National Repository of Grey Literature 30 records found  previous11 - 20next  jump to record: Search took 0.00 seconds. 
Monetary policy of CNB in zero lower bound
Bohatec, Martin ; Ševčíková, Michaela (advisor) ; Pfeifer, Lukáš (referee)
This thesis deals with CNB interventions in favor of the exchange rate depreciation of November 2013. The theoretical part presents alternative tools for unconventional monetary policy when zero lower bound is binding. This thesis then describes the experience of other central banks that responded to low interest rates. Intervention of CNB is contextualized in the Czech financial system and previous economic development. The thesis analyses alternative instruments which CNB might have accessed. Based on the analyzed data this thesis concludes that despite the long-term maintenance of weakened Koruna above the level of announced exchange rate pledge the sufficiently loose monetary policy was not translated into desired price increase.
Comparison of state aid in the EU banking sector during the recent financial crisis
Bížová, Barbora ; Pfeifer, Lukáš (advisor) ; Misic, Viktorija (referee)
The bachelors thesis describes and compares tools of crise management used to solve the financial crises in particular countries EU in 2008, following the tools based on the proposal of a directive about crise management tools. European Union concludes that implementation of such tools is important especially because of intervention timing, inefficiency of previous tools and decrease of negative impact on taxpayers. Thesis evaluates use of these tools as succesfull. Only critical statement is presented when talking about crise management tools used as a solution for Cyprus bank system.
Merger control in EU and USA
Ventová, Kateřina ; Zajíček, Miroslav (advisor) ; Pfeifer, Lukáš (referee)
This diploma thesis aims to compare the approaches of EU and USA to the merger control from the point of view of the competition policy. Its goal is to confirm the hypothesis that both these approaches converge, but there are still significant differences. The comparative method was used to achieve this goal. The necessary information was gained from law regulations, academic papers and books. The results is that in the last years, mainly after the reform of merger control in EU in 2004, the definition of the lessening of the effective competition has been converged and the same happened in the field of horizontal mergers. However there are still significant differences in the area of non-horizontal mergers, mainly because the approach of USA is based on the ideas of Chicago school, but the approach of EU is rather based on the post-Chicago economics. Other differences can be found in the fact, that US merger control system is judicial but in EU it is administrative. Apart of that the US antitrust authorities use more economics and econometrics. These findings are also proved by the arguments of EU and USA in the cases GE/Honeywell and DB/NYX, in which both jurisdictions decided differently.
Anti-ekonomie: vnímání organizace a spontánního řádu a jeho důsledky pro hospodářskou politiku
Ábelovský, Adam ; Pfeifer, Lukáš (advisor) ; Misic, Viktorija (referee)
Anti-economics is a fundamental critique of rationality in economics based in misconception of organization and spontaneous order. Some of the anti-economics is based in Folk Economics, mostly laymen. Economists also tend to be wrong when analyzing basic principles of neoclassical economics. These results are not persuasive. Complex character of the human mind - explored through Folk Economics, bounded rationality and Hayek's The Sensory Order -- transfers itself to the study of social phenomena and brings the need for use of subjective or ecological rationality. In the perception of objective rationality there is no incentive for learning and that is in contradiction with Hayek's theory of mind. Neoclassical economics might find common ground with subjective theory of mind in the fields of experimental economics, e.g. neuroeconomics. Hayekian approach to rationality enforces constraints to government and bottom up rules to be maintained.
Analysis of the redistribution of income in the U.S. in the 70 and 80 years.
Jón, Jiří ; Pfeifer, Lukáš (advisor) ; Štekláč, Jiří (referee)
The present thesis analyzes the economic and political measures of United States President Ronald Reagan and their impact on income inequality. Moving away from Keynesian interventionist government action meant a return to the traditional, modernized, neoclassical economics in the foreground with the school supply side. Changing fiscal policy, deregulation, globalization, and the consequences of a change in the factors of demand for labor is the cause of greater poverty for children, African-American and Hispanic households. Using traditional methods of measuring the level of income inequalities prove that the popular Reagan's economic policies have had a positive impact on high-income people, and people with a university degree.
