmrtí 4.3. Kolmogorovovy diferenciální rovnice 4.4. Markovské rozhodovací procesy 4.5. jednoduché modely systémů hromadné obsluhy, modely nezaměstnanosti, socioekonomické modely. 5. Semi-Markovské procesy (1 přednáška) 5.1. Základní pojmy a vlastnosti 5.2. Semi-markovské rozhodovací procesy 5.3. Aplikace v ekonomických úlohách 6. Stacionární procesy (2 přednášky) 6.1.Základní pojmy a vlastnosti 6.2. Gaussovy náhodné procesy a Wienerův proces 6.3. Aplikace ve finančních úlohách (tvorba cenových hladin při bursovních spekulacích) Základní poznatky jsou náplní 1, 2 a 6, podrobnější poznatky jsou rozvedeny v kapitolách 3, 4, a 5.

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EM054 - Stochastic Processes in Economics II (course is taught in Czech) Teachers: Ing. Karel Sladký CSc.

EM055 - Decision Making in Economics I: Deterministic Optimization (course is taught in Czech) Teachers: RNDr. Vlasta Kaňková CSc. Literature: Hamala, M.: Nelineárne programovanir. Vydav. technickej a ekonom. literatury, Bratislava, 1972 Maňas, M.: Optimalizační metody. SNTL, Praha, 1979 Rockafellar, R.T.: Convex analysis, Princeton Press, New Jersey 1970 Content:

1. Úvod do teorie optimalizace 1.1 Podstata optimalizace 1.2 Deterministická a stochastická optimalizace 1.3 Příklady z ekonomické a sociální praxe vedoucí na oba typy optimalizace 2. Lineární programování 2.1 Příklady z praxe, které odpovídají lineárním modelům 2.2 Matematické lineární programování 3. Lineární programování- pokračování I 3.1 Simplexová metoda 3.2 Degenerované úlohy 4. Lineární programování- pokračování II 4.1 Věty oddělitelnosti konvexních množin 4.2 Dualita v lineárním programování 5. Nelineární programování 5.1 Konvexní funkce 5.2 Zobecněný gradient 6. Nelineární programování- pokračování I 6.1 Langrangeova funkce 6.2 Kuhn-Tuckerova věta 7. Nelineární programování- pokračování II 7.1 Kvadratické programování 7.2 Numerické přístupy 8. Nelineární programování- pokračování III 8.1 Gradientní metody v konvexním programování 8.2 Využití zobecněného gradientu

EM056 - Decision Making in Economics II: Stochastic Optimization (course is taught in Czech) Teachers: RNDr. Vlasta Kaňková CSc. Literature: Dupačová, J.: Stochastické programování. Dočasná vysokoškolská učebnice, MFF UK, 1986 Kall, P.:Stochastic Linear Programming. Springer-Verlag, Berlin Heidelberg - New York, 1976 Kall, P.- Wallace, S.W.: Stochastic Programming J. Wiley, New York 1994 Content:

1.Úvod do teorie optimalizace 1.1. Podstata optimalizace 1.2. deterministická a stochastická optimalizace 1.3. Příklady z ekonomické a sociální praxe vedoucí na oba typy specializace 2. Optimalizační úlohy s náhodnými elementy 2.1. Vztah optimalizační úlohy deterministické a úlohy stochastického programování 2.2 Důsledky zanedbání náhodného charakteru parametru 2.3. Příklady 3. Stochastické programování-klasifikace úloh 3.1 Distribuční úlohy 3.2 Úlohy s pravděpodobnostním omezením 3.3 Úlohy dvoustupňového stochastického programování 3.4 Úlohy vícestupňového stochastického programování 4. Stochastické programování- distribuční úlohy 4.1 Obecné poznatky

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4.2 Lineární případ 4.3 Praktické využití 5. Stochastické programování- úlohy s kompenzací 5.1 Úlohy s jednoduchou kompenzací 5.2 Ekvivalence úloh s jednoduchou kompenzací a úloh s penalizací 5.3 Aplikace - investice 6. Stochastické programování- úlohy s pravděpodobnostním omezením 6.1 Úlohy s individuálním pravděpodobnostním omezením 6.2 Úlohy se sdruženým pravděpodobnostním omezením 6.3 Aplikace - problematika vodních nádrží 7. Dvoustupňové stochastické programování 7.1 Základní pojmy 7.2 Konvexita, Lipschitzova vlastnost a diferencovatelnost. 7.3 Aplikace 8. Stochastické programování- vícestupňové modely 8.1 Základní pojmy 8.2 Metoda scénářů 8.3 Vybrané problémy z oboru financí a bankovnictví vedoucí na úlohy stochastického programování 9.Stochastické programování - neúplná informace 9.1 Statistický přístup 9.2 Minimaxový přístup

EM059 - Quantitative Finance I Teachers:

Doc. Ing. Miloslav Vošvrda CSc.

Literature:

1. Campbell, Lo and MacKinlay (CLM): The Econometrics of Financial Markets, Princeton, 1997. 2.Tsay R.S.: Analysis of Financial Time Series, Wiley, 2002. 3.Vošvrda (V): Theoretical Finance, Karolinum, 2004? 4.Barucci E.(BE): Financial Markets Theory,Springer, 2003. 5.Brooks Ch.(BC): Introductory Econometrics for Finance,CUP, 2002.

Description: For this course is necessary to finish courses of the Mathematics, the Probability and Statistics, the Microeconomics, the Macroeconomics, the Stochastic Economics and to have acquirements in computer programming. Content:

1. Introduction. Choices under Certainty. Choices under Risk. Choices under Uncertainty. (BE, Chapter 1,2). MV Exercise: Review of mathematics, statistics and probability backround needed throughout this course. Homework: A set of problems from mathematics, statistics and probability related to financial econometrics. 2.Asset Markets, Asset Prices, Financial Time Series ( Random Walks, Geometrical Brownian Motion, etc.). (CLM, Chapter 2). MS Exercise: Simulation of random walk - application on stock market time series. Homework: Random walk in selected time series. . 3.Testing for Random Walk in Asset Prices - Statistical Theory, Unit Root Tests. (CLM, Chapter 2). MS Exercise: Testing for random walk - application on stock market time series. Homework:Testing for random walk in selected time series. 4.Classical Linear Regression Model: Overview (BC, Chapter 3). LV Exercise: Applications on real-world time series. Homework: Estimation of linear model for selected time series..

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5.Classical Linear Regression Model: Tests (BC, Chapter 4). LV Exercise: Applications on real-world time series. Homework: Estimation of linear model for selected time series. 6.Risk Measurement - Fundamental Asset Pricing I, CAPM, Empirical Test of the CAPM. (BE, Chapter 5). MŠ Exercise: Application on real-world data. Homework: testing the CAPM on a selected stock market. 7.Risk Measurement - APT, Empirical Test of the APT. (BE, Chapter 5). MŠ Exercise: Application on real-world data.. Homework: testing the APT on a selected stock market. 8.Multiperiod and Multifactor Market Models, Fundamental Asset Pricing II. (BE, Chapter 6). MŠ Exercise: Application on real-world data. Homework: testing the CAPM on a selected stock market. 9.Empirical Testing of the Multiperiod Pricing Models. (BE, Chapter 6). MŠ Exercise: Application on real-world data. Homework: Testing a multiperiod model on a selected stock market. 10.Statistical Models of Financial Time Series - Moving Average Models, AR, ARMA, ARIMA. (BC, Chapter 5). LV Exercise: Application on real-world data. Homework: Estimating MA, AR, ARMA, ARIMA models for selected time series. 11.Modelling volatility and correlation. (BC, Chapter 8). MS Exercise: Application on real-world data. Homework: Estimating GARCH-type models for selected time series. 12.Modelling volatility and correlation. (BC, Chapter 8). MS Exercise: Application on real-world data. Homework: Estimating a non-linear GARCH models for selected time series. 13.Uncertainty, Rationality and Heterogeneity. (BE, Chapter 8). LV Exercise: Simulation of the heterogeneity markets.

EM061 - Quantitative Finance II Teachers:

Doc. Ing. Miloslav Vošvrda CSc.

Literature:

Hull J.C. :Options, Futures, and otherDerivative SecuritiesPrentice-Hall 1993 Briys E.,...: Options, Futures and Exotic Derivatives, Wiley, 1998 Karatzas I.: Methods of Mathematical Finance, Springer, 1998 Barucci, E. (2003): Financial Markets Theory, Springer. Vosvrda, M.S.(2005): Theoretical Finance, UK Zikes, F.(2005): Lecture Notes Computational Finance 1999, MIT, Cambridge, 2000,ISBN 0-262-51107-X

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Bouchaud J.-P.: Theory of Financial Risks, Cambridge University Press, 2000 Software: MS Excel, Mathcad 7.0 or higher, Mathematica 4.0 or higher, Matlab Description: For this course is necessary to finish courses of the Mathematics, the Probability and Statistics, the Microeconomics, the Macroeconomics, the Stochastic Economics and to have acquirements in computer programming. Content:

Part 1 – Finance in Discrete-Time Discrete-State Models (Martin Schimek) Introduction Underlying Securities Derivatives Price Construction Strategy Expectation Theory Discrete Processes Information and Filtrations The Markov Property Martingale Gaussian Models AR, MA, ARMA, ARCH, Stochastic Volatility Applications to Finance RW Model, Diffusion Price Model, Logaritmic Returns, Exponentional Forms Finance in Discrete Time Utility Theory under Uncertainty. Portfolio Theory. Investment Portfolio Theory (cont.) Markowitz Diversification Utility Theory under Uncertainty. Portfolio Theory. Portfolio Theory (cont.). Capital Asset Pricing Model The Capital Asset Pricing Model Arbitrage Theory in Discrete Time The Binomial Model and Risk Neutral Valuation Midterm exam Part 2 – Continuous-time Finance (M.S.Vošvrda, L. Vácha) Wiener Process, Geometrical Brownian Motion (Vácha) The process for Stock Prices Ito’s lemma The lognormal property of stock prices The distribution of the rate of return Estimating volatility from historical data Option valuation Derivation Securities (Vácha) Risk-Neutral valuation Pricing Formulas Implied volatilities The causes of volatility Dividends Greeks (Vošvrda) Theta Gamma Vega Rho

EM069 - Single Market (course is taught in Czech) Teachers:

PhDr. Natálie Reichlová

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Prof. Ing. Luděk Urban CSc., Jean Monnet Professor Literature:

Fiala,P., Pitrová, M., Evropská unie.Centrum pro výzkum demokracie a kultury, Brno 2003, kapitola 15. Týč, V., Základy práva Evropských společenství pro ekonomy, Linde Praha 2002 Urban,L., Evropský vnitřní trh a příprava České republiky na začlenění, Linde Praha 2002, kap. 1-8 European Parliament, Fact Sheets on the European Union, 2004,Part III www.europarl.eu.int 1.Pelkmans, J., European Integration. Methods and Economic Analysis.Financial Times,Prentice Hall, 2001, Part 2 2.El-Agraa A. M., The European Union. History, Institutions, Economics and Politics, Financial Times., Prentice Hall, 2004, Part Four 3.Tsoukalis, L., The New European Economy Revisited, Oxford University Press, 1997 4.Moussis, N., Access to European Union, 1998 a další vydání, Ch.2 5.Komise ES: Příprava přidružených zemí střední a východní Evropy na začlenění do vnitřního trhu Unie, Bílá kniha, 1. část 6.The Internal Market - Ten Years wihout Frontiers,2003 www.europa.eu.int./comm/internal-market 1. Swann D. editor: The Single European market and beyond, Routledge New York and London, několik vydání od roku 1992 2. Artis, M.J., Lee, N., The Economics of the European Union. Policy Analysis, 2nd ed., Oxford University Press, 1997 a další vydání 3. Jovanovič M. N.: European Economic Integation, Routledge, London & New York, 1997, pozdější vydání 4. The Impact and Effectiveness of the Single Market. Communication from the Commission to the European Parlament and Council, Brussels 1997 5. The Single Market and Tomorrow´s Europe. A Progress Report from the European Commission, Kogan Page Publishers, 1996. 6. An Agenda for a growing Europe.The Sapir Report 7. Šlosarčík, I., Právní rámec evropské integrace, Europeum, 2003 8. Dokumenty o Lisabonské strategii www.evropska_unie.cz, Fakta o EU, Politiky 9. Tváří v tvář výzvám.Lisabonská strategie pro růst a zaměstnanost (tzv.Kokova zpráva), www.naseevropa.cz, Lisabonský proces, dokumenty 10.http://ec.europa.eu/internal_market/index_en.htm 11. http://ec.europa.eu/index_cs.htm 12. http://ec.europa.eu/growthandjobs/index_en.htm 13. http://ec.europa.eu/internal_market/smn/smn40/index_en.htm 14. http://ec.europa.eu/internal_market/update_en.htm 15. http://europa.eu/scadplus/leg/en/s70002.htm

