MACRO FINANCES - BMEGT35M106

The main objective of the course is to acquaint students with the main areas of macroeconomic finance (fiscal policy, monetary policy, fiscal stability, and their contexts. The review of the function of the state, the presentation of taxa-tion, fiscal balance and public debt play an important role in teaching of fiscal policy. The central issues of monetary policy are the following: price and exchange rate stability, inflation, furthermore the instruments of central banks and money creation. The essence of financial stability is the ability of core financial markets and institutions to efficiently perform their functions: allocation of financial resources, risk management and managing payment transactions.

1. the functions of the state and the main contexts of fiscal policy
2. the key indicators to evaluate budgetary policy
3. the political economy of fiscal policy
4. tax theories
5. the concept and definitions of macro-finance
6. the most important macro-financial relations and theories
7. the purpose and instruments of monetary systems and po

1. analyze the most important macro-financial processes and developments in practice from economic aspects
2. use the vocabulary in economics on macro-financial developments and processes,
3. plan and organize independent learning,
4. comprehend and use the professional literature of the topic,
5. grasp the professional language in writing and speech,
6. recognize and solve practical professional problems.

1. are open to learn and adapt the methodology of equity investments,
2. collaborate with their instructors and fellow students during the learning process,
3. gain knowledge and information,
4. are open to critical thinking.

1. are open to accept reliable critical remarks,
2. are able to solve practical professional problems independently.

Lectures and written communication, use of ICT tools and techniques.

• 1. Az előadások prezentációinak anyaga, ami a félév során folyamatosan fog feltöltésre kerülni.
• 2. Atkinson, Anthony. B., Stiglitz, Joseph. E.: Lectures on Public Economics: Updated Edition. Princeton Univer-sity Press. 2015
• 3. Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz: Principles of Macroeconomics. McGraw-Hill, 2015
• 4. Berta, Dávid – Tóth, Csaba G.: Fiscal rules. MNB Handbooks: No. 14., 2017.
• 5. P. Kiss, Gábor- Babos, Dániel – Baksay, Gergely – Berta, Dávid: Fiscal Deficit Indicators. MNB Handbooks: No. 9., 2017
• 6. Baksay, Gergely – Kicsák, Gergely –Szalai, Ákos: Public debt. MNB Handbooks: No. 4., 2016
• 7. Felcser, Dániel –Komlóssy, Laura –Vadkerti, Árpád –Váradi, Balázs H.: Inflation targeting. MNB Handbooks: No. 3., July 2016
• 1. Slideshows of the lectures which will be uploaded continously during the semester.
• Recommended:
• 2. Atkinson, Anthony. B., Stiglitz, Joseph. E.: Lectures on Public Economics: Updated Edition. Princeton Univer-sity Press. 2015
• 3. Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz: Principles of Macroeconomics. McGraw-Hill, 2015.
• 4. Berta, Dávid – Tóth, Csaba G.: Fiscal rules. MNB Handbooks: No. 14., 2017.
• 5. P. Kiss, Gábor- Babos, Dániel – Baksay, Gergely – Berta, Dávid: Fiscal Deficit Indicators. MNB Handbooks: No. 9., 2017
• 6. Baksay, Gergely – Kicsák, Gergely –Szalai, Ákos: Public debt. MNB Handbooks: No. 4., 2016
• 7. Felcser, Dániel –Komlóssy, Laura –Vadkerti, Árpád –Váradi, Balázs H.: Inflation targeting. MNB Hand

Assessment of the learning outcomes is based on a home assignment and a written end-term test.

A. Detailed description of assesments during the term: Writing a comparative fiscal analysis in teamwork about a group of countries. Out of the maximum 100 po-ints reachable in the whole course, 40 can be acquired by this assignment

• Exam: 60%

1) The exam can be retaken in the exam period.

Subject includes the topics detailed in the course syllabus to ensure learning outcomes listed under 2.2. can be achie-ved. Timing of the topics may be affected by calendar or other circumstances in each semester.