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Tactus
Zelený, Tomáš ; Pangrácová, Lucie (referee) ; Gabriel, Michal (advisor)
This bachelor thesis builds on my previous 3D printed works in space. The sculpture is made out of support structure in 3D software and shifted into reality using print. The result is a totem pylon printed out of PETG material.
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Generative growth
Zelený, Tomáš ; Vaněk, Vojtěch (referee) ; Gabriel, Michal (advisor)
The aim of this thesis is to emphasize the aesthetics of the support and also their functionality when placing objects into grown structures. Those objects seem fragile thanks to their chromaticity, but at the same time they need to be strong enough to hold the mass of diverse objects, such as piece of wood or stone. The aim of this thesis is so the scaffolding has its use in a real world. Scaffolding, that is now existing in the digital world, will pervade into the real world.
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Generative growth
Zelený, Tomáš ; Vaněk, Vojtěch (referee) ; Gabriel, Michal (advisor)
The aim of this thesis is to emphasize the aesthetics of the support and also their functionality when placing objects into grown structures. Those objects seem fragile thanks to their chromaticity, but at the same time they need to be strong enough to hold the mass of diverse objects, such as piece of wood or stone. The aim of this thesis is so the scaffolding has its use in a real world. Scaffolding, that is now existing in the digital world, will pervade into the real world.
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Exchange Rate Pass-Through Effect and Monetary Policy in Mongolia: Small Open Economy DSGE model
Buyandelger, Oyu-Erdene ; Maršál, Aleš (advisor) ; Zelený, Tomáš (referee)
This thesis analyzes the incomplete exchange rate pass-through effect on Mongolian economy and its implication on monetary policy under foreign and domestic shocks. The analysis is carried out in a small open economy New Keynesian DSGE model proposed by Monacelli (2005), where incomplete exchange rate pass-through is introduced via nominal rigidities on import prices. In order to accomplish the goal, we firstly derive the solutions of the model, calibrate the parameters, and finally simulate the impulse responses. Moreover, SVAR estimation is achieved to estimate the pass-through. Four main results are obtained. First, the exchange rate pass-through into import price and inflation is 0.69% and 0.49% respectively in short run, implying incomplete pass-through in Mongolia. Second, the exchange rate acts as a shock absorber for domestic productivity and foreign demand shock, but as a shock amplifier for domestic demand shock. Third, in case of incomplete pass-through the central bank of Mongolia is required to adjust the nominal interest rate more under the productivity shock, but less for the domestic and foreign demand shock. Finally, deviations from the law of one price contributes considerably to the variability of the output gap under the low pass-through. Therefore, considering incomplete pass-through in...
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Tactus
Zelený, Tomáš ; Pangrácová, Lucie (referee) ; Gabriel, Michal (advisor)
This bachelor thesis builds on my previous 3D printed works in space. The sculpture is made out of support structure in 3D software and shifted into reality using print. The result is a totem pylon printed out of PETG material.
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Estimation and Application of the Tail Index
Pokorná, Markéta ; Šopov, Boril (advisor) ; Zelený, Tomáš (referee)
Examining the nature of extreme values plays an important role in financial risk management. This thesis investigates tail behaviour of distribution of re- turns using the framework of univariate Extreme Value Theory. The empirical research was conducted on the S&P 500 index and its seven constituents. The goal of this thesis was to use the Hill method to estimate the tail index of the series which characterizes the tail behaviour, especially the speed of the tail decay. To select the tail threshold several graphical methods were performed as they represent empirical measures of model stability. Classical Hill plots as well as alternative Hill plots and smoothing procedure were presented. The threshold choice based on stable regions in the graphs was found to be highly subjective. Hill method modified by Huisman was used instead and the results confirmed that the classical Hill method yields estimates which overestimate the tail thickness. All the examined series were found to have heavy tails with polynomial tail decay. This thesis stressed the need to model the left and the right tail separately as both extreme losses and profits are important depending on whether an investor takes a long or a short position on portfolio. Finally, the tail index was used to demonstrate the need to compute the...
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Exchange Rate Pass-Through Effect and Monetary Policy in Mongolia: Small Open Economy DSGE model
Buyandelger, Oyu-Erdene ; Maršál, Aleš (advisor) ; Zelený, Tomáš (referee)
This thesis analyzes the incomplete exchange rate pass-through effect on Mongolian economy and its implication on monetary policy under foreign and domestic shocks. The analysis is carried out in a small open economy New Keynesian DSGE model proposed by Monacelli (2005), where incomplete exchange rate pass-through is introduced via nominal rigidities on import prices. In order to accomplish the goal, we firstly derive the solutions of the model, calibrate the parameters, and finally simulate the impulse responses. Moreover, SVAR estimation is achieved to estimate the pass-through. Four main results are obtained. First, the exchange rate pass-through into import price and inflation is 0.69% and 0.49% respectively in short run, implying incomplete pass-through in Mongolia. Second, the exchange rate acts as a shock absorber for domestic productivity and foreign demand shock, but as a shock amplifier for domestic demand shock. Third, in case of incomplete pass-through the central bank of Mongolia is required to adjust the nominal interest rate more under the productivity shock, but less for the domestic and foreign demand shock. Finally, deviations from the law of one price contributes considerably to the variability of the output gap under the low pass-through. Therefore, considering incomplete pass-through in...
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Asset Prices in a DSGE Model with Financial Frictions
Kučera, Adam ; Maršál, Aleš (advisor) ; Zelený, Tomáš (referee)
The thesis examines the ability of DSGE models with financial elements to explain financial asset prices. A neoclassical macroeconomic model is used, in- cluding a financial constraint in the form of a restriction on external financing. Moreover, the strictness of the restriction is affected by an external financial shock. It is shown, that the combination of the financial constraint and the fi- nancial shock contributes to understanding of the macroeconomic fluctuations, asset price dynamics and their mutual impact. The calibration for the United States demonstrates that the financial shock is an important source of the as- set price volatility. Contrary, when calibrated to the Czech data, the financial shock generates only moderate asset price volatility, as a consequence of a posi- tive correlation with the productivity shock. To address the issue, the model is further extended by a sector of financial intermediaries and a preference shock related to the risk-aversion of economic subjects, and the extension is shown to improve the result.
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