Description: The course follow - up to E 1026 and E 2029 focuses on a thorough discussion of all important aspects of the European Internal Market, its main economic freedoms, benefits and implications, including flanking policies ( social, regional, ecological ). Current state of the Czech legislation regarding Internal Market analysed. Covers lectures and seminars with students presentation. Content:

1. Origin and development of the Internal Market 2. Free movement of goods I 3. Free movement of goods II 4. Free movement of persons 5. Free movement of services I 6. Free movement of services II 7. Free movement of capital 8. Rules of competition on the Internal Market 9. Liberalization of natural monopolies 10. Environment and Internal Market 11. Social dimension of the Internal Market 12. Regional Policy and the Internal Markets 13. Lisbon process.

EM072 - Human Capital and Introduction to the Preference Theory (course is taught in Czech) Teachers:

PhDr. Jiří Kameníček CSc.

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Literature:

Gary S. BECKER: Human Capital, Third Edition, The University of Chicago Press, Ltd. London 1993, Gary S. BECKER: Teorie preferencí, Grada Publishing, Liberální institut, Praha 1996, Translation Gary S. BECKER: The Economic Approach to Human Behavior, The University of Chicago Press, Chicago and London 1976, G BECKER, G.S. - MURPHY, K.M.: A Simple Theory of Advertising as a Good. Working Paper No.58, Center for the Study of the Economy and the State, University of Chicago, 1994, Jacob MINCER, J. Schooling, Experience, and Earnings. New York: Columbia University Press for the National Bureau of Economic Research, 1974. Alexis de TOCQUEVILLE: Demokracie v Americe I a II, Lidové Noviny, Praha 1992.

Description: A Course provides an Introduction to the main results of Research the Winner of the 1992 Nobel Prize in Economics, Gary S. Becker. The Products and results of human activities either increase our Income, or we take them as psychical or intellectual contributions. Monetary and psychical outcomes of our Activities are Product of human Resources. They are the Results of investment into Human Capital. Students will get acquainted with the basic forms of Investment into Human Capital, and with surprisingly various Implications of the Investments in this Course. They will also get familiar with the Theory of good and bad Habits, with the Theory of "Addiction", Tradition, and Culture. Students will also get familiar with the Models of discriminating Minorities, Family behavior Models, marriage Market Model, the theory of social Interaction, part of which is the Theory of Crime and Punishment, theory of Advertisement, etc. They will get familiar with creating Meta-preferences and with their Importance for Ethnic Evolution, for Human Communities, for Minorities, or for entire Civilizations. The Course exceeds the Area of Economics, and can be a Contribution also for MassCommunication and Sociology students. The Students will get an Evidence that the Application of standard microeconomic Techniques, Analysis and Tools may be utilized when examining new Phenomena, that this Method can be used to reach surprising Knowledge. This Course will them offer Inspiration by Range of Ideas and fruitful Method of Examination, which the Students may use for example when preparing Thesis. Content:

1. An Introduction, Gary S. Becker as a Person of our special Interest. Basic Terms: Monetary and psychic Income, present and expected Welfare. Human Capital, Investment to Human Capital. Education and Training. Human Capital and Family. Human Capital and Economic Development. 2. On-the-Job Training, the basic Model. General Training, and its Results. Specific Training, and its Results. Behavior of the companies, and Behavior of Employees with general and specific Onthe Job Training during Economic Cycles. On-the Job Training and the Fluctuations on a Job Market. 3. Schooling. Other Knowledge. Productive Wage Increases. Relation between Earnings, Costs, and Rates of Return. The Incentive to Invest. Some Effects of Human Capital, Examples. 4. An Introduction to the Theory of Preferences, Preferences and Values. Personal and Social Capital. Discounting the Future. Traditions and Culture. The Influence of Economic Activity on Preferences. A new Definition of Rational Behavior. 5. The New Theory of Consumer Choice. Stability of Tastes and "Addiction". Stability of Tastes, Custom, and Tradition. Stability of Tastes and Advertising. Fashions and Fads. Commodities and Goods. 6. Theory of Rational Addiction, the Static Model. The Dynamic Model. Adjacent Complementarity and Addiction. Permanent changes in Price. Temporary Changes in Price and Life Cycle Events. Cold Turkey and Binges. 7. Rational Addiction and the Effect of Price on Consumption. A Myopic Model of Addiction. Habits, Addictions, and Traditions. Harmful and beneficial Habits, and Preferences of Time. Invidious Comparisons. Price and Wealth Effects. 8. Preference Formation. The Commitment Problem, Prisoners Dilemma, Institutions, and Culture. An Economic Approach to Behavior. Examples of Social Influence on Price, a Case of Restaurant Pricing. 9. A Family. Division of Labor in Households and Families. The Demand for Children. Family Background and the Opportunities of Children. Imperfect Information, Marriage, and Divorce. The Evolution of the Family. 10. Economics of Behavior, the individuals among Groups. Discrimination against Minorities. Crime and Punishment. 11. Theory of Social Interactions. Equilibrium for a Single Person. Income and Price Effects. Applications. Charity. Merit Goods and Multiperson Interactions. Envy and Hatred. 12. A Simple Theory of Advertising as a Good or Bad. A Model of Advertising (Considerations, Advertising and Consumer Surplus). Advertising, Competition, and the Elasticity of Demand. Advertising and Welfare. Negative Utility from Advertising on Radio and Television. 13. Spouses and Beggars, Love and Sympathy. Begging and Sympathy, a Simple Model. Love and Marriage, a Simple Model of inside Transfers of Welfare, Services, Love and other Marital

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Goods. Fickle Love and Divorce.

EM073 - Post Keynesian Economics Teachers:

Doc. Ing. Pavel Mertlík, CSc.

Literature:

Lavoie, M. (1992): Foundations of Post-Keynesian Economic Analysis. Aldershot, E. Elgar. Arestis, P. (1992): The Post-Keynesian Approach to Economics: An Alternative Analysis of Economic Theory and Policy. Aldershot: E. Elgar. Davidson, P. (1994): Post Keynesian Macroeconomic Theory. Chetenham: E. Elgar.

Description: The lectures provide overview of Post Keynesian Economics (both microeconomics and macroeconomics). Content:

1. Origins and developments of Post Keynesian economics. Methodology of Post Keynesian economics. 2. Theory of consumer behavior. 3. Theory of production. 4. Pricing models (cost-determined mark-up prices, limit prices). Pricing and investment decisions of firm (Kalecki's and Eichner's model of the firm). 5. Income determination and distribution (macroeconomic models of Kalecki and Robinson). 6. Employment, effective demand principle, and distribution. 7. Price level and inflation (cost-pushed inflation, relations between cost-pushed and demandpulled inflation). 8. Labor market: market imperfections and unemployment, relation between money wage and real wage. 9. Money, credit, and finance. 11. Economic policy. Remark: The structure of the course is subject to minor changes, amendments and corrections.

EM075 - Industrial Organization Teachers:

RNDr. Miron Tegze CSc.

Literature:

Jean Tirole: The Theory of Industrial Organization. FM.Scherer, D.Ross: Industrial Market Structure and Economic P.Milgrom, J.Roberts: Economics, Organ.and Mgmt, Prentice Hall (1992) Performance, Houghton- Mifflin Co. (1990) D.Kreps: A Course in Micro.Th., Princeton University Press (1990) RM.Baye: Managerial Economics and Business Strategy, Irwin (1996) Handbook of Ind.Org., R.Schmalensee & R.Willig (ed.), Elsevier (1989) H.Hotelling: Stability in Competition, Econ. Journal (1929)

Description: Course deals with certain aspects of firms behavior which are quite different than what would be expected when using the basic properties and theories. Such a behavior frequently depends on the structure and properties of a given market or industry. Methods and models for such cases are studied together with examples. Content:

1. Introduction -- Advanced and Applied Micro, Market Failures. 2. Market Power, Product Differentiation- whether (and how) to get it. 3. Spatial and Location Competition. 4. Vertical and Horizontal Market Structures. 5. Tacit Collusion - and how to reach it. 6. Network Externalities, Standardization and Compatibility. 7. Competition versus Market Power. 8. Time Factor in Market Relations. 9. Legal Framework and its Consequences. 10. Basic Concepts of Contract Theory,Strategic Alliances,Mergers. 11. Basic Concepts from the Theory of a Firm. 12. Managing Dealers Prices and Exclusive Territory. 13. Investment to Strategic Development of New Technologies.

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EM080 - Public Choice Teachers:

PhDr. Martin Gregor PhD, ČEZ Chair

Literature:

Core textbook: Persson, T. and G. Tabellini (2000). Political Economics: Explaining Economic Policy. MIT Press (henceforth P-T 2000). CERGE-EI Library. (www.cerge-ei.cz) Other readings (see attached files): Amable, B. & D. Gatti (2004). The Political Economy of Job Protection and Income Redistribution. IZA Discussion Paper No. 1404. Besley, T. (1999). Lectures on Political Competition and Welfare. mimeo Besley, T. (2006). Principled Agents? The Political Economy of Good Government. Oxford University Press. Besley, T. and T. Persson (2006). Economic Approaches to Political Institutions. Borck, R. (2007). "Voting, Inequality and Redistribution." Journal of Economic Surveys 21 (1), 90109. Grossman, G.M. & E. Helpman (2001). Special Interest Politics. MIT Press. Mazza and F. van Winden (2002). "Does Centralization Increase the Size of Government? The Effects of Separation of Powers and Lobbying", International Tax and Public Finance, 9, 379–389. Mello,L. & E.R. Tiongon (2006). "Income Inequality and Redistributive Government Spending". Public Finance Review, 34 (3), 282-305. Merlo, A. (2005). "Whither Political Economy? Theories, Facts, Issues". PIER Working Paper 05033, PENN Institute of Economic Research. Milanovic, B. (2000). "The median-voter hypothesis, income inequality, and income redistribution: an empirical test with the required data." European Journal of Political Economy, 16, 367-410. Osborne, M. (2000). An Introduction to Game Theory. MIT Press. Persson, T. & G. Tabellini (2003). Economic Effects of Constitutions, MIT Press. Persson, T.& G. Tabellini (2004a). "Constitutions and Economic Policy". Journal of Economic Perspectives, 18 (1), 75–98. Persson, T. & G. Tabellini (2004b). "Constitutional rules and fiscal policy outcomes". American Economic Review, 94 (1), 25-45. Stevenson, T.P. & W.F.Shughart (2006). "Smoke and Mirrors: The Political Economy of the Tobacco Settlements", Public Finance Review, 34(6), 712-730. van Winden, F. (1999). "On the economic theory of interest groups: Towards a group frame of reference in political economics". Public Choice, 100, 1-29. For details on readings, see notes in the syllabus. The more stars, the more important is the reading (*** essential, ** strongly recommended, * to be skimmed). If you don't find readings on the course website, try Google Scholar or CERGE-EI library.

