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The Dynamic CGE Model and Analysis of Impacts of Environmental Policy
Píša, Vítězslav ; Brůha, Jan (advisor) ; Tonner, Jaromir (referee) ; Smeets Křístková, Zuzana (referee)
The thesis evaluates three revenue neutral mixes of political measures aimed at the support of utilization of biofuels in the Czech Republic. The dynamic computable general equilibrium model with three aggregated sectors and two types of households is applied for evaluation of relevant environmental and economic impacts. The hypothetic price subsidy of utilization of energy biomass in production of the first generation biofuels fulfilling sustainability criteria is chosen as the basic supportive tool. The revenue neutrality is satisfied via adequate increase in tax rates in three different alternative scenarios (via labor tax, motor fuel tax, and standard value added tax). The results indicate that at the current price level of crude oil even relatively high level of price subsidy is not sufficient in fulfilling the emission and biofuel share targets presumed by European Commission. Therefore, for attaining the biofuel share target high percentage first generation biofuels and second and third generation biofuels have to be utilized. Furthermore, for the fulfilling of emission targets other alternative fuels have to be utilized as well. The results finally reveal that environmentally most efficient mix is the price subsidy compensated via an increase in the motor fuel tax, economically most...
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Four Essays on Macroeconomic Aspects of the Transition Process
Brůha, Jan ; Slobodyan, Sergey (advisor) ; Zamulin, Oleg (referee) ; Cobham, David (referee)
This dissertation is a sample of my research on macroeconomic aspects of the transition process in the Central European countries. During my doctoral studies, I have been especially interested in two issues: (1) environmental regulation and policy and (2) macroeconomic convergence. The first paper The decomposition and econometric analysis of air emissions in a transition country: the case of the Czech Republic is from the field of environmental economics and is empirically oriented. It analyzes air emissions of four classical pollutants in the Czech Republic during the transition period. The next three papers are macroeconomic papers based on theoretical modeling. The paper Real Exchange Rate in Emerging Economies: The Role of Different Investment Margins (written jointly with Jiří Podpiera) inquires about the mechanism of the strong pace of the real exchange rate appreciation observed in Central European transition economies. The paper introduces a quality investment margin and shows that the margin is needed for replicating the observed pace of the real exchange rate appreciation. The paper basically compares the steady state of the model for various levels of development of a converging country. The next paper The Dynamics of Economic Convergence: The Role of Alternative Investment Decisions...
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Philosophical, religious and socio-political views Karel Sabina
Brůha, Jan ; Štaif, Jiří (advisor) ; Pokorná, Magdaléna (referee)
Resume When discussing, albeit briefly, Sabina's personality, life and work as an introduction to the following parts of the thesis, reality is confronted with its reflection in his literary work. In this context possible intellectual defenses of his becoming a common informer for the police are being considered, together with certain implementations of related plans in the reports for the police. The reports, especially his exposé for the government dated 1867, Sabina's life and literary works serve as a basis. Attention is paid to their artistic evaluation. The conclusion of some authors regarding Sabina's submission to positivity as well as the decline in the quality of his work from the beginning of his common informer's career is refused. In Sabina's philosophical and theological opinions approximately from the beginning of the second half of the forties, various signs of Romanticism are analyzed: mystical light, especially related theism, his search for a certain analogy of that in the Slavic solar deity of Svetovid, veering towards philosophical skepticism. The then influences of philosophy are identified, especially of Novalss or Schelling In the upcoming years Sabina's defense of empiricism, continued inculcation of the rational side but also the decline of the mystical moment, yet still a steady...
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Growth models and the Environmental Kuznets curve
Tvarůžek, Ladislav ; Brůha, Jan (advisor) ; Kolouchová, Petra (referee)
This bachelor thesis focuses on an analysis of the impact of economic growth on the environment. The first part shortly introduces the history of macroeconomic models incorporating environmental constraints to analyse, then, assumptions, behaviour and implications of the three pre-selected models. The following section deals with the theory of the Environmental Kuznets Curve and offers the assessment of current explanations, empirics and possible shortcomings. The final part connects the findings of previous chapters in order to construct computer simulations whose goal is to predict the development of the environment in the given model.
