National Repository of Grey Literature 23 records found  previous11 - 20next  jump to record: Search took 0.01 seconds. 
Rational Inattention in DSGE Model
Vostřák, David ; Malovaná, Simona (advisor) ; Kopečná, Vědunka (referee)
A great amount of available information over the internet makes it impossible for anyone to process it all. In this thesis, we use the rational inattention theory to see how the perceived signals about the exogenous variables would change under different levels of information capacity. Those signals are then applied in the New Keynesian model and corresponding impulse responses are compared with the case of unlimited attention. We found that for some autoregressive processes the differences from the perfect attention case are not very profound while for others the results vary considerably.
Distraint in the Czech Republic
Košťál, Daniel ; Cahlík, Tomáš (advisor) ; Malovaná, Simona (referee)
Property distraint is an issue that anyone can face at any point of their life. Despite minor efforts to amend the situation, the Czech Republic continuously sees yearly increases in distraint orders against individuals who default on their debt. This thesis investigates possible meso-level factors that could influence the number of these issued orders. Using data on the 76 state districts plus the capital city of Prague, the overall influence of criminal activity, unemployment and financial literacy is estimated. This is achieved by using the ordinary least squares regression, as well as two other unobserved effects models. The empirical evidence then hints at favorable properties of the random effects model. The results confirm the main hypotheses that crime and unemployment are risk factors for distraint, and that financial literacy helps reduce these risks. Auxiliary data also hints at a certain level of correlation between debt default and immigration, which is up for a further deeper analysis. Keywords Property distraint, crime, unemployment, over-indebtedness, financial literacy Author's email: dkostal@gmail.com Supervisor's email: cahlik@fsv.cuni.cz
Macroprudential Policy and its Impact on the Real Estate Market
Wdowyczynová, Lucie ; Malovaná, Simona (advisor) ; Holub, Tomáš (referee)
After the recent world financial crisis, macroprudential policy tools have started to play an important role in maintaining financial stability. In many countries, the tools have been extensively used only in recent years and their effectiveness is often difficult to assess. Using an index as a proxy for policy tools is one of ways to measure their impact. In this thesis, a new index capturing, in contrast with other studies, also an intensity factor, is constructed. Results are mostly in accordance with economic intuition and existing studies and suggest that indices constructed in an equivalent way can help to understand the impact of policies on changes in housing prices and credit volumes. JEL Classification F12, F21, F23, H25, H71, H87 Keywords macroprudential policy, systemic risk, house prices growth, credit growth Author's e-mail Lucie.Wdowyczynova@hotmail.com Supervisor's e-mail Simona.Malovana@gmail.com
Evaluating the Effects of Quantitative Easing in the UK Using the Synthetic Control Method
Molnár, Vojtěch ; Havránek, Tomáš (advisor) ; Malovaná, Simona (referee)
The thesis deals with quantitative easing (QE)-unconventional monetary policy, which was conducted by several central banks in the aftermath of recent financial crisis. Its goal is to boost the economy and to reach infla- tion target with key interest rates being already close to zero. The United Kingdom was one of the countries involved: Bank of England was conducting the policy in 2009-2012. The first part of the thesis focuses on quantitative easing in more detail; the policy is described in general, but special emphasis is put on Bank of England. The second part uses synthetic control method to estimate effect of the policy on real GDP and inflation of the United King- dom. The method does not lead to construction of appropriate control unit for GDP of the UK under unusual circumstances of the financial crisis. Pos- itive effect of quantitative easing on inflation is found, but its magnitude is surrounded by large uncertainty. 1
The Basic Income concept in the perspective of Agent-Based modelling
Macháček, Vít ; Janský, Petr (advisor) ; Malovaná, Simona (referee)
The Basic Income concept in the perspective of Agent-Based modelling Abstract: The thesis study the relationship between the basic income introduction and the price level. The basic income would replace the existing social security. The resulting redistribution induce changes in the aggregate demand through the concave consumption function. The aggregate demand in turn affect the price creation mechanism. Because the price level is a result of activity of many different agents with private motivation and information, the work used a simple macroeconomic agent-based model to isolate the relationship. The simulation however did not succeed in isolating the possible link between the price level and the basic income introduction.
The Financial Secrecy Index: An Information Theory Approach
Galuszka, Lukáš ; Janský, Petr (advisor) ; Malovaná, Simona (referee)
The objective of this thesis is to evaluate alternative weighting systems to determine if they have the potential to improve the current weighting system of the Financial Secrecy Index (FSI). The FSI, a measure of countries' contributions to global financial secrecy, currently weights its 15 qualitative components equally. A web-based opinion survey conducted in January and February 2016 among academics, journalists, experts and other persons familiar with FSI serves as the baseline for assessing new weights. The new weights derived from the survey results are not significantly different from the equal weights in 14 out of 15 components. The survey results suggest that widely held opinion is consistent with equal weight assumptions. Statistical model selection criteria from information theory that penalize model complexity prefer in majority of cases the simple model over the more complex one even though more complex model provides better goodness-of-fit statistics. Alternative methods and analysis such as Principal Components Analysis is performed and discussed. The present work finds that, statistically, the weights should not diverge from the equal weighting system in use currently. Powered by TCPDF (www.tcpdf.org)
Impacts of the Euro Adoption in the Czech Republic
Svačina, David ; Maršál, Aleš (advisor) ; Malovaná, Simona (referee)
DSGE models are as structural models capable of estimating what would have happened if some part of economy or shocks to it had been different. We consider three such differences in the recent Czech history: no financial shocks during the crisis in 2008-2009; eurozone membership during the crisis in 2008-2009; and no foreign exchange interventions of the Czech National Bank in November 2013. For this purpose, we employ a small open economy DSGE model with financial frictions and estimate it with Bayesian inference. Our results show that impact of financial shocks on GDP growth was negligible. Further, eurozone membership would have made crisis more severe; GDP growth in 2009Q1 would have been -6% instead of -3% and economy would have been in deflation for the five consecutive periods. Difference is explained by strong depreciation of exchange rate during crisis that would not have occurred with the fixed exchange rate. Lastly, the Czech National Banks's foreign exchange interventions increased GDP growth by as much as 0.8 percentage point and saved economy from deflation in all following quarters. They worked through depreciation of exchange rate and consequent improvement in trade balance and increase in price of imported goods. Powered by TCPDF (www.tcpdf.org)
Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Malovaná, Simona (referee)
House price developments have a large impact on the macroeconomic stability, which has proven in the recent global financial and economic crisis triggered by a house price boom and bust. The aim of this thesis is to assess the effectiveness of macroprudential regulation aiming at the contract between lenders and borrowers in mitigating housing price and associated credit cycle. To assess effectiveness the macroprudential regulation is analyzed in ten European countries. The regulation in individual countries is subsequently compared. The comparison shows that countries with high proportions of foreign currency denominated debt use macroprudential measures to mitigate foreign exchange risk. Furthermore, the immediate influence of regulation on housing credit is relatively high. However, it diminishes with time.
Equilibrium in the jungle
Havlena, Jiří ; Gregor, Martin (advisor) ; Malovaná, Simona (referee)
This bachelor thesis firstly introduces the jungle model, in which economic transactions are driven by coercion. The jungle is closely related to the model of exchange economy. The differences between both setups are discussed and consumption sets are introduced as additional constraint of agents in exchange economy. Following is the essential part of the thesis, discussing effects of these sets on welfare properties and competitive equilibria. The results suggest that consumption sets extend the set of Pareto efficient allocations in exchange economy. Analysis of competitive equilibria suggests interesting results about existence of non- efficient competitive equilibrium allocations.

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