Description: This course aims at giving an appreciation of the analytical research methods and substantive findings in modern political economics/public choice. The theoretical part provides a thorough grounding in key issues of political making of economic policy. The main applications cover public finance, redistribution, and public good provision. The course shall assist students to formulate independent ideas for research in this field. Content:

1. Median voter: Do centrist voters dictate economic policy? a) Structure of political preferences and Condorcet winner b) Probabilistic voting (swing voters) c) Citizen-candidates *** P-T (2000, 19-25, 28-38) ** Besley (1999, 1-4, 9-16) * Grossman & Helpman (2001, 41-63) 2. Redistribution: Does redistribution maximize current income of centrist voters? Does higher inequality increase redistribution? a} Model b) Evidence c) Qualifications *** P-T (2000, 117-123) ** Borck (2007) ** Mello & Tingson (2006) * Milanovic (2000)

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3. Interest groups: What does Chicago say about pressure groups? Does lobbying ever help? a) Four approaches to interest groups b) Strategic information transmission c) Case study: tobacco industry *** P-T (2000, 172-175) ** van Winden (1999) ** Stevenson & Shughart (2006) ** Mazza & van Winden (2002) * Osborne (2000, 343-350) * Grossman & Helpman (2001) 4. Electoral rules: Can electoral rules affect redistribution and the size of the government? Which other political institutions are important? a) Proportional vs. majoritarian elections b) Representative vs. direct democracy c) Term limits d) Evidence *** P-T (2000, 205-220) *** Persson & Tabellini (2004a) ** Besley & Persson (2006) * Persson & Tabellini (2003, Chap. 1) * Persson & Tabellini (2004b) 5. Labor market: Why structure of labor code differs across countries? What simplifies labor market reforms? a) Unemployment insurance b) Firing and hiring restrictions *** P-T (2000, 140-149) ** Amable & Gatti (2004) ** Hoj et al. (2006) 6. Public debt repayment & dynamic inconsistency: Why even benevolent government cannot get the first-best taxes? *** P-T (2000, 286-289) 7. Tax competition & capital levy: Is tax competition always harmful? *** P-T (2000, 325-339) * see Assignment 2 8. Debt stabilization: Why are spending cuts delayed? *** P-T (2000, 361-364) ** Alesina, Ardagna, Trebbi (2006)

EM081 - Advanced Economics of European Integration - Microeconomic Aspects Teachers:

Prof. RNDr. Ing. František Turnovec CSc.

Literature:

Hansen, J.D. and U. M. Nielsen, An Economic Analysis of the EU, McGraw-Hill, 1997. Pelkmans, J., European Integration, Methods and Economic Analysis. Addison Wesley Longman Limited, New York, 1997. Turnovec, F., Political Economy of European Integration. Karolinu, Charles University Press, Prague 2003. Dixit, A., Games of Monetary and Fiscal Interactions in the EMU. European Economic Review, 45, May 2001, 589-612. Dixit, A. and L. Lambertini, Monetary-fiscal policy interactions and commitment versus discretion in

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a monetary union. European Economic Review, 45, May 2001, 977-987. Cooper, R. and H. Kempf, Commitment and the adoption of a common currency. International Economic Review, 44, 2003, 119-142. Dee grauwe, P., The Economics of Monetary Integration. Oxford University Press, 1992. Feldman, A.M., Welfare Economics nad Social Choice Theory. Kluwer Academic Publishers, Boston, 1989. Kenen, P., The International Economy. Prentice Hall, Englewood Cliffs, N.J., 1985. Molle, W., The Economics of European Integration. Darthmout Publ. Comp., Aldershot, 1996. Swann, D.,, European Economic Integration, the Common Market, European Union and Beyond. Edward Elgar, 1996. Description: Economic theory of elementary forms of economic integration. Welfare effects of trade, models and welfare effects of customs union, common market, monetary union. Development of European economic integration from customs union to economic and monetary union. Redistribution policies in the European Union. Theory of international economics. Content:

1. Introduction to economics of integration. 2. Milestones of the European integration. 3. Welfare effects of trade. 4. Traditional theory of customs union. 5. The theory of customs union - a general equilibrium approach. 6. The theory of common market. 7. Elements of the theory of monetary union. 8. Building theoretical background, elements of international microeconomics. 9. Regulation and microeconomic policies in the EU. More information in attached file Course description.

EM082 - Political Economy of European Integration Teachers:

Prof. RNDr. Ing. František Turnovec CSc.

Literature:

Hansen, J.D. and U.M.Nielsen (1997), An Economic Analysis of the EU, McGraw Hill. Pelkmans, J (1997), European Integration, Methods and Economic Analysis. Addison Wesly, New York. Turnovec, F. (2003), Political Economy of European Integration. Charles University Press, Prague (to appear). Specialized papers will be submitted during the lectures.

Description: Economic theory of global and regional integration. Elements of international microeconomics. Economic integration and economic interests, measuring costs and benefits. Integration as a game. Integration and redistribution. Economic theory of Common Agricultural Policy. Regional redistribution. Institutional system of the EU. Decision making procedures in the EU. Measuring national, institutional and political influence in the EU. Content:

1. Global Economy and Regional Integration Welfare measures of international economic cooperation, no trade, free trade, tariff protection, customs union. Conflicting process of selecting of regime of international economic cooperation. 2. Elements of International microeconomics A simplified model of a world economy. Closed equilibrium of the national economy, open equilibrium in the model of a world economy. Tariff protection equilibrium in the model of a world economy. 3. Regional Integration and the Economics of Redistribution Economic theory of Common Agricultural Policy. Regional redistribution in the EU. 4. Decision Making in the EU Institutions Commission, Council of Ministers, European Parliament, European Court of Justice, Court of Auditors. Decision making rules in the EU. Consultation, co-operation and co-decision procedure. 5. Measuring National, Institutional and Political Influence and the Calculus of Power Voting power in committees. Voting blocs. Structured committees. Two or more voting bodies. Power indices. Shapley-Shubik, Banzhaf-Coleman, Holler-Packel power indices. Weighted voting games. 6. Weights and Votes in the EU Development of national representation in the EU institutions. Weights and votes in the EU population, GDP and national representation. Evaluation of power distribution in European Parliament and Council of Ministers by power indices methodology. Double majority principle. Decision making games in the EU, results of the Nice summit.

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7. Flexible Integration Multi-speed models of European integration. EMU as an example of flexible integration. Decision making procedures in EMU. 8. Political economy of European integration European Union as a public good. Costs and benefits. Positive and negative externalities. Integration game.

EM085 - Accounting and Tax Consulting II (course is taught in Czech) Teachers:

Ing. Irena Kemény

Literature:

Vančurová, A. a kol.: Daňový systém ČR 2001, VOX, Praha 2001. Zákon o daních z příjmu 582/92 Sb. ve znění novel. Smlouvy o zamezení dvojímu zdanění.

Description: Navazuje na kurz Účetní a daňové poradenství I. Content:

1. Zdaňování příjmů v mezinárodních souvislostech - obecné zásady mezinárodního zdanění, daňové aspekty zahraničních investic, smlouvy o zamezení dvojího zdanění, daňové ráje. 2. Zdaňování úrokových a dividendových příjmů - z domácích zdrojů, z cizích zdrojů, systémy s částečnou a plnou započitatelností. 3. Majetkové daně v ČR - silniční daň. 4. Majetkové daně v ČR - daň z nemovitosti. 5. Majetkové daně v ČR - převodové daně. 6. Nepřímé daně v ČR - DPH v tuzemsku. 7. Nepřímé daně v ČR - DPH při dovozu a vývozu. 8. Nepřímé daně v ČR - spotřební daně. 9. Mezinárodní srovnání v oblasti nepřímých daní - vazba na státní rozpočet, způsob výběru daní, sazby daně. 10. Daně v EU - vývoj daňových systémů, harmonizace v oblasti daňové. 11. Opakování. 12. Závěrečný test.

EM086 - Auditing (course is taught in Czech) Teachers:

Ing. Marie Kučerová

Literature:

Zákon o auditorech a komoře auditorů ČR, zákon o účetnictví, Mezinárodní auditorské standardy ISA,

Description: Předmět seznamuje s podstatou a účelem auditu finančních výkazů, se zákonnou úpravou auditu a s technikou provádění auditu. Je určen k získání základních znalostí o auditu především z pohledu uživatele auditu. Content:

Smysl a poslání auditu, vývoj auditu, informace a systémy podléhající auditu, uživatelé auditu a jejich práva, zákonná úprava auditu. Úloha auditora, rozsah zkoumání, požadované vlastnosti auditora - nezávislost, odbornost, etika. Povinnosti a odpovědnost auditora. Zákonná úprava vedení účetnictví, obsah účetní závěrky, povinnost zveřejňování údajů z účetní závěrky, vztah mezi účetnictvím a auditem. Důkazní informace. Podstata a funkce evidenčních, účetních a kontrolních systémů, popis, hodnocení, ověřování a testování systémů. Fáze auditorského procesu. Příprava, plánování a řízení auditu, základní postupy práce auditora. Auditorské riziko a jeho hodnocení. Schéma postupu auditorských prací. Analytické postupy při ověřování, oceňování a vykazování aktiv (dlouhodobý hmotný a nehmotný majetek, finanční majetek, zásoby, pohledávky, ostatní aktiva), pasiv (vlastní kapitál, rezervy, závazky, ostatní pasiva) nákladů a výnosů. Účetní odhady, transakce spřízněných stran, důsledky právních sporů, události po datu účetní závěrky. Zpráva auditora, druhy výroků, ostatní druhy auditorských zpráv.

EM087 - Securities Accounting (course is taught in Czech)

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Teachers:

Ing. Monika Hollmannová

Literature:

Dědič, J., Pauly, J.: Cenné papíry, Prospektrum, Praha 1994 Kovanicová, D. a kol.: Finanční účetnictví v kontextu současného vývoje, Polygon, 2. vydání 1999 Baloušek - Schránil: Podvojné účetnictví v bankách, C.H. BECK Praha 2002 Březinová, H., Doktor, J., Mrkvičková, A.: Cenné papíry, deriváty a kurzové rozdíly, Metodické aktuality Svazu účetních č.2, Svaz účetních 2002 IASC 32 Financial instruments: Dislosure and presentation IASC 39 Financial instruments: Recognition and measurement Zákony, vyhlášky a opatření MF: č. 513/1991 Sb. Obchodní zákoník č. 563/1991 Sb. O účetnictví č. 591/1992Sb. O cenných papírech č. 530/1990 Sb. O dluhopisech č. 530/1950 Sb. Zákon směnečný a šekový č. 248/1992 Sb. O investičních společnostech a fondech č. 214/1992 Sb. O burze cenných papírů (č. 251/2000 Sb.) č. 15/1998 Sb. O komisi pro cenné papíry Prováděcí vyhlášky č. 500 a 501/2002 Sb. k zákonu o účetnictví Národní účetní standardy Doporučená literatura: Prof.Ing. D.Kovanicová: Problémy oceňování ve světle moderního finančního účetnictví 1-3 (Časopis Účetnictví leden-březen 2004) WWW stránky: například www.pse.cz, www.ucetni svet.cz, www.finance.cz, www.ifrs.cz: Sbližování standardů rok 2003 autor: Robert Mládek, 01.08.2003

Description: Předmět je zaměřen na právní úpravu a účetní metodiku cenných papírů a derivátů v účetnictví českých podnikatelských subjektů. Jedná se především o způsoby oceňování cenných papírů a jejich zachycení v účetnictví investorů i emitentů. Dále se zabývá daňovou problematikou operací s cennými papíry a deriváty a také postupy účtování některých finančních institucí (obchodníků s cennými papíry a investičních společností a fondů). Content:

1. Účetní legislativa ČR: zákon o účetnictví, prováděcí vyhláška a národní účetní standardy. Instiruce kapitálového trhu, druhy cenných papírů. 2. Oceňování finančních investic při jejich pořízení a k rozvahovému dni - reálná hodnota a ekvivalence. Majetkové cenné papíry z pohledu emitentů. 3. Zobrazení majetkových cenných papírů v účetnictví investorů. 4. Dlužné cenné papíry v účetnictví investorů: oceňování, pořizování a další operace. 5. Účtování dlužných cenných papírů z pohledu emitentů cenných papírů. 6. Směnky 7. Účtování finančních derivátů a repo operací. 8. Všeobecně uznávané účetní zásady a jejich promítnutí do zákona o účetnictví, mezinárodní účetní standardy a předpisy EU související s finančními investicemi 9. Daňové aspekty operací s cennými papíry 10.-11. Účetnictví bank a finančních institucí 12. Závěrečný test

EM090 - New Institutional Trends I (course is taught in Czech) Teachers:

PhDr. Adam Geršl PhD. Prof. Ing. Karel Kouba DrSc.

