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The impact of monetary policy of the Czech National Bank on economic growth in the Czech Republic in the 90s
Šefr, Michal ; Dočkal, Dalibor (advisor) ; Czesaný, Slavoj (referee)
The theme of the bachelor thesis focuses on the analysis of monetary policy and the research of its effect because monetary policy can heavily influence the behavior of economic subjects. Monetary policy of the Czech National Bank passed in the 90's of significant development, which is described in this thesis. There is no binding precisely defined between monetary policy and economic growth. Therefore the thesis focuses more on signals that the central bank "carries" in the economy and the consequences of their actions. The theoretical part is mainly devoted to the role of the Central bank, its importance and functions. It also describes the tools and aims of monetary policy. It desribes the relationship between monetary policy and economic growth in theoretical way. Analysis of the analytical section is mainly based on empirical -- deductive method. It focuses on actual monetary strategy of the Czech National Bank in the 90's, its development and its implications in the context of economic development in the Czech Republic.
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The effect of monetary policy on the Japanese economy during the 90 years
Čížek, Pavel ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The aim of this paper is to analyze the effects of monetary policy to the Japanese real economy during the eighties and nineties, whichare often referred to as the the Lost Decade. The theoretical part is devoted to the basic description and comparison of selected theories of monetary policy. It focuses primarily on the Liquidity trap, Friedman's monetarism and also deals with the benefits of mainstream economics and Austrian School. The maen finding is analysis of selected data in the Japanese economy sensitive to monetary policy. On the basis of evaluated data shows to what extent the real product influenced monetary policy. As exploration of the data is chosen short-term interest rate at which banks offer loans to investors, share prices, changes in money supply and demand and the development of gross domestic product. The result of the examination is to determine the proportion of the impact of monetary policy to fluctuations in the so-called Lost decade.
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The Influence of Monetary and Fiscal Policy on Business Cycle
Pikhart, Zdeněk ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
The purpose of this diploma thesis is to examine the impact of monetary and fiscal policy upon business cycle and the long term growth on the example of Swiss economy. The research approach is the analysis of monetary and fiscal indicators related with gross domestic product. Theoretical part explains business cycle theories, which consider cause of economic fluctuations in monetary and fiscal policy and further describes stabilization role of this particular policies and develop relevant problems within it. In practical part there is conducted research of monetary and fiscal influence upon Swiss business cycle with eligible indicators. The final part summarizes the most important knowledge and provides appropriate recommendations to reduce cyclical volatility of the product and to create a suitable economic and political framework for a functioning economy in the long term.
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Spain and the Euro
Vašutová, Helena ; Němcová, Ingeborg (advisor) ; Šaroch, Stanislav (referee)
Spain is one of the founding countries of the European Monetary Union, that adopted the single currency in 1999. The aim of this thesis is to evaluate the overall impact of the Euro on the Spanish economy. The first part briefly introduces Spain's economy. The second part is about the European Central Bank's monetary policy. This part analyses the suitability of the single monetary policy and then examines its specific implications on the Spanish economy. The third part deals with the fiscal policy and the Stability and Growth Pact. This part analyses the impact of the Euro on the public finances.
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The Current Financial Crisis Through the Eyes of the Austrian School
Pfeifer, Lukáš ; Ježek, Tomáš (advisor) ; Munzi, Tomáš (referee)
The thesis aims to defend the irreplaceable role of the Austrian business cycle theory in explaining the current financial crisis in the U.S.. Attention is also paid to applied measures of American economic policies and their impact on the elimination of the purification process of the recession. Furthermore, the work deals with the identification of preventive measures, which would reduce the likelihood of the occurrence of economic cycles. Recommendations by representatives of the Austrian School are described as difficult to implement on the basis of number of arguments. In the work are therefore proposed more realistic measures to limit the volatility of the economic cycle, which emanate mainly from the composite price index, which is the subject of this text. The index reflects the price development in all stages of production and should therefore in monetary policy matters replace the current use of price indicators, based on the inflated scale of consumption, taking into account only minimal effects of monetary expansion. The work deals with the calculation of the composite price index for the United States, which used the instrument of Skounsen indicator of gross domestic output. The development of the composite price index in the US is then analyzed and compared with the development of other macroeconomic variables. Based on this examination, we recommend the use of composite price index for monetary policy regime of inflation targeting and the implementation thereof by the Federal Reserve monetary policy.
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Selected issues of the contemporary situation and perspectives of Euro
Hlinická, Zuzana ; Němcová, Ingeborg (advisor) ; Tunkrová, Věra (referee)
This bachelor's thesis deals with the description of the situation after the economic and financial crisis in the European Union, with the focus placed on the crisis od Euro and the Eurozone and finding a solution to this crisis. The first part of the thesis characterises the specific structure and instruments of the monetary policy in the European Economic and Monetary Union, whilst the second part focuses on the impacts of the crises upon the European Union and consequently the planned and accepted precautions and measures that aim to improve and stabilise the situation in the European Union and strengthen it for the future.
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The comparison of success of monetary policy based on inflation targeting in case of central banks of Canada and the Czech Republic.
Metrah, Samy ; Mandel, Martin (advisor) ; Tomáš, Holinka (referee)
The aim of the bachelor's thesis is to compare the features of monetary policy based on inflation targeting and its implementation in the Czech Republic and Canada. The comparison is made in two different points of view -- both the qualitative and the quantitative. The first compares the main instruments of monetary policy used by both central banks. The other analyzes the rate of success in fulfillment of pre-determined targets for short-term interest rates and inflation; it also provides the possible explanation of deviations. The results confirmed that both central banks have strong influence on behavior and movements of short-term interest rates. In case of CNB the results imply possible movements of short-term interest rates based on anticipation of near future changes in monetary policy instrument. The rate of success in fulfillment of inflation targets was considerably better in case of Bank of Canada; however, the worse performance of CNB in comparison to Bank of Canada was primarily based on extraordinary shocks that had hit the Czech economy.
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Inflation targeting in the Czech Republic compared with the Visegrad countries
Gergelyová, Jana ; Mandel, Martin (advisor) ; Zbyněk, Štork (referee)
This thesis is an analysis of inflation in the Czech Republic and the success of the Czech monetary policy compared with inflation targeting in the Visegrad countries. In the first part, I focused on the development of central banking and the role of central banks, the main actors of monetary policy, in relation to inflation. A common feature of the Visegrad Four is a monetary policy based on inflation targeting. The prediction of inflation compared with its actual development in a period of ten years is subject to the practical part, which is supple-mented by a wide range of graphs and tables that I have mainly compiled from data available on the websites of central banks of individual countries and Eurostat, the European Union statistical office.
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Je měnová politika ECB vhodná pro všechny státy eurozóny?
Machala, Martin ; Řežábek, Pavel (advisor) ; Štěpánek, Pavel (referee)
The theoretical part of this thesis is devoted to the position, goals and tools used by the European Central Bank, which is bound with the development of monetary policy influenced by the time period starting with foundation of the EU central bank to current days, full of problems with eurozone. The main aim of this thesis is to prove whether the EU central bank monetary policy is suitable for all eurozone countries or just some of them. The main tool for the analysis is the optimum currency area theory, which compares the inflation of countries which are members of eurozone, with the monetary policy of the European Central Bank. The results confirm that in the long term, the inflation in eurozone countries which are currently in major economic problems substantially differ from the average inflation of the eurozone. From results of the analysis it is obvious that there is no convergence in inflation. Convergence in inflation is an important condition when creating an optimal currency area. Because of its absence the next statement can not be true. A common monetary policy for all countries of the eurozone is not always optimal.
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