HMV426 Designed to Fail: What's Wrong With the Euro?

Fakulta sociálních studií
podzim 2016
Rozsah
1/1/0. 7 kr. Ukončení: zk.
Vyučující
Prof. Wray Randall (přednášející), Mgr. Vladan Hodulák, Ph.D. (zástupce)
Garance
doc. Mgr. et Mgr. Oldřich Krpec, Ph.D.
Katedra mezinárodních vztahů a evropských studií – Fakulta sociálních studií
Kontaktní osoba: Olga Cídlová, DiS.
Dodavatelské pracoviště: Katedra mezinárodních vztahů a evropských studií – Fakulta sociálních studií
Rozvrh
Po 3. 10. 13:30–15:00 Aula, Út 4. 10. 13:30–15:00 U35, St 5. 10. 13:30–15:00 P21, Čt 6. 10. 15:15–16:45 U41, Pá 7. 10. 9:45–11:15 P22, Út 11. 10. 15:15–16:45 P22, 17:00–18:30 U43, St 12. 10. 15:15–16:45 PC26, Čt 13. 10. 15:15–16:45 U41, Pá 14. 10. 9:45–11:15 P22
Omezení zápisu do předmětu
Předmět je určen pouze studentům mateřských oborů.

Předmět si smí zapsat nejvýše 40 stud.
Momentální stav registrace a zápisu: zapsáno: 0/40, pouze zareg.: 0/40
Mateřské obory/plány
předmět má 7 mateřských oborů, zobrazit
Cíle předmětu
An investigation of the design flaws of the European Monetary Union that have resulted in a financial and economic crisis. To understand these flaws, we need to investigate how sovereign currencies work. That then allows us to understand monetary and fiscal policy operations and options. The EMU is an unprecedented experiment, which attempted to divorce a currency from fiscal authority. In important respects, this has resulted in the current crises. We will need to develop a strong background in monetary theory to understand the nature of the design flaws and the nature of the crisis. That will then allow us to explore policy solutions. Note that this class will not investigate the pros and cons of European integration, rather, it will take for granted that European Union is desired. The course will focus only on the problems in the set-up of the monetary union. As such, various political controversies over unification will not be examined in this course.
Osnova
  • 1) Introduction: What is money? Two views.
  • 2) Money in History and in History of Thought: Barter vs Taxes-Drive-Money
  • 3) Basics of Macro Accounting
  • 4a) Monetarist vs Keynesian approaches; Spending by Sovereign Currency Issuer
  • 4b) Endogenous and Exogenous Money; The Domestic Money Supply
  • 5) Fiscal and Monetary Operations in Sovereign Currency
  • 6) Exchange Rate Regimes: Money in the Open Economy
  • 7) The Euro: Subtle Design Problems?
  • 8) Rise of Money Manager Capitalism; Global Financial Crisis
  • 9) Reform; Conclusions
Literatura
    povinná literatura
  • WRAY, L. Randall. Modern money theory : a primer on macroeconomics for sovereign monetary systems. 1st ed. London: Palgrave Macmillan, 2012, xvi, 294. ISBN 9780230368880. info
Výukové metody
Lectures, with time for questions and answers.
Metody hodnocení
Attendance and Participation: 10%; Take-home Final Exam 45%; Term paper 45%. Total 100% The take-home exam will require essays; they will be timed and must be returned on time (10% late penalty up to 24 hours; 25% late penalty after that). Students will produce a 2000 word position paper on an assigned question. I will look for evidence of plagiarism in all written work; it usually takes less than 30 seconds to find the source. Plagiarism is a serious offense and will be treated as such. Late student research papers will be devalued by 10%. Students are expected to attend all classes, prepared and alert.
Vyučovací jazyk
Angličtina
Informace učitele
The main texts are a chapter from Controversies in Monetary Economics, by John Smithin (JS), Some readings from Money from the New Palgrave dictionary (NP), and Modern Money Theory: A primer on the macroeconomics for Sovereign Monetary Systems by L.R. Wray (MMP). In addition, there will be a number of journal articles, working papers and briefs, and chapters of books as required readings. Most of these will be available on-line from www.levy.org. You can also find some of the articles in the original journals or books in the library or on the web. Finally there will be some blogs that will be assigned for discussion. The blogs will be assigned later.
Předmět je zařazen také v obdobích podzim 2014, jaro 2019.