Literature:

Arrow, Keneth: Všeeobecná ekonomická rovnováha: cíl, analytické prostředky, kolektivní výběr. Přednáška při udělení Nobelovy ceny 1972. Nobelova cena za ekonomii, Academia 1993. Druhé vydání: Oslava ekonomie. Buchanan, James and Tullock, Gordon: The Calculus of Consent. Logical Foundations of Constitutional Democracy (Ann Arbor, 1962, 1965). Buchanan, J.: The Limits of Liberty. Between Anarchy and Leviathan. The University of Chicago Press Chicago/London, 1975. Buchanan, J.: A Contractarian Paradigm for Applying Economic Theory. AER, Vol. 65 No.2, 1975. Buchanan, J: Markets, States, and the Extent of Morals. AER, Vol. 68, No 2. 1978. Buchanan, J.: What Should Economist Do? LibertyPress Indianopolis, 1979. Buchanan, J.: Contractarian Political Economy and Constitutional Interpretation. AER, Vol. 78 No. 2, 1988. Brennan, G., Buchanan, J.: The reason of rules. Constitutional political economy. Cambridge

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Univ.Press, 1985. Buchannan, J.: Man and the State. The Mont Pelerin Society meeting in St. Vincent, Italy, 1986. Buchanan, J.: Konstituce ekonomické politiky. Přednáška při udělení Nobelovy ceny 1986. Překlad: J.Chalupová, K. Kouba. Nobelova cena za ekonomii, Acadenia 1993. Druhé vydání: Oslava ekonomie. 1994. Buchanan, J.: The Domain of Constitutional Economics. Constitutional Political Economy. Vol. 1. No.1. 1990. Buchanan, J: Constitutional Economics. 1EA, Masters of Modern Economics, 1991. Buchanan, J: Property as a Guarantor of Liberty. The Locke Institute, 1993 Buchanan, J.: Ethics and Economic Progress. University Oklahoma Press, 1994. Buchanan, J.: Post-Socialist Political Economy. Selected essays. Edward Elgar UK, US, 1997. The Journal CONSTITUTIONAL POLITICAL ECONOMY, George Mason University. Eds: Buchanan, J.M., USA, Brannan,G., Australia, Kliemt, H., Gemany. CPE is published in one volume of three issues a year since 1990. Hobbes Tomáš: Leviathan neboli o podstatě, zřízení a moci státu církevního a občanského. Originální vydání 1651. Český překlad Melantrich, 1941. Hayek, F. A.: The Constitution of Liberty (Chicago: University of Chicago Press, 1960 Knight, Frank H.: Intelligence and Democratic Action. Cambridge: Harv.Univ. Press, 1960. Niskanen, Williams A.: Bureaucracy and Representative Government. Chicago: Aldine-Atherton, 1971. Hampl, M.: Byrokracie a její chování v pojetí W. A. Niskanena. Vybrané poznámky. 1999. Mimeo. Benáček, V.: Problémy české byrokracie z pohledu ekonomie. IES FSV UK. 1998. Mimeo. Pies Ingo: Public Choice versus Constitutional Economics: A Methodological Interpretation of the Buchanan Research program. Constitutional Political Economy. Vol. 7. No. 1. 1996. Rawls, John: Teorie spravedlnosti. Victoria Publishing, Praha. Sen, Amartya: Rationality and Social Choice. AER Vol. 85 No. 1. 1995. Simon, Herbert: Models of Man. New York: John Wiley and Sons, 1957. Tullock, Gordon: A General Theory of Politics. Wicksell, Knut: Finanztheoretische Untersuchungen (Jena: Gustav Fischer, 1896). Description: The course presents the main ideas of constitutional economics and public choice. The empirical part of the course focuses on the development and functioning of rules in economic and political markets. The theoretical part deals with the conditions for their improving on the base of contractual consensus. The special context and relevance of this new theory to transition economies will be discussed. Content:

1. Economic theory of the rules and constitutional economics 2. The theory of economic markets - effectivity, non-cooperative solutions and dilemmas 3. Collective solution of market failures 4. Political markets - effectivity, redistribution and non-governance 5. Solution of political markets failures I - economic reason of rules 6. Solution of political markets failures II - economic reason of rights 7. Political markets I - interest groups 8. Political markets II - bureaucracy 9. Political markets III - political cycle 10. Constitutional solution of public finance deficits 11. Constitutional solution of noncredibility of monetary policy 12. Constitutional solution of pension systems 13. Constitutional democracy

EM092 - Portfolio Analysis and Financial Risks Management Teachers:

PhDr. Vladimír Čermák doc. Ing. Oldřich Dědek CSc., Česká spořitelna Corporate Chair

Literature:

SKRIPTA (Handouts): Základy teorie a řízení portfolia (česky) Portfolio theory and management (in English) Ohrožená hodnota (česky) Value at risk (in English) UČEBNICE (Textbooks): Blake D.: Financial Market Analysis (existuje český překlad) Butler C.: Mastering Value at Risk Copeland T. E., Weston J. F.: Financial Theory and Corporate Policy (third edition) Elton E. J., Grubner M. J.: Modern Portfolio Theory and Investment Analysis (fourth edition)

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Description: The course is intended for students interested in the portfolio theory and portfolio management. Attention is also paid to the applications in the area of measuring market and credit risks through the concept of value at risk. The attendants are expected to be familiar with the stuff of Financial Market Instruments I and II. Content:

Part I: Elements of portfolio theory 1. Expected utility function (risky and riskless assets, absolute and relative risk aversion, risk-return indifference map) 2. Investment opportunity set (portfolio return and risk, shape of the opportunity set, effective frontier, capital market line, equilibrium in the assets market) 3. Capital asset pricing model (securities market line, coefficient beta as a measure of risk, effect of portfolio diversification, relaxation of CAPM assumptions, single-index model, techniques for beta estimation) 4. Arbitrage pricing theory (basic formula, empirical estimates of APT, multi-index model) Part II: Portfolio management 5. Basic notions (typology of clients, typology of management styles, efficient market hypothesis) 6. Techniques of passive portfolio management (index tracking, sampling, immunisation of bond portfolio, cash flow matching, conditional immunisation) 7. Techniques of active portfolio management (quest for alpha, market timing, portfolio insurance, bond switching) 8. Measurement of portfolio performance (money-weighted and time-weighted rate of return, adjustment for portfolio risk, Sharpe and Treynor measure) Part III: Value at risk (VaR) 9. Approaches to VaR measurement (historical approach, variance-covariance approach, Monte Carlo simulation) 10. Value at risk of selected instruments (stock portfolio, coupon bond, FRA, interest rate swap, linear and non-linear risk) Part IV: Credit risk management 11. Analysis of credit spreads (risk-neutral probabilities of default, historical probabilities of default, bootstrapping) 12. Credit at risk (CreditMetrix, Credit Risk Plus)

EM093 - Investment Valuation and Portfolio Management Teachers:

Dr. Z. Sid Blaha M.A., D.B.A. Mgr. Magda Pečená (Neprašová) Ph.D.

Literature:

"Finance and Financial Markets" by Keith Pilbeam, second ed. 2005, ISBN 1-4039-4835-6 published by Palgrave MacMillan. (Primary source in the module.) "Investment Valuation" by Aswath Damodaran, 1996 (and 2002), ISBN 0-471-13393-0 published by John Wiley & Sons, Inc. Suggested extra readings: The lecturer(s) have selected reading materials from various textbooks and other sources. They will supplement our main source(s) listed above and will be distributed inclass by the lecturers.

Description: In the Spring (Summer) semester 2007 the course will carry 6 credits (as both lectures and tutorials/seminars have been scheduled) on Wednesdays, from 5 p.m. to 7:50 p.m. Attendance at both is obligatory starting on Wednesday, 21 February 2007. (On May 16 the class may be cancelled due to the so-called Rector's Holiday when sporting events are held and most lectures are re-scheduled or cancelled.) The module considers financial instruments, modern techniques of investment valuation and their applications on developed capital markets. Stock and bond markets as well as the appropriate financial infrastructure and securities valuation (bonds, common stocks/ordinary shares) will be discussed in the module. Portfolio analysis - including coverage of risk and return in financial markets - and the Capital Asset Pricing Model and its implications will also be dealt with in the course. Prerequisites: EM037 Introduction to the Theory of Financial Markets. Either EM035 or EM036 Financial Instruments, are suggested by the lecturers. Content:

Short description of the module: The module considers various approaches to investment and asset valuation and their applications on developed capital markets. Option pricing theories in equity and asset valuation will also be considered, together with case studies and examples. Bond markets (including bond price determination) & common shares and stock markets will be covered in a fairly thorough way in the course. Salient portfolio management and valuation issues including the underlying theory will be studied and, occasionally, applications implemented in the course of the module. Participants should therefore gain an exposure to financial management involving portfolio investments and hedging

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with technology used in the major trading centers, banks and investment management companies throughout the world.

EM094 - Corporate Law (course is taught in Czech) Teachers:

JUDr. Tomáš Richter LL.M., Ph.D.

Literature:

Kraakman, R., Davies, P., Hansmann, H., Hertig, G., Hopt, K., Kanda, H., Rock, E., The Anatomy of Corporate Law, A Comparative and Functional Approach, Oxford University Press, Oxford, 2004 Romano, R.: Foundations of Corporate Law, Oxford University Press, Oxford 1993 Easterbrook, F.H. & Fischel, D.R.: The Economic Structure of Corporate Law, Harvard University Press, Cambridge, MA 1991 Richter, T., Kuponová privatizace a její vlivy na správu a financování českých akciových společností, Nakladatelství Karolinum, 2005 (v tisku), do vydání k dispozici na www.kuponovaprivatizace.cz

Description: The course assumes that the traditional, control-driven model of teaching corporate law is inappropritate for students of economics. The element of control is of secondary importance to a corporation; a share is first and foremost a tool of raising external finance. Accordingly, the course aims to explain the fundamentals of corporate law using the basic legal toolkit of corporate financing. Following a brief law-and-economics-based introduction to the corporation, the course will explore the legal principles of equity financing (private and public), debt financing (including the related areas of secured debt and bankruptcy), and mergers and acquisitions.

EM096 - Economic Dynamics I Teachers:

Doc. Ing. Miloslav Vošvrda CSc.

