Sebastian Jakubowski PhD

Personal information:

Number of hours: 
2h X 15 weeks = 30 hours (1 semester)

The aim of the Macroeconomic Environment of Business subject is to instill in successful candidates the ability to analyze macroeconomic issues such as growth, productivity, labor markets, wages, business cycles, inflation, money, interest rates, monetary policy, fiscal policy, and financial crises.


The lecture touches upon a wide spectrum of decisions of post-communist governments taken in the last two decades, which have transformed Central European Economies into emerging markets.
Special attention will be paid to the problems of social reforms applied in Central and Eastern Europe.
In the second part of the 90’s Poland, the Czech Republic and Hungary became a classical "emerging markets" challenged by currency crisis, resources access, migrations, trade competition etc. Therefore, the most important points of the lecture will be: economic transformation, labour market policies, pension and health care reforms, than opening the domestic market for foreign trade and financial investments. The last part of the lecture concentrates on benefits and threats of the European integration for Central European Societies.



1. Introduction.

2. Heritage of Central Planning.

3. Mechanisms and Forms of Economic Transformation.

4. Privatization.

5. Evolution of Foreign Trade during Transformation.

6. Labor Market Policies during Transformation.

7. Introduction to Economics of the Welfare State.

8. Social Reforms – Pension Reforms.

9. Pension Reforms and Development of Regional Financial Markets.

10. Social Reforms – Health Care Reforms.

11. Fiscal Challenges of Transformation.

12. Monetary Policy and Inflation during Transformation.

13. Financial Crisis in the CEE.

14. Migration Crisis.

15. Summary.