Introduction to the Macroeconomics. The seminar is dedicated to the course introduction, the organization of the semester and students get familiar with the course requirements.
1st seminar - the main topic of the course is macroeconomic variables. Using the case of Czech Republic and USA students discuss the basic macroeconomics variables and their development in time, the meaning of real and nominal values of GDP and the main components of GDP. Students compare the chosen economies' economic performance and discuss the difference in the economic performance and the economic wealth/well-being. The students then review their knowledge via Vevox quiz.
2nd seminar - a Keynesian model for two-sector economy. 1) The students will discuss the basic model assumptions and components of aggreagate expenditure in two-sector economy, especially the relationship between the income, the consumption and the savings. 2) Solving the chosen problems, students will learn what determines the level of product and when the equilibrium level of product is achieved in two-sector economy. 3) The students may test their knowledge using the test provided in the study materials.
3rd seminar - the Keynesian model for three sector. The seminar will focus on determining the equilibrium product in prepared problems and discussing the role of government sector, taxes and transfer payments in the product estimation.
4th seminar - the seminar is dedicated to the four sector economy and the topic of foreign trade and balance of payments. Students will test their knowledge and understanding of the balance of payment from lecture via Vevox quiz. The end of the seminar is dedicated to the review of three and four sector economy model, solving the final complex problem found in the study materials.
5th seminar - IS-LM model. The seminar is dedicated to demonstrating the relationship between the economy output and interest rate with the use of IS-LM model. Solving the problems, students will review and practice how IS and LM curves are constructed and how equilibrium output and interest rate is determined in the model (both mathematically and graphically), as well as the effects of fiscal and monetary policies on the variables.
6th seminar - the students are going to build on their knowledge about how equilibrium product and interest rate from previous seminar (IS-LM model) while considering the open economy assumption (IS-LM-BP model). Students are introduced to the difference between the system of fixed exchange rate and floating exchange rate, as well as the different impacts of fiscal and monetary policies.
7th seminar - the AS-AD model. Students discuss the aggregate demand and aggregate supply and the causes that lead to their shift, based on the study material (about 15-30 minutes). Then the students work in groups and work out the graphical solution for their specific group task. The groups present and explain their solutions to the other groups and discuss the effect of fiscal/monetary policies according to their cases. The end of the lesson is dedicated to the review quiz in Vevox that students work out in the class or at home.
8th seminar - the class is dedicated to the concepts of unemploymend and inflation. Students will also review their understanding of types of unemployment and determination of unemployment rate via group activity and group discussion. For the topic of inflation, the students are going to make rational decisions about what to do with their money based on the inflation level and other information available to them. Based on the results of their activity they will discuss which subjects benefit from higher inflation and which subjects are harmed by inflation, as well as the role of CB, interest rates and current economic situation.
9th seminar - economic growth and economic cycle. Working in groups students will briefly review AS-AD model, PPF model and business cycle model as a possible graphic tools for capturing different business cycle phases and economic growth. Then students are going to work in groups analysing a certain real economy in a given time period. They will search for relevant data about macroeconomic variables, analyse them and interpret them with regards to the country's economic cycle as well as present their recommended policies to manage the cycle.
10th seminar - the seminar is dedicated to the economic simulation where students are going to work in teams of 3-5 people and choose suitable policies to make their economy prosper. When choosing their policies students need to consider the policies' possible impact on several goals - economic growth, unemployment, inflation, government debt and their own popularity among public.
11th seminar - the review before the exam.