Literature:

Ronald Shone: Economic Dynamics, Cambridge University Press, 1999, ISBN 0-521-47973-8 Software: MS Excel 97, Maple V release 4.0 or higher

Description: Analytical methods of economics dynamics both deterministic and stochastic ones. Content:

I. Introduction 1) The rise in economic dynamics 2) Non-linearities, multiple equilibria and local stability 3) Computer software and economic dynamics 4) Exercises II. Continuous Dynamic Systems 1) Definitions 2) First-order equations 3) Second-order linear homogeneous equations 4) Second-order linear non-homogeneous equations 5) Exercises III. Discrete Dynamic Systems 1) Definitions 2) Solving first-order difference equations 3) Solving second-order difference equations 4) The cobweb model 5) The logistic equation 6) The multiplier-accelerator model 7) Solows growth model in discrete time 8) Exercises IV. Systems of differential equations 1) Definitions 2) Solutions with real distinct roots 3) Solutions with repeating roots 4) Solutions with complex roots 5) Nodes, spirals and saddles 6) Stability and instability 7) Exercises

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V. Discrete Systems of Equations 1) Definitions 2) Eigenvalues and eigenvectors 3) Stability of discrete systems 4) Internal and external balance 5) Nonlinear discrete systems 6) Exercises VI. Control to chaos 1) The maximum principle of Pontryagin: continuous model 2) The maximum principle of Pontryagin: discrete model 3) Bifurcations 4) Chaos 5) Exercises

EM097 - Economic Dynamics II Teachers:

Doc. Ing. Miloslav Vošvrda CSc.

Literature:

Ronald Shone: Economic Dynamics, Cambridge University Press, 2002 Software: MS Excel 97, Maple V release 4.0 or higher

Description: Application of the analytical methods of the dynamical systems theory in economics models. Content:

I. Demand and Supply Models 1) The cobweb model 2) Cobwebs in two interrelated markets 3) Stability of the competitive equilibrium II. Closed Economy Dynamics 1) Goods market dynamics 2) Goods and money market dynamics 3) IS-LM model 4) Tobin-Blanchard model III. Open Economy Dynamics a) Sticky Price Models 1) The balance of payments and the money supply 2) Fiscal and monetary expansion under fixed exchange rates 3) Fiscal and monetary expansion under flexible exchange rates 4) Open economy dynamics under fixed prices b) Flexible Price Models 1) The Dornbush model 2) The Dornbush model: Capital immobility 3) The Dornbush model under perfect foresight 4) Resource discovery and the exchange rate IV. The dynamics of inflation and unemployment 1) The Phillips curve 2) Two simple models of inflation 3) A Lucas model with rational expectations 4) Money, growth and inflation 5) Unemployment and job turnover 6) Wage determination models and the profit function 7) Labor market dynamics 8) Exercises V. Overlapping Generations Models(OGM) 1) Some definitions 2) The introduction of taxes 3) The introduction of government debt 4) The OGM with fiat money VI. Population Models 1) Malthusian growth 2) The Logistic Curve

EM098 - Philosophy and Economics Teachers:

Mgr. Roman Pazderník PhDr. Tomáš Sedláček

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Literature:

Störig, H.J.: Malé dějiny filozofie. Zvon Vyšehrad, Praha 1999 Redman, D.A.: Economics and the Philosophy of Science. Oxford University Press, New York and Oxford, 1991 Pheby, J.: Methodology and Economics. Macmillan, London 1988 Roy, S.: Philosophy of Economics. Routledge, London and New York, 1991 Smith, A.: The Theory of Moral Sentiments. Augustus M. Kelley Publishers, New York 1966

Description: Module EM098 Philosophy and economics will be held at 5 pm, room 601. The lecturer Roman Pazderník. Module is open for magister students, prerequisities: EB016 History of economic thought, EB060 Microeconomics and behaviour I a EB022 Institutional Economics.

EM100 - Corporate Governance Teachers:

Prof. Ing. Michal Mejstřík CSc. Doc. MPhil. Ondřej Schneider Ph.D., McKinsey Chair

Literature:

Christine A.Mallin: Corporate Governance, Oxford University Press, 2004 R.A.G.Monks, N. Minow: Corporate Governance, 2nd edition, Blackwell Publishing, 2001 Adrian Cadbury: Corporate Governance and Chairmanship – A Personal View, OUP 2002 Fabrizio Barca, Marco Becht: The Control of Corporate Europe, OUP 2002

Description: Corporate Governance Seminar - This course examines corporate governance practices around the world with a special attention given to the transition countries. The course is based on an extensive list of readings that will be required as a basis for the class discussions. Students will be expected to prepare a verbal presentation of a paper chosen from the list. The course will also examine various aspects of corruption: roots of it, loss of efficiency caused by corruption, extent of corruption around the globe and eventual cures of corruption. The class will also discuss several general issues related to the board and the role played by legal protection of investor rights. We will discuss how the corporate governance has evolved over last ten years in the Czech Republic (and other transition countries) and where it lags behind European or US standards. Most classes will be devoted to discussion of papers dealing with the corporate governance and corruption in more technical way. These papers will be distributed in due time. Content:

1. Basic issues in the corporate governance theory and practice 2. Politics and Corporate Governance (Do Political Institutions Shape Economic Policy, Corporate Ownership Around The World, Electoral Rules and Corruption) 3. Private vs. Public Ownership (State Versus Private Ownership, Government Ownership of Banks, Private Ownership and Corporate Performance: Some Lessons from Transition Countries) 4.Developed Markets and Corporate Governance (Corporate Governance and Merger Activity in the U.S, Universal Banking and the Performance of German Firms, Corporate Governance and Equity Prices, Tunneling, The Governance of the New Enterprise) 5. Transition and Corporate Governance (Privatization and Corporate Governance, The Privatization Process in East-Central Europe and Corporate Governance)

Seminar:

Session 1 (October 4, 2006) – Michal Mejstřík Introduction to the class Why corporate governance matters Corporate governance in “developed” markets and in “transition” countries Session 2 (October 11) – Ondřej Schneider Brief history of corporations and their governance Theoretical aspects of CG Development of CG codes and standards Session 3 (October 18) – Ondřej Schneider Corporate governance models Empirical studies on CG Session 4 (October 25) – Ondřej Schneider Owners and stakeholders: Shareholders, Families, Institutional investors, Board of Directors and Managers Session 5 (November 1, 2006) – Michal Mejstřík Recent developments in CG Sarbanes-Oxley Act

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Session 6 (November 8, 2006) – Michal Mejstřík CG in Transition Privatisation and CG Session 7 (November 15) – Presentations 1-2 1. General Motors case study – Monks and Minnow 2. Johnson and Shleifer (2001): Privatization and CG Session 8 (November 22) – Presentations 3-4 3. Rafael La Porta, Florencio Lopez-deSilanes, Andrei Shleifer, Simon Johnson (2000) "Tunneling", NBER WP7523, also AER (2000), pp. 22-27. 4. Joel S.Demski (2003): Corporate Conflict of Interest, Journal of Economic Perspectives, Spring 2003, pp. 51-72 Session 9 (November 29) – Presentations 5-6 5. Hamid Mehran and Joseph Tracy (2001): The Effect of Employee Stock Options on the Evolution of Compensation in the 1990s, FED New York Economic Policy Review, December 2001. 6. Steven N.Kaplan: The State of US Corporate Governance: What’s Right and What’s Wrong, NBER Working Paper, No. 9613, April 2003. Session 10 (December 6) – Presentations 7-8 7. Robert C.Clark (2005) Corporate Governance Changes In The Wake Of The Sarbanes-Oxley Act, Harvard Bs, December 2005 8. Paul Healy and Krishna Palepu (2003): The fall of Enron, Journal of Economic Perspectives, Spring 2003, pp. 3-26 Session 11 (December 13) – Presentations 9-10 9. Becht and Bohmer: Ownership and Voting Power in Germany, Chapter 5 in Barca, Becht 10. Agnblad, Berglof, Hogfeldt and Svancar: Ownership and Control in Sweden, Chapter 9 in Barca, Becht Session 12 (December 20) – Presentations 11-12 11. Saul Estrin (2002): Competition and CG in Transition, Journal of Economic Perspectives 12. Gillies, James (2006): The Northern Russia Electric Company case, Cahpter 6 in Ch.Mallin International CG, pp. 145-159 Session 12 (January 3) – Presentations 13-14 13. S Erik Berglof, Anete Pajuste (2003): Emerging Owners, Eclipsing Markets? In: Corporate Governance and Capital Flows in a Global Economy, edited by Cornelius, Kogut, OUP.. 14. Bianchi, Bianco and Enriques: Pyramidal Groups and the Separation Between Ownership and Control in Italy, Chapter 6 in Barca, Becht

EM101 - Economics of Ageing Teachers:

PhDr. Lucie Antošová Vladimír Bezděk Doc. MPhil. Ondřej Schneider Ph.D., McKinsey Chair

Literature:

World Bank: “Averting the Old Age Crisis”, World Bank, 1994. R. Disney: “Can We Afford To Grow Older?”, MIT Press, Cambridge, Massachusetts, 1996. Nicholas Barr: “Economics of the Welfare State”, Oxford University Press, 2004. R.L.Clark et al. The Economics of an Aging Society”, Blackwell, 2004. L.Kotlikoff and S.Burns: “The Coming Generational Storm”, The MIT Press, 2004.

Description: The seminar will feature a series of introductory lectures on main issues related to the ageing phenomena. We will concentrate on two subsystems most influenced by ageing process – on pension systems and on health care systems. We will illustrate consequences of ageing on these two subsystems and will discuss potential reforms of the two. Content:

Introduction (LA & VB) - Introduction Population Ageing: Empirical background, political economy aspects (OS) Introduction - role of healthcare in public budgets, Why healthcare financing is affected by an aging population (distribution of HC costs within

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population, PAYG-like financing systems,…) Healthcare costs long run modeling – effects of demographic changes, non-demographic changes Conclusions from ageing reality for healthcare systems – financing issues, efficiency issues Classification of HC systems – based on functional description according to R. Busse Efficiency issues – need for state regulation, but to what degree? (adverse selection, moral hazard, asymmetry of information, patient agency…) Presentations of papers 1 and 2 of the HC part 1. Kotlikoff, L.J., Hagist, Ch. (2005); Who’s going broke? Comparing healthcare costs in ten OECD Countries; NBER Working Paper Series, WP No. 1183 2. Steinmann, L., Telser, H., Zweifel, P. (2005); The Impact of Aging on Future Healthcare Expenditure; Socioeconomic Institute, University of Zurich, Working Paper No. 0510 Presentation of paper 3 of the HC part 3. Assar Lindbeck: Sustainable Social Spending, CESifo Working paper 1594, 2005 Introduction to the pension systems Presentation of papers 1 and 2 of the Pension part 1. Vittorio Corbo a Klaus Schmidt-Hebbel: Macroeconomic effects of the pension reform in Chile (in Pension Reforms: Results and Challenges; International Federation of Pension Fund Administrators, Santiago, Chile, December 2003) 2. Kamil Dybczak: Generational Accounts in the Czech Republic; CNB Working Paper 2/2006 Presentation of papers 3 and 4 of the Pension part 3. Robert Holzmann, Roberto Palacios and Asta Zviniene: „Implicit Pension Debt: Issues, Measurement and Scope in International Perspective“, Pension Reform Primer, World Bank, 2004. 4. Peter Diamond (2005): Pensions for an Ageing Population, NBER Working paper 11877. Presentation of remaining papers of the Pension part (only if needed, only the IES students) 5. Katharina Muller (2003): The Making of Pension Privatization in Latin America and Eastern Europe, in: Pension Reform in Europe: Process and Progress, The World Bank. Chapter 2, pages 47-78. 6. Augusto Iglesias, Rodrigo Acuna (2001): Chile's Pension reform After 20 Years, Pension reform Primer, World Bank. 7. Nicolas Barr, Michal Rutkowski (2005): “Pensions”, in: Labor Markets and Social Policy in Central and Eastern Europe, World Bank, pp. 135-170

EM110 - Law and Economics Teachers:

Mgr. Libor Dušek Ph.D.

