National Repository of Grey Literature 95 records found  beginprevious51 - 60nextend  jump to record: Search took 0.01 seconds. 
ECB's Quantitative Easing - What Effects, Through Which Channels?
Husek, Daniel ; Holub, Tomáš (advisor) ; Lešanovská, Jitka (referee)
The paper analyzes the wide-economy impacts of the European Central Bank Expanded Asset Purchase Programme (ECB EAPP). The paper investigates the effects of the balance sheet change as well as the latent nature of unconventional policy tools and analyzes the effects by two distinct models, the Structural Vector Autoregressive (S-VAR) and Factor-Augmented VAR (FA-VAR). The paper further discusses the transmission channels of the monetary policy. The paper finds that the effect on the economy is materialized. The paper shows that the major channel of ECB unconventional policies on the real economy is driven by the response of nominal exchange rate and decline of interest rates.
Psychological Aspects of Decision Making in Creative Art Process
Holub, Tomáš ; Bahbouh, Radvan (advisor) ; Šípek, Jiří (referee)
(in English) The thesis explores decision making in creative artistic process in adults. The aim of this study is to determine what and how the adults reflect during an art activity and its aftermath, as well as what other phenomena occur in the creative process. The theoretical part is divided into four parts. The first section deals with decision making - the terminology and the three theories of intuitive decision making. The second part presents basic knowledge about creativity. The third part deals with the creative process and its models. The fourth one describes two methods used in the research. The empirical part consists of qualitative and quantitative research. The qualitative research was conducted using a semi-structured interview with 14 adults, who drew on stimulus matrix - scribbling, which was created for this purpose. The objective of the qualitative research was to map the decision making in the given activity. The purpose of the quantitative research was to compare the used scribbling method with the Torrance Figural Test of Creative Thinking. The results of both surveys are described in detail and discussed with the available literature. The conclusion of the thesis offers recommendations on the use of the collected data and possible further research on this topic. Klíčová slova...
Deflation and the Czechoslovak experience
Tůmová, Jana ; Holub, Tomáš (advisor) ; Dědek, Oldřich (referee)
This thesis focuses on the term deflation, i.e., a decline in the price level in the economy, from a theoretical point of view, as well as empirically by an analysis of two deflationary periods in interwar Czechoslovakia. The first part focuses on theoretical concepts concerning the decline in price level. Deflation, currently a frequently discussed topic, can be distinguished as deflation caused by a negative demand shock and by a positive supply shock. Based on this distinction, a group of contemporary economists distinguishes between "good" and "bad" deflation. In contrast to this concept, the other group of economists consider deflation only as a negative phenomenon, even though deflation is caused by a positive shock. The second part of this thesis analyzes two deflationary eras in the 1920's and 1930's in Czechoslovakia. The first deflation was induced by interventions on the foreign exchange market in order to reduce the price level and stabilize the currency. In contrast, the second deflationary period was associated with the Great Depression, i.e., with an external factor. The third part analyzes Czechoslovak interwar time series using Spearman's and Pearson's correlation. Powered by TCPDF (www.tcpdf.org)
The Effects of Foreign Exchange Interventions in a Small Open Economy: The Case of the Czech Republic in a World Context
Timko, Jan ; Holub, Tomáš (advisor) ; Dědek, Oldřich (referee)
In this thesis we examine the effect of foreign exchange interventions in small open economy, focusing on the Czech experience. In the first part we model volatility development before and after the intervention using GARCH model. In the second part we estimate relationship between macroeconomical variables using vector autoregressive model. In this part we estimate impulse response function of exchange rate and inflation. In second part of VAR modeling we provide counterfactual analysis, which compare actual development of variables with alternative scenario in which the interventions would not happen . Our results suggest that the interventions is associated with few months delayed decrease in volatility. Base on scenario analysis the interventions increased inflation by approximately 1.5 % and without the intervention the economy would in deflation around -1 % nowadays. KEYWORDS: Vector autoregression, Volatility modelling, Monetary policy, Intervention Author's e-mail: jantimko16@gmail.com Supervisor's e-mail: tomas.holub@cnb.cz
Helicopter Drop of Money - Is It Feasible in Practice?
Gábrišová, Nela ; Holub, Tomáš (advisor) ; Adam, Tomáš (referee)
The main goal of this thesis is to discuss the famous Milton Friedman's concept of Helicopter Drop of Money in context of its applicability in the real world as a possible solution to liquidity trap. For better understanding, the thesis briefly de- scribes conduct of traditional and unconventional monetary policies. Key focus is put on describing assumptions necessary for the concept to yield desirable economic outcomes, and on detailed analysis of periods when zero lower bound on nominal interest rates is binding. Furthermore, roles of agents involved in execution of the concept, and important channels of transmission process are discussed from idealised theoretical view to real world possibilities of feasible execution. Additionally, prac- tical experience with direct cash distribution in Australia, and with quantitative easing programmes in Japan and the USA are explained. The last part analyses effects of increased monetary base on CPI inflation, money multiplier M2, and GDP in Japan and the USA using vector autoregression. JEL Classificiation E31, E43, E51, E52 Keywords Helicopter drop of money, quantitative easing, monetary base, liquidity trap, zero lower bound Author's email nela.gabrisova@gmail.com Supervisor's email tomas.holub@cnb.cz
Should monetary policy pay attention to financial stability? A DSGE approach
Žáček, Jan ; Holub, Tomáš (advisor) ; Žigraiová, Diana (referee)
After the recent financial crisis of 2007, a connection between monetary policy and financial stability has started to be thoroughly investigated. One of the particular areas of this research field deals with the role of various financial variables in the monetary policy rules. The main purpose of this research is to find whether direct incorporation of the financial variables in the monetary policy rule can bring macroeconomic benefits in terms of lower volatility of inflation and output. So far, the main emphasis of the research has been placed on the investigation of the augmented Taylor rules in the context of a closed economy. This thesis sheds light on the performance of the augmented Taylor rules in a small open economy. For this purpose, a New Keynesian DSGE model with two types of financial frictions is constructed. The model is calibrated for the Czech Republic. The thesis provides four conclusions. First, incorporation of the financial variables (asset prices and the volume of credit) in the monetary policy rule is beneficial for macroeconomic stabilization in terms of lower implied volatilities of inflation and output. Second, the usefulness of the augmented monetary policy rule is the most apparent in case of the shock originating abroad. Third, there is a strong link between the financial and the...
