Nový předmět 1MT457 Current Monetary System and its Potential Reforms

Katedra měnové teorie přináší v letním semestru 2020/2021 nový předmět 1MT457 Current Monetary System and its Potential Reforms.

Vyučující: Ing. Mojmír Hampl, MSc., Ph.D. (KPMG, bývalý viceguvernér ČNB)

Zaměření: The course aims to shed light on the essence, theoretical foundations, functioning and practical aspects of the current elastic money system. The course will then introduce key past and existing ideas (or economic schools) which formulate alternatives to the current monetary order. An indispensable part of the course will encompass approaching historical developments of monetary systems up to the current one which has become a worldwide standard.

Obsah předmětu:
1. The long historic road to elastic money
2. Current central banking in the elastic money system; exogeneous vs. endogenous money debates now and in the past
3. The role of credit and the essence of money creation and destruction in the current system
4. The essence and varying definitions of money
5. Inflation targeting I. – The substance of price stability as a core of viable elastic money systems
6. Inflation targeting II. – Inflation targeting vs. monetary targeting (“new monetarists” in “old central banks”), viable modifications to current state-of-the-art systems (nominal GDP targeting, price-level targeting)
7. Intellectual background of the current mainstream monetary policy (rational expectations and rigidities and their consequences for the monetary policy in practice)
8. Fixed and flexible exchange rates systems and elastic money
9. Potential reforms I. – The original Chicago plan and the Chicago plan revisited
10. Potential reforms II. – Private money and currency competition (old ideas, practice and current defenders, cryptocurrencies (cryptoassets) as a new alternative)
11. Potential reforms III. – Historical perspective and current ideas of money backing (gold, silver and other metals and commodities as a basis for sound money)
12. Changing the system vs. changes within the system
13. The monetary systems in the Czech historical context