Literature:

Andreoni, James: Reasonable doubt and the optimal magnitude of fines: should the punishment fit the crime? RAND Journal of Economics 1991. Becker, Gary S.: Crime and Punishment: An Economic Approach, Journal of Political Economy, Vol. 76, No.2, 1968. (required reading) Becker, Gary S. and Casey Mulligan: Deadweight cost and the size of government, NBER working paper 6789. (required reading) Besen, Stanley M. and Leo J. Raskind: An Introduction to the Law and Economics of Intellectual Property, Journal of Economic Perspectives, Vol. 5, No. 1. (Winter, 1991), pp. 3-27. Besley, Tim: Property rights and investment in Ghana, Journal of Political Economy 1995, Vol. 103. Block MK, JS Parker, O Vyborna, and L Dusek: An experimental comparison of adversarial versus inquisitorial procedural regimes, American Law and Economics Review 2000 2: 170-194. Coase, Ronald H.: The Problem of Social Costs, Journal of Law and Economics (1960), 3: 1-44. (required reading) Demsetz, Harold: Toward a Theory of Property Rights, American Economic Review, Vol. 57, No. 2, (May, 1967), pp. 347-359. Dixit, Avinash and Mancur Olson: Does voluntary participation undermine the Coase Theorem? Journal of Public Economics, 26, 2000, 309-335. Djankov et al: Courts. The Lex Mundi Project. NBER working paper 8890. Duggan, Mark: More Guns, More Crime, Journal of Political Economy 2001. Ehrlich, Isaac: Participation in Illegitimate Activities: A Theoretical and Empirical Investigation, The Journal of Political Economy, Vol. 81, No.3, 1973. Greif, Avner: Contract Enforceability and Economic Institutions in Early Trade: The Maghribi

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Traders Coalition, The American Economic Review, Vol. 83, No. 3. (Jun., 1993), pp. 525-548. Hazlett, Thomas: Assigning property rights to radio spectrum users, Journal of Law and Economics 1998. Hoffman, Elizabeth and Matthew Spitzer: The Coase theorem: some experimental tests, Journal of Law and Economics 1982, Vol. 25. Joskow, Paul and Nancy L. Rose: The Effects of Economic Regulation, Hanbook of Industrial Organization, chapter 25, Elsevier 1989. (required reading) Joskow, Paul L.: Contract Duration and Relationship-Specific Investments: Empirical Evidence from Coal Markets. The American Economic Review, Vol. 77, No. 1. (Mar., 1987), pp. 168-185. Kessler, Daniel and Mark McClellan: Do Doctors Practice Defensive Medicine? Quarterly Journal of Economics, Vol. 11 (1996), pp. 353-390. Levitt, Steven D.: Juvenile Crime and Punishment, Journal of Political Economy, Vol. 106, Dec 1998, 1156-1185. (required reading) Lott, John: More Guns, Less Crime, University of Chicago Press 1998. Miron, Jeff and Jeff Zwiebel: The economic case against drug prohibition, Journal of (required reading) Peltzman, Sam: The economic theory of regulation after a decade of deregulation, Brookings Papers on Economic Activity, January 1989. Peltzman, Sam: The effects of automobile safety regulation, Journal of Political Economy, August 1975. Shavell, Steven: Liability for harm versus regulation of safety, Journal of Legal Studies Vol. 13 (1984). Stigler, George and Claire Friedland: What can regulators regulate? The case of electricity, Journal of Law and Economics 1962. Stigler, George J.: The Theory of Economic Regulation, The Bell Journal of Economics and Management Science, Vol. 2, No. 1. (Spring, 1971), pp. 3-21. Stigler, George: The optimum enforcement of laws, Journal of Political Economy 1970. Viscussi:, W. Kip: The Value of Risks to Life and Death, Journal of Economic Literature, Vol. 31, No. 4. (Dec., 1993), pp. 1912-1946. Zentner, Alejandro: Measuring the Effect of Online Music Piracy on Music Sales, mimeo, University of Chicago 2003. Description: The course will introduce the basic concepts and tools of "Economic Analysis of Law", a relatively recent and progressive area of economics. We will attempt to answer the following range of questions: What are the impacts of legal rules on the behavior of economic agents? Are these impacts socially desirable? Is there an underlying economic logic that can rationalize the existing legal system? To attack these questions, we will employ a standard toolbox of economic theory (the concepts of utility-maximizing individual, market equilibrium, etc.). We will show how legal rules shape the incentives that people face in virtually all aspects of their market and non-market behavior: whether to buy a house, how much to spend on advertising, how carefully to drive a car, or (a problem that some burglars face) whether to kill an accidental witness. The course will cover five basic areas of law: property law, contract law, tort (accident) law, criminal law, and judicial procedure plus additional topics in economic and social regulation. The course is "ALT A" for "Economic theory" and "European integration and economic policy" fields in the Masters program. Value: 5 credits. All instruction is in English. Content:

1. The economic approach to law: How law shapes incentives, how law affects efficiency vs. redistribution, normative vs. positive analysis of law, ex post vs. ex ante view of a legal case. 2. Legal system in brief: Common law vs. civil law, the role of precedents, hierarchy of laws and courts, description of legal procedures. 3. Externalities: Pigouvian taxes, emission trading, the "Coase solution". 4. Coase theorem and nuisance law. 5. Property law: The benefits and costs of property rights; tragedy of the commons; economic theory of intellectual property (patents, copyrights, trademarks). 6. Contract law: Hold-up problem; complete and incomplete contracts; the concept of "efficient breach"; optimal damages for the breach of contract; allocation of risk in contracts. 7. Tort law: Liability rules and their impact on the behavior of injurers and victims in risky situations. Product safety. 8. Social regulation: Administrative regulation of risk as an alternative to private law; the concept of "value of life". 9. Economic regulation: The traditional case for regulation of natural monopolies, cost-plus method of regulation and its failures, rent-seeking, recent deregulatory efforts. 10. Criminal law: Crime as a socially costly transfer; Beckers model of crime and optimal punishment. 11. Judicial process: Private vs. social incentive to sue; out-of-court settlement and plea bargaining; the production of information in the courtroom.

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12. Production of legal rules: Is law efficient?

EM111 - International Macroeconomics Teachers:

Mgr. Tomáš Holub Ph.D. Ing. Jaromír Hurník Ph.D.

Literature:

Main reading: Obstfeld, M., Rogoff, K.: Foundations of International Macroeconomics. MIT Press, 1996. Other reading: • 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/wp82003.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-bradforddelong.net). • 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. 717725. • Holub, T., 2003, “Importing Low Inflation via Pegged Exchange Rates, Currency Boards and Monetary Unions,“ ICEG European Center, Working Paper 21, February 2003. • 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). • 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. • 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.

Description: This course presents the standard advanced macroeconomic theory for open economies. After briefly reviewing the knowledge from intermediate international macroeconomics, it starts with studying the intertemporal trade between economies and equilibrium current account determination. The neo-classical growth models are discussed for a small open economy setting, focusing on their shortcomings and possible ways to reconcile them with the empirical observations. The price level convergence is also studied using the Balassa-Samuelson effect. The

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second block of lectures starts with discussing the exchange rate regime choice, currency crises and the optimum currency area theory. The focus is then put on the inflation-targeting regime in small open economies, reaction of central banks to foreign shocks, discussion of exchange rate management under the inflation targeting, etc. The course assumes a prior good knowledge of closed-economy macroeconomics at the level of master studies. Content:

I. Open-Economy in the Long-Run • Introduction: Mundell-Fleming-Dornbusch model • Intertemporal trade and current account balance • Dynamics of Current Account I: Permanent income hypothesis for small open economies • Dynamics of Current Account II: OLG • Neo-classical growth models for open economies (Ramsey model, OLG, human capital accumulation) • Price convergence and the real exchange rate, the Balassa-Samuelson effect II. Stabilisation Policy in Open Economies • Currency crises models (generation I, II, III) • Exchange rate regime choice and optimum currency area theory • Inflation targeting for small open economies • Foreign exchange interventions under the inflation targeting regime

EM112 - Economics of Incentives and Contracts Teachers:

Doc. Ing. Karel Janda M.A., Dr., Ph. D., Transgas-RWE Chair

Literature:

References: I. Macho-Stadler and J. D. Perez-Castrillo: An Introduction to the Economics of Information: Incentives and Contracts Oxford, Oxford University Press, 2001 ; main textbook. R. Gibbons: Game Theory for Applied Economists, Princeton University Press, 1992 - good treatment of signalling and other game theoretic issues. A few additional references for those who want more books to study: Jean Tirole: The Theory of Corporate Finance, Princeton University Press, 2006 Patrick Bolton, Mathias Dewatripont: Contract Theory, 2005 Martin J. Osborne: An Introduction to Game Theory, 2003 Mathias Dewatripont, Jean Tirole: The Prudential Regulation of Banks, 1994 X. Freixas and J. Rochet: Microeconomics of Banking, Cambridge, MIT Press, 1999 supplementary textbook with application to banking. O. Hart: Firms, Contracts, and Financial Structure, Clarendon Press, 1995 – supplementary textbook. J. Laffont and D. Martimort: The Theory of Incentives: The Principal-Agent Model. Princeton University Press, 2002 - supplementary textbook. State of the art textbook treatment of contract theory. B. Salanie: The Economics of Contracts. A Primer, Cambridge, MIT Press, 2005. 8211; supplementary textbook, more advanced than Macho-Stadler and Perez-Castrillo.

Description: The focus of the course is a rigorous mathematical treatment of basic models of decision-making and strategic interaction in the presence of imperfect and incomplete information. The course covers basic moral hazard, adverse selection, and signaling problems. Applications to labor markets, corporate governance, financial markets, credit and insurance will be discussed. Content:

Lecture 1: Overview of contract theory, examples of moral hazard, adverse selection, signalling. Concavity and optimization. (Macho-Stadler, Perez-Castrillo (MSPC) ch. 1, Math Appendix) Lecture 2: Kuhn-Tucker conditions. (MSPC Math Appendix) Lecture 3: Base Model - symmetric information, optimal payment mechanism in Base Model. (MSPC ch. 2) Lecture 4: Base Model continued - different attitudes to risk, optimal level of effort. (MSPC ch. 2) Lecture 5: Moral hazard - two effort levels. (MSPC ch.3.1-3.3) Lecture 6: Two effort levels continued. (MSPC ch. 3.3) Lecture 7: First order approach, financial contracting examples. (MSPC ch. 3.4) Lecture 8: Financial contracting examples. Introduction to signalling . Lecture 9: Signalling - Bayeasian Nash Equilibrium. Lecture 10: Signalling - refinements of Bayesian Nash Equilibrium. Real life presentations. Lecture 11: Financial contracting applications. Lecture 12: Real life presentations. Lecture 13: Conclusion of the class.

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EM113 - Microeconomics of Banking Teachers:

Doc. Ing. Karel Janda M.A., Dr., Ph. D., Transgas-RWE Chair

Literature:

Freixas and Rochet: Microeconomics of Banking, Cambridge, MIT Press, 1999 - main textbook. R. Gibbons: Game Theory for Applied Economists, Princeton University Press, 1992 - good treatment of signalling and other game theoretic issues. (If you do not like Gibbons, you may want to look to any of a number of other game theory textbooks or to many microeconomics textbooks which usually contain a section(s) on game theory).