Exchange Rate Pass-Through in Mongolia
Batmunkh, Sanjidmaa ; Holub, Tomáš (advisor) ; Kocourek, David (referee)
This thesis investigates the exchange rate pass-through to consumer prices, and its non-linearity and asymmetry effect in Mongolia. The recursive VAR model and non-linear econometric model are applied using monthly data from January 2000 to December 2013. We find that exchange rate pass-through is high and incomplete both in the short and in the long run in Mongolia. There is a statistically significant asymmetry effect, which states that impact of exchange rate depreciation on consumer price is higher than appreciation. However, we do not find an evidence of non-linearity in consumer price reaction to the large and small absolute changes of the exchange rate relative to its sample average and median as a threshold level. Additionally, we estimate the importance of the exchange rate shock for the consumer price variation using variance decomposition technique. In spite of this relatively high pass through, the exchange rate shocks explain a relatively small percentage of the variation in CPI inflation. Powered by TCPDF (www.tcpdf.org)
The Effectiveness of Unconventional Monetary Policy Tools at the Zero Lower Bound: A DSGE Approach
Malovaná, Simona ; Holub, Tomáš (advisor) ; Franče, Václav (referee)
The central bank is not able to further ease monetary conditions once it ex- hausts the space for managing short-term policy rate. Then it has to turn its attention to unconventional measures. The thesis provides a discussion about the suitability of different unconventional policy tools in the Czech situation while the foreign exchange (FX) interventions have proven to be the most appropriate choice. A New Keynesian small open economy DSGE model estimated for the Czech Republic is enhanced to model the FX interventions and to compare dif- ferent monetary policy rules at the zero lower bound (ZLB). The thesis provides three main findings. First, the volatility of the real and nominal macroeconomic variables is magnified in the response to the domestic demand shock, the for- eign financial shock and the foreign inflation shock. Second, the volatility of prices decreases significantly if the central bank adopts price-level or exchange rate targeting rule. Third, intervening to fix the nominal exchange rate on some particular target or to correct a misalignment of the real exchange rate from its fundamentals serves as a good stabilizer of prices while intervening to smooth the nominal exchange rate movements increases the overall macroeconomic volatility at the ZLB. 1
Current account adjustment in the Baltic countries
Vostřák, David ; Holub, Tomáš (advisor) ; Šopov, Daniel (referee)
In last twenty years, the Baltic countries have experienced turbulent develompents of their current accounts. Deficits on these accounts were often substantially above 10% of GDP and there was active discussion about their sustainibility. We will look in this work on the developments of the current accounts both from practical and theoretical point of view. The later is made with usage of an intertemporal model of representative agent, who maximazes his utility by optimizing his consumption profile over infinite time horizon. This model is then used in empirical part, where we compare estimated values of the current accounts with their real values. We assume that expectations about future values of key variables are realized by following the vector autoregression of order one. The results of this work suggest that big deficits in past were caused by high expectations about growth rates of the economies. Decreasing of this expectations then resulted in the adjustments of the current accounts. Powered by TCPDF (www.tcpdf.org)
The Effectiveness of Unconventional Monetary Policy Tools at the Zero Lower Bound: A DSGE Approach
Malovaná, Simona ; Holub, Tomáš (advisor) ; Maršál, Aleš (referee)
The central bank is not able to further ease monetary conditions once it ex- hausts the space for managing short-term policy rate. Then it has to turn its attention to unconventional measures. The thesis provides a discussion about the suitability of different unconventional policy tools in the Czech situation while the foreign exchange (FX) interventions have proven to be the most appropriate choice. A New Keynesian small open economy DSGE model estimated for the Czech Republic is enhanced to model the FX interventions and to compare dif- ferent monetary policy rules at the zero lower bound (ZLB). The thesis provides three main findings. First, the volatility of the real and nominal macroeconomic variables is magnified in the response to the domestic demand shock, the for- eign financial shock and the foreign inflation shock. Second, the volatility of prices decreases significantly if the central bank adopts price-level or exchange rate targeting rule. Third, intervening to fix the nominal exchange rate on some particular target or to correct a misalignment of the real exchange rate from its fundamentals serves as a good stabilizer of prices while intervening to smooth the nominal exchange rate movements increases the overall macroeconomic volatility at the ZLB. 1

National Repository of Grey Literature : 95 records found   beginprevious51 - 60nextend  jump to record:
See also: similar author names
1 Holub, Tadeáš
Interested in being notified about new results for this query?
Subscribe to the RSS feed.