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Aggregated Indicators in Ecological Economics
Syrovátka, Miroslav ; Brůha, Jan (advisor) ; Šauer, Petr (referee)
The aim of the thesis is to analyze three aggregated indicators and put them into the context of Ecological Economics. The second chapter points out that different sustainability perspectives imply distinct sustainability policies. Ecological Economics is outlined in contrast to Environmental Economics. Following three chapters analyze selected aggregated indicators. Aggregated indicators can provide quick insight into complex problems; however, their virtue depends to a large extent on the method of aggregation. Therefore, the interpretation of aggregated indicators should always be conditioned by their specific methodology. The Ecological Footprint is called technologically skeptical indicator of sustainability, applicable rather on a global than a national scale. Even on a lower scale the Ecological Footprint can illustrate demands of a given population for renewable natural resources. A major shortcoming of the Index of Sustainable Economic Welfare is the integration of welfare and sustainability into one indicator since it does not allow for a simple interpretation of its results. High correlation between the Human Development Index and the indicators of economic activity limits the usefulness of the former. Yet, it can serve as a basis for further evolution of the concept and measurement of human...
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Nowcasting the Czech Trade Balance
Babecká Kucharčuková, Oxana ; Brůha, Jan
The Working Paper Series of the Czech National Bank (CNB) is intended to disseminate the results of the CNB’s research projects as well as the other research activities of both the staff of the CNB and collaborating outside contributors, including invited speakers. The Series aims to present original research contributions relevant to central banks. It is refereed internationally. The referee process is managed by the CNB Research Department. The working papers are circulated to stimulate discussion. The views expressed are those of the authors and do not necessarily reflect the official views of the CNB.
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Business Intelligence in the Laboratory
Musil, Jiří ; Novotný, Ota (advisor) ; Brůha, Jan (referee)
The main objective of this diploma thesis is the implementation of a pilot solution of Business intelligence in the laboratory company. This company is providing tests of samples of blood and urine. The diploma thesis is divided into two main parts. The first part contains theory. It describes the usage and components of the Business intelligence. Additionaly it describes the method Balanced scorecard and its usage in laboratory companies. The second part contains practical solution. At first there is a description of the company where is the solution implemented. In the next step the goals and metrics are determined on basis of the application of the method Balanced scorecard. The strategic map is created based on company goals. The last chapter contains a description of the implementation of the pilot solution and the description of created reports.
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On the Sources of Business Cycles: Implications for DSGE Models
Andrle, Michal ; Brůha, Jan ; Solmaz, Serhat
What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations are driven by one major factor. The positive co-movement of real output and inflation convincingly argues for a demand story. This feature—robust across time and space—provides a simple smell test for structural macroeconomic models. We propose a simple statistic that can compare data and models. Based on this statistic, we show that the recent vintage of structural economic models has difficulties replicating the stylized facts we document.
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Empirical Analysis of Labor Markets over Business Cycles: An International Comparison
Brůha, Jan ; Polanský, Jiří
The goal of this paper is to document and summarize the main cyclical features of labor market macroeconomic data in advanced countries. We report the second moments (correlations, coherences and volatility) of labor market variables for various data transformations (growth rates and cycles). Then we use dynamic factor models to inquire about the number of orthogonal shocks that drives labor market data dynamics. We also investigate the time-varying nature of these features: we ask whether they are stable over time, especially at times of severe crises such as the Great Recession. Finally, we compare these features across countries to see whether there are groups of countries characterized by similar features, such as labor market institutions. We find that certain features are stable over time and across countries (such as Okun’s Law), while others are not. We also confirm that labor market institutions influence selected characteristics, but to a limited degree only. We find that one or at most two orthogonal shocks seem to drive the cyclical dynamics of labor market variables in most countries. The paper concludes with our interpretation of these findings for structural macroeconomic models.
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Dynamics of Linear Forward-looking Structural Macroeconomic Models at the Zero Lower Bound: Do Solution Techniques Matter?
Brůha, Jan
Yes, they do matter, sometimes a lot. In this paper, I compare various solution techniques that can be used to solve structural forward-looking macroeconomic models subject to the zero lower bound as the only non-linearity. I use stylized forward-looking models to compare the solution techniques based on impulse responses, on the implications of forward guidance, on the values of fiscal multipliers, and on solution accuracy. I disprove recent claims in the literature that various solution methods yield identical dynamics. The solutions are equivalent only if the zero lower bound constraint binds for no more than one period, otherwise the implied dynamics can be different. Moreover, I find that large effects of forward guidance and large fiscal multipliers at the zero lower bound are found especially when models are solved using ‘shadow’ shocks. On the other hand, the occasional-binding toolbox and solutions based on a non-linear deterministic solver imply small effects of forward guidance and fiscal multipliers that are not significantly larger at the zero lower bound than during normal times. Moreover, these two types of solutions seem to be the most accurate.
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