Description: This course uses asymmetric information approach of a modern microeconomics theory to explain the role of banks in the economy. The course provides description of the functions of banks and explains the needs for financial intermediation. The emphasize is on the structural weaknesses of the banking sector that may justify public interventions. The course deals with the optimal contracting between lender and borrower, the persistence of rationing in the credit market, the use of collateral and the solvency problems. Content:

Prerequisites The main emphasize of the course is on the theoretical microeconomic aspects of banking. Therefore a good knowledge of microeconomic theory on intermediate level with calculus is necessary. The familiarity with simple calculus techniques of optimization as used in microeconomic models is essential. The understanding of basic probability theory and comfort with using expected values is very useful. A preliminary knowledge of the institutional aspects of banking is helpful but it is not necessary. These institutional aspects will be reviewed in class when needed. This course does not require any knowledge of advanced techniques of continuous time finance. Intended Audience Master (magistr in Czech terminology) and Ph.D. level students interested in banking or optimal contracting. The Topics Covered Lecture 1: Introduction to microeconomics of banking - functions of bank, banking in general equilibrium theory (Freixas, Rochet (FR) ch. 1) Lecture 2: Review of basic game theory concepts – backwards induction, strict dominance, Nash equilibrium, mixed strategies (lecture notes) Lecture 3: Game theory continued – subgame perfect Nash equilibrium, Bayesian equilibrium (lecture notes) Lecture 4: Why do financial intermediaries exist? Liquidity insurance (FR ch.2.2) Lecture 5: Information sharing coalitions. (FR ch. 2.3) Lecture 6: Financial intermediation as delegated monitoring (FR ch. 2.4) Lecture 7: Coexistence of direct and intermediated lending – A simple model of the credit market with moral hazard, Monitoring and Reputation (FR ch. 2.5) Lecture 8: Coexistence of direct and intermediated lending – Monitoring and capital. Optimal contracts when cash flows are observable (FR. ch. 2.5. , ch. 4.1) Lecture 9: Costly state verification. Incentives to repay – Threat of termination. (FR ch. 4.2, ch. 4.3) Lecture 10: Moral hazard (FR ch. 4.4) Additional material, to be covered time permitting: Strategic debt repayment (FR ch. 4.3.2), Collateral and loan size as devices for screening heterogenous borrowers (FR ch. 4.6)

EM114 - Private Law Institutions of the Market (course is taught in Czech) Teachers:

JUDr. Tomáš Richter LL.M., Ph.D.

Literature:

Gordley, J., Foundations of Private Law: Property, Tort, Contract, Unjust Enrichment, Oxford University Press, Oxford, 2006 Mattei, U., Comparative Law and Economics, The University of Michigan Press, 1997 Dalhuisen, J.H., Dalhuisen on International Commercial, Financial and Trade Law, Hart Publishing,

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2000 Description: Účelem kursu je poskytnout studentům ekonomie základní orientaci v těch oblastech práva a ohledně těch právních nástrojů, s nimiž přicházejí aktéři na trzích zboží, služeb a kapitálu nejčastěji do styku. Kurs se omezuje na soukromoprávní instituty trhu - veřejnoprávní regulace je, až na výjimky, vyloučena. Pro přiblížení látky používá kurs některé prvky metodologie ekonomické analýzy práva. Content:

1. Předmět kursu, metoda a cíle 2. Právo, jeho vznik a prameny, velké právní systémy a jejich interakce v podmínkách globálních trhů 3. Vlastnictví a jiná věcná práva - vztah aktérů k výrobním faktorům 4. Smlouvy - směna zboží a služeb, privátní autonomie aktérů 5. Deliktní odpovědnost - právní režim externalit 6. Obchodní společnosti - omezená odpovědnost jako motivace investic 7. Duševní vlastnictví - právní motivace výzkumu a vývoje 8. Vynucení hmotných práv prostřednictvím státní moci - soudní proces, rozhodčí řízení, výkon rozhodnutí

EM115 - Environmental Economics Teachers: Ing. Jan Brůha Mgr. Milan Ščasný PhD. Literature: The sample of references is still preliminary and incomplete, but it contains the core. However, we strongly recommend the following book: [ESSR] R. Stavins (editor): Economics of the Environment: Selected Readings, 4th Edition, 2000. References [1] M. Andrle, J. Br°uha: WP 12/2003 Hyperbolick´e diskontovanı a jeho vyznam v ekonomick´em modelov´an´ı, working paper KHP-FNH, V˘SE, 2003, available on http://nb.vse.cz/khp/Veda/Working papers/2003/wp2003.htm#wp1203. [2] W. Antweiler, B. Copeland, M. Taylor: Is Free Trade Good for the Environment?, American Economic Review 91 (4), 2001. [3] T. Barthold: Issues in the Design of Environmental Excise Taxes, Journal of Economic Perspectives 8 (1): 133-51, 1994. [4] S. Barrett: Self-enforcing International Environmental Aggreements, Oxford Economic Papers 46: 878-94, 1994. [5] F. Bossello, B. Buchner, C. Carraro: Equity, Development, and Climate Change Control, Journal of the European Economic Association 1(2-3): 601-611, 2003. [6] M. Botteon, C. Carraro: Strategies for environmental negotiations: issue linkage with heterogenous countries, chap. 9 in N. Hanley, H. Folmer (eds.): Game Theory and the Environment, Edward Elgar, 1998. [7] L. Bovenberg, L. Goulder: Optimal Environmental Taxation in the Presence of Other Taxes: General Equilibrium Analyses, American Economic Review 86 (4): 985-1000, 1996. [8] L. Bovenberg, R. de Mooij: Environmental Levies and Distortionary Taxation, American Economic Review 84 (4), 1085-89, 1994. [9] L. Bovenberg, R. de Mooij: Environmental Tax Reform and Endogenous Growth, Journal of Public Economy 63: 207-37, 1997. [10] A. L. Bovenberg, F. van der Ploeg: Green Policies in a Small Open Economy, Scandinavian Journal of Economics 96, pp. 343-363, 1994. [11] L. Bovenberg, S. Smulders: Transitional Impacts of Environmental Policy in an Endogenous Growth Model, International Economic Review 37 (4): 861-893, 1996. [12] C. Brett, M. Keen: Political Uncertainty and the Earmarking of Environmental Taxes, Journal of Public Economics 75 (3): 315-40, March 2000. [13] W. A. Brock: A polluted Golden Age, In V. Smith (ed.) Economics of

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Natural and Environmantal Resources, New York: Gordan and Breach, 1977. [14] L. Bui: Gains from Trade and Strategic Interaction: Equilibrium Acid Rain Abatement in the Eastern United States and Canada, American Economic Review 88 (4): 984-1001, 1998. [15] B. Bye: Taxation, Unemployment, and Growth: Dynamic Welfare E\vects of ”Green” Policies, Journal of Environmental Economics and Management 43, pp. 1-19, 2002. [16] C. Carlson, D. Burtraw, M. Cropper, K. Palmer: Sulfur Dioxide Control by Electric Utilities: What are the Gains from Trade?, Journal of Political Economy 108 (6), 202-326, 2000. [17] C. Carraro, D. Siniscalo: Strategies for the International Protection of the Environment, Journal of Public Economics 52: 309-328, 1993. [18] U. Chakravorty, J. Roumasset, K. Tse: Endogenous substitution among energy resources and global warming, Journal of Political Economy 105: 1201-1234, 1997. [19] G. Chichilnisky : North-South Trade and the Global Environment, American Economic Review 84 (4): 851-74, 1994. [20] G. Chichilinski, G. Heal: Global Environmental Risks, Journal of Economic Perspectives 7: 65-86, 1993. [21] R. H. Coase: The Problem of Social Cost, Journal of Law and Economics. 3:1-30, 1960. [22] B. Copeland, M. Taylor: North-South Trade and the Environment, Quarterly Journal of Economics 109: 755-87, 1994. [23] B. Copeland, M. Taylor: Trade and Transboundary Pollution, American Economic Review 85 (4): 716-37, 1994. [24] M. Cropper, W. Oates: Environmental Economics: A Survey, Journal of Economic Literature 30 (2): 675-740, 1992. [25] P.S. Dasgupta, G.M. Heal: The optimal depletion of exhaustible resources, Review of Economic Studies 41:3-28, 1974. [26] P.S. Dasgupta, J. Stiglitz: Resource depletion under technological uncertainty, Econometrica 49: 85-104, 1981. [27] S.D. Deshmukh, S.R. Pliska: A martingale characterization of the price of a non-renewable price with decisions involving uncertainty, Journal of Economic Theory 35: 322-342, 1985. 2 [28] P. Diamond, J. Hausman: Contingent Valuation: Is Some Number Better than No Number?, Journal of Economic Perspectives 8 (4): 45- 64 (Chapter 12 in EESR). [29] B. Dijkstra: Cooperation by way of support in a rent seeking contest for a public good, European Journal of Political Economy 14: 703-725, 1998. [30] B. Dijkstra: A two-stage rent seeking contest for instrument choice and revenue division, applied to environmental policy, European Journal of Political Economy 14: 281-303, 1998. [31] J. Farrell: Information and the Coase Theorem, Journal of Economic Perpsectives, 1:113-119, 1987. [32] I. Finkelshtain, Y. Kislev: Prices versus Quantities: The Political Perspective, Journal of Political Economy 105 (1): 83-100, 1997. [33] J.N. Francois, H. Nordstrom, A green light for environment, or a green light for protection?: the EU-US dispute over US corporate average fuel economy regulations, CEP discussion paper 1373, 1996 [34] P. Fredriksson, J. List, D. Millimet: Bureaucratic corruption, environmental policy and inbound US FDI: theory and evidence, Journal of Public Economics 87: 1407-1430, 2003. [35] D. Fullerton, R. Stavins: How Economists See the Environment, Nature 395: 433-434, 1998 (Chap. 1 in ESSR) [36] L. Goulder: Environmental Policy Making in a Second-Best Setting, Journal of Applied Economics 1 (2), 1998 (Chapter 17 in EESR). [37] L. Goulder, H. Lawrence: Environmental Taxation and the Double Dividend: A Reader’s Guide, International Tax and Public Finance 2 (2), August 1995, 157-83. [38] G. Grossman, E. Helpman: Protection for sale, American Economic Review 84: 833-850, 1994. [39] G. Grossman, A. Krueger: Economic Growth and the Environment, Quarterly Journal of Economics, 110(2): 353-377, 1995. [40] R. Hahn: Economic Prescriptions for Environmental Problems: How the Patient Followed the Doctor’s Orders, Journal of Economics Perspectives