Explanatory power of inflation forecasts and their effect on the monetary policy of inflation targeting
Frýbová, Kateřina ; Pfeifer, Lukáš (advisor) ; Řežábek, Pavel (referee)
The goal of this work is to prove poor explanatory power of inflation forecasts, which monetary policy regime of inflation targeting depends on. Actual inflation is significantly different from its forecast especially during unstable periods of economic cycle. The paper compares inflation forecasts and actual inflation in the Czech Republic, Switzerland, the United States and Great Britain from 1999 to 2011. Central banks use similar inflation targets and monetary policy regime in selected countries, however there are significant differences among them. The results for all the countries are almost identical despite these local specifics. The explanatory power (especially conditional forecasts) was found to be minimal. This hypothesis is proved by the regression analysis of actual inflation and inflation forecasts.
The Consumer Price Index and it´s appropriateness for measure of inflation
Trčová, Marie ; Pfeifer, Lukáš (advisor) ; Řežábek, Pavel (referee)
The target of this bachelor's thesis is comparison of current measurement of inflation, a measurement by consumer price index, with alternative attitudes of measuring of inflation including an identification of their vallue added. Nowadays the maintenance of a stable inflation rate is one of the dominant targets of all central banks in developed countries. The central banks use various instruments of monetary policy to ensure this target. One of the regime of monetary policy that central banks use the most is inflation targeting, more precisely targeting of consumer price index. Unfortunately, this price index carries an amount of disadvantages. At first, I mention predominant discussion about technical imperfections that are caused by the method of it's calculation. Then I focus on monetary - political imperfections of the consumer price index that are caused by the fact that this index ilustrates development of only relatively stable consumer prices, so it's reactions on changes of monetary policy are very weak. After that I carry out an comparative analysis of representative alternative attitudes of measurement of inflation, including a comparison of developement of inflation rate according to these attitudes in USA in last few years.
Deflation and its Link to Recession: Historical Evidence
Kudláčková, Daniela ; Jílek, Josef (advisor) ; Pfeifer, Lukáš (referee)
Deflation, which has recently represented significant source of concern, is by many economists perceived to be an unfavorable phenomenon in the economy. The aim of this paper is to identify the possible link between deflation and economic downturn based on the comprehensive view. The emphasis is put on the analysis of historical episodes of deflation over the past two centuries in order to shed light on causes and impacts of deflation during the periods. The paper does not neglect the comparison of theoretical approaches. The results of the analysis, supported by empirical studies, imply that the relationship between deflation and recession is complex. Although the paper does not confirm the existence of a general link between deflation and recession, it reveals that recession often leads to deflation (especially in a low inflation environment), but deflation does not usually result in recession. In many cases deflation remains to be a symptom of economic problems, not their cause.
Comparsion of impacts of monetary expansion of the Federal reserve system on the dot-com crisis and the subprime crisis
Klimeš, František ; Pfeifer, Lukáš (advisor) ; Misic, Viktorija (referee)
This work tries to describe and compare causes of the dot-com crisis and the subprime crisis with regard to Austrian business cycle theory. This work stands critical towards activistic monetary policy of the US Federal Reserve System, which was one of the causes of the dot-com crisis in the year 2001 and the Subprime crisi in the year 2008, which lead into economic recession of recent years. Above mentioned economic fluctuations are subjected to closer analysis and are commented on the basis of studying press releases of the committee of the Federal Reserve System.
Support of Consumption Through Economic Transfers Viewed by Optic of Austrian School and Its Consequences for Example of Current Crisis in the U.S.
Šolc, Jan ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This bachelor thesis deals with the relation between the growth of transfers and economic performance during the crisis. By means of the Austrian School looks at the issue of state intervention in the economy and on the example of America's recent financial crisis (2007 - 2010) questions the government actions taken to stimulate the economy. Recommendations of the Austrian School economists are constantly overlooked and during the crisis period the word gets Keynesian economics, whose validity has been questioned many times. The thesis deals with the macroeconomic indicator of GDP, which sees not inadequate for drawing conclusions on economic performance. This indicator on the contrary, due to more than 70 % weight of consumption, complies with policy makers in promoting stimulus packages to support the economy and other interventions to increase consumption. As a result of these interventions finds work, not sustainable economic growth, but growth of government itself. The growing volume of transfer payments, which should support the performance of the economy, especially led to a tightening of government power and its growth.

National Repository of Grey Literature : 30 records found   previous11 - 20next  jump to record:
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1 Pfeifer, Leon
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