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3 (2): 95-114 (Chapter 18 in EESR), 1989 [41] R. Hahn: The Political Economy of Environmental Regulation: Toward a Unifying Approach, Public Choice, 65:21-47, 1990. [42] W. Hanemann: Valuing the Environment through Contingent Valuation, Journal of Economic Perspectives 8 (4): 19-43, 1994 (Chapter 11 in EESR). 3 [43] W. Harbaugh, A. Levinson, D. Wilson: Reexamining the Empirical Evidence for an Environmental Kuznets Curve, Review of Economics and Statistics 84 (3), August 2002, 541-51. [44] A. Haurie: Integrated Assessment Models for Global Climate Change: An Infinite Horizon Optimization Viewpoint, NCCR-WP4 Working Paper 2, University of Geneva, September 2002. [45] J. Hausman, G. Leonard, D. McFadden: A Utility-Consistent, Combined Discrete Choice and Count Data Model: Assessing Recreational Use Losses Due to Natural Resource Damage, Journal of Public Economics 56 (1): 130, 1995. [46] G. Heal: The relationship between prices and extraction cost for a resources with a backstop technology, Bell Journal of Economics 7(2): 371-378, 1976. [47] G. Heal: Bundling Biodiversity, Journal of the European Economic Association 1(2-3): 553-560, 2003. [48] C. Hepburn: Hyperbolic Discounting and Resource Collapse, Department of Economics Discussion Paper Series , n. 159, May 2003. [49] N. Henderson, I. Langford: Cross-Disciplinary Evidence for Hyperbolic Social Discount Rates. Management Science, 1998, 44 : 1493-1500. [50] M. Hoel: Resource Extraction, Substitute Production and Monopoly, Journal of Economic Theory 19: 28-37, 1978. [51] H. Hotelling: The Economics of Exhaustible Resources. Journal of Political Economy, 1931, 39:137-175. [52] A. Ja\vee, S. Peterson, P. Portney, R. Stavins: Environmental Regulation and the Competitiveness of U.S. Manufacturing: What Does the Evidence Tell Us?, Journal of Economic Literature 33(1): 132-63, 1995 (Chapter 6 in EESR). [53] J. Jilkov´a: Dan˘e, dotace a obchodovateln´a povolen´ı - n´astroje ochrany ovzdu˘s´ı a klimatu, IREAS, 2003. [54] A. John, R. Pecchenino: An Overlapping Generations Model of Growth and the Environment, Economic Journal 104, 1994, 1393-1410, 1994 [55] P. Joskow: The Market for Sulfur Dioxide Emissions, American Economic Review 88 (4), September 1998, 669-85. [56] P. Joskow, R. Schmalensee: The Political Economy of Market-Based Environmental Policy: The U.S. Acid Rain Program, Journal of Law and Economics 41, April 1998, 37-83 (Chapter 28 in EESR). [57] L. Karp, J. Livernois: On eciency-inducing taxation for a non-renewable resource monopolist. Journal of Public Economics 49, pp. 219-239, 1992. 4 [58] E. Koskela, R. Schob: Alleviating Unemployment. The Case for Green Tax Reforms, European Economic Review , 43. 1723- 1746, 1999 [59] J.J. La\vont, J. Tirole: Pollution Permits and Environmental Innovation, Journal of Public Economics 62, October 1996, 127-40. [60] C. Z. Li, K. G. Lofgren: Renewable Resources and Economic Sustainability: A Dynamic Analysis with Heterogeneous Time Preferences, Journal of Environmental Economics and Management, 40: 236-250, 2000. [61] C. Z. Li, K. G. Lofgren: Economic Growth, Environmental Quality and Hyperbolic Discounting, paper presented at the 8th Ulvon Conference on Environmental Economics, available online on http://www.sekon.slu.se/~bkr/ulv01li.pdf, 2001. [62] R. Lopez, S. Mitra: Corruption, Pollution, and the Kuznets Environment Curve, Journal of Environmental Economics and Management 40: 137-150, 2000. [63] E. Magnani, The Environmental Kuznets Curve: development path or policy result?, Environmental Modelling & Software 16: 157-165, 2001. [64] A. Malik: Enforcement Costs and the Choice of Policy Instruments for Controlling Pollution, Economic Inquiry, 30:714-21, 1992 [65] W.E. Martin, R.H. Patrick, B. Tolwinski: A Dynamic Game of a Transboundary Pollutant with Asymmetric Players, Journal of Environmental Economics and Management 24: 1-12, 1993. [66] W.J. McKibbin, P. Wilcoxen: The Role of Economics in Climate Change Policy, Journal of Economic Perspectives, 16(2), pp. 107-129, Spring 2002.

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[67] R. Mohr: Technical Change, External Economies, and the Porter Hypothesis, Journal of Environmental Economics and Management 43, pp. 158-168, 2002 [68] D. Montgomery: Markets in Licenses and Ecient Pollution Control Programs, Journal of Economic Theory 5 (3): 395-418, 1972 [69] R. Muradian, J. Martinez-Alier: Trade and the environment: from a ’Southern’ perspective, Ecological Economics 36: 281-297, 2001. [70] S. B. Nielsen, L.H. Pedersen, P. B. Sorensen: Environmental Policy, Pollution, Unemployment and Endogenous Growth, International Tax and Public Finance 2, pp. 185-206, 1995. [71] R. Norgaard: Environmental Economics: An Evolutionary Critique and a Plea for Plurism, Journal of Environmental Economics and Management 12:382-394, 1985. 5 [72] R. Norgaard: Economic Indicators of Resource Scarcity: A Criticial Essay, Journal of Environmental Economics and Management 19:19-25, 1990. [73] W. Nordhaus, Z. Yang: A Regional General-Equilibrium Model of Alternative Climate-Change Strategies, American Economic Review 86(4): 741765, 2003. [74] OECD: Behavioral Responses to Environmentally-Related Taxes. COM/ENV/EPOC/DAFFE/CFA(99)111/FINAL. Paris, 2000. [75] W. Pizer: Combining Price and Quantity Controls to Mitigate Global Climate Change, Journal of Public Economics 85 (3): 409-34, 2002. [76] K. Palmer, W. Oates, P. Portney: Tightening Environmental Standards: The Benefit-Cost or the No-Cost Paradigm?, Journal of Economic Perspectives 9 (4): 119-32, 1995 (Chapter 8 in EESR). [77] M. Porter, C. van der Linde: Toward a New Conception of the Environment-Competitiveness Relationship, Journal of Economic Perspectives 9 (4): 97-118, 1995 (Chapter 7 in EESR). [78] P. Portney: The Contingent Valuation Debate: Why Economists Should Care, Journal of Economic Perspectives 8 (4): 3-17, 1994 (Chapter 10 in EESR). [79] J. F. Reinganum, N. Stokey: Oligopoly Extraction of a Common Property Natural Resource: The Importance of the Period of Commitment in Dynamic Games. International Economic Review 26(1), pp. 161-176, February 1985. [80] J. Schleich: Environmental quality with endogenous domestic and trade policies, European Journal of Political Economy 15: 53-71, 1999. [81] T. Selden, D. Song: Environmental Quality and Development: Is There a ’Kuznets’ Curve for Air Pollution Emissions?, Journal of Environmental Economics and Management 27 (2), September 1994, 147-62. [82] R. Schmalensee, P. Joskow, A. Ellerman, J. P. Montero: An Interim Evaluation of Sulfur Dioxide Emissions Trading,” Journal of Economic Perspectives 12 (3), Summer 1998, 53-68 (Chapter 20 in EESR). [83] J. Shogren: A Political Economy in an Ecological Web, Environmental and Resource Economics 11 (3-4), 1998, 557-70 (Chapter 29 in EESR). [84] V. Smith, J. Huang,: Can Markets Value Air Quality? A Meta-Analysis of Hedonic Property Value Models, Journal of Political Economy 103 (1): 209-27, 1995 [85] R. Stavins: Transactions Costs and Tradeable Permits, Journal of Environmental Economics and Management, 29:133-48, 1995. 6 [86] R. Stavins: What Can We Learn from the Grand Policy Experiment? Lessons from SO2 Allowance Trading, Journal of Economic Perspectives 12 (3), Summer 1998, 69-88 (Chapter 21 in EESR). [87] D. Stern: Interpreting ecological economics in the neoclassical paradigm: limits to substitution and irreversibility in production and consumption, Ecological Economics, 21, 197-215, 1996. [88] D. Stern: The capital theory approach to sustainability: a critical appraisal, Journal of Economic Issues 31, 145-173, 1997. [89] D. Stern: Explaining changes in global sulfur emissions: an econometric decomposition approach, Ecological Economics 42: 201-220, 2002. [90] N. Stokey: Are There Limits to Growth?, International Economic Review 39, pp. 1-31, 1998. [91] M. ˘S˘casn´y (ed.): Konsolidace vl´adnut´ı a podnik´an´ı v ˘CR a EU, d´ıl IV.: Environment´aln´ı da˘nov´a reforma, MatFyzPress 2002. [92] M. ˘S˘casn´y, J. Kovanda, T. H´ak: Material flow accounts, balances and

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derived indicators for the Czech Republic during the 1990s: results and recommendations for methodological improvements, Ecologic Economics 45(2003), pp. 41-57. [93] O. Tahvonen, J. Kuuluvainen: Economic Growth, Pollution and Renewable Resources, Journal of Environmental Economics and Management 24, pp. 101-118, 1994. [94] C. Tisdell: Globalisation and sustainability: environmental Kuznets curve and the WTO, Ecological Economics 39: 185-196, 2001. [95] A. Ulph, D. Maddison: Uncertainty, Learning and International Environmental Policy Coordination, Environmental and Resource Economics 9: 451-466, 1997. [96] A. Ulph, D. Ulph: GlobalWarming, Irreversibility, and Learning, Economic Journal : 107, 1997. [97] P. Victor: Indicators of Sustainable Development: Some Lessons from Capital Theory, Ecological Economics 1:315-334, 1991. [98] M. Weitzman: Prices versus Quantities, Review of Economic Studies, 41 (4): 477-91, 1974. [99] M. Weitzman: Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate. Journal of Environmental Economics and Management, 36: 201-208, 1998. 7 [100] M. Weitzman, K.G. Lofgren: On the Welfare Significance of Green Accounting as Taught by Parable. Journal of Environmental Economics and Management 32 (2): 139-53, 1997. [101] A. Xepapadeas, A. de Zeeuw: Environmental Policy and Competitiveness: Porter Hypothesis and the Composition of Capital, Journal of Environmental Economics and Management 37, pp. 165-182, 1999.

EM119 - Monetary Policy and Business Cycle Teachers:

Ing. Jaromír Hurník Ph.D. Doc. Ing. Zdeněk Tůma CSc.

Literature:

Arnold, L.: Business Cycle Theory, New York, Oxford University Press, 2002. Arnostova Katerina and Jaromir Hurnik (2005) "The Monetary Transmission Mechanism in the Czech Republic (evidence from VAR analysis)" Czech National Bank, Working Paper No. 4. Bofinger ,P.: Monetary Policy, New York, Oxford University Press, 2001. Holub Tomas and Martin Cihak (2003): "Price Convergence: What can the BS model tell us" Czech Journal of Economics and Finance, No. 7-8. Kotlan Viktor and David Navratil (2003) "Infl. Targeting as a stabilisation tools: its design and performance in CR" Czech Journal of Economics and Finance, No. 6. Skorepa Michal and Viktor Kotlan and (2003) "Inflation targeting: To forecast or to simulate?" Czech National Bank, Research and Policy Note No. 1. Walsh, C. E.: Monetary Theory and Policy, Cambridge, Massachusetts, MIT Press, 2003.

Description: This course offers the students a link-up to their knowledge about the monetary economics. Fortunately or unfortunately the monetary economics has produced vast quantity of competing approaches. In order to keep this course to a compact size certain selection of models and approaches is necessary. Consequently, the course does not represent a comprehensive presentation of the state of art of monetary theory, instead, concentrates on issues that relevant from the policy perspective. As a result, the first part is devoted to empirical evidence on the business cycle and to the transmission mechanism of monetary policy. Second, the current theories of business cycle are briefly discussed. Third the goals of monetary policy, its institutional framework and strategies for goals achieving are present. Finally, the forth part deals with the open economy issues. Content:

• Business Cycle: Empirical Evidence on Money, Prices and Output • Monetary Policy Transmission • Business Cycle Theory I: New Classical Economics and Real Business Cycle Theory • Business Cycle Theory II: New Keynesian Economics • The Ultimate Goal and the Final Target of Monetary Policy • The Institutional Framework for Monetary Policy: ‘rules versus discretion’ • Monetary Policy Strategy I • Monetary Policy Strategy II • The Instruments of Monetary Policy

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• Open Economy • Monetary policy strategies in an open economy • The CNB Monetary Policy Strategy (see more details, including reading, in the file Course outline)

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