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Did Hayek repudiate his own theory of business cycle?
Komrska, Martin ; Potužák, Pavel (advisor) ; Svoboda, Miroslav (referee)
This bachelor thesis answers the question, whether F. A. Hayek repudiated his own theory of business cycle by abandoning his previous criticism of stabilization of the price level. This paper introduces Hayek's business cycle theory as the part of the positive theoretical analysis, so its conclusion does not have to be also proposal for monetary policy. Hayek perceives money neutrality as a theoretical ideal, which cannot be achieved in the real world. Later, he also introduces an alternative aim of monetary policy -- the stability of the purchasing power of money. The publication Denationalisation of Money is an instruction for achieving this goal and so it is not in conflict with Hayek's business cycle theory. The relation between stability of purchasing power and smooth progress of the economy is substitutional and only competition among currencies will show, what type of mix do people prefer. Hayek's later declaration signifies that his business cycle theory is not able in itself to explain disasters such as the Great Depression.
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Forecast of the Future Development of the Current Business Crisis Using Tools of the Austrian School of Economics
Sehnalová, Tereza ; Svoboda, Miroslav (advisor) ; Mirvald, Michal (referee)
This paper is based on the theoretical framework given by the Austrian Business Cycle Theory. This theory explains clearly the causes, process and consequences of trade cycles that are inevitable parts of modern economies. Based on this framework, there was built a model trying to illustrate the impact of indicators standing behind the origin of business cycles on production structure of the USA examined on monthly data from years 1984 to 2009. The results of this model are conformable with predictions given by the Austrian Business Cycle Theory. Despite this, it is not possible to predict the future development of the US economy till the end of 2010 using this model, due to many problems that minimize relevance of such forecast. Nevertheless, it is possible to make prediction using the theory explained by the Austrian school of economics.
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The function of money in business cycle theory
Smejkal, Tomáš ; Janíčko, Martin (advisor) ; Svoboda, Miroslav (referee)
This bachelor thesis is dealing with the topic money and especially emphasizing its function in business cycles. An ambition of this thesis is to resolve dilemma if money, as an important instrument in the real economy, can influence the fluctuation of economy. This thesis is based on the comparison of two distinct schools of economic thought- Post Keynesian and Austrian school. Both approaches despite different opinion on creation and function of money refuse the theory of money neutrality. The phenomenon of deflation is regarded equally from both schools, but Post Keynesian approach, which comes from a work of Irving Fisher, emphasizes negative impact of real debt increment on economy. On the other hand, Austrian School is aware of the unavoidable nature of deflation as a result of boom period, but by avoiding deflation the healing process in economy would be significantly slowed down. Thesis is then focusing on examination of allocation mistakes among individuals. Individuals are making mistakes, but Austrian theory demands further explanation of systematic framework of these mistakes. This view is applied on Minsky's financial instability hypothesis and institutional structure with emphasis on risk and creation of financial instruments. Last stadium of analysis is dealing with particular character of money supply. The Austrian perspective is discussed with reference to Post Keynesian theory of endogenous money and consequent repercussions for Austrian business cycle theory are highlighted. Even in the case that endogenous money theory infirm some of the aspects of Austrian cycle theory the methodological conflict occurs. On the basis of these particular comparisons the conclusion will try to decide if the business cycle is inherently present in every economy or if it is mainly caused by state interferences.
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Pay-per-bid Auctions
Bocák, Petr ; Svoboda, Miroslav (advisor) ; Bolcha, Peter (referee)
This paper analyzes pay-per-bid auctions which have appeared recently on the Internet. In this paper I test the suitability of Platt, Price and Tappen's model using data about ended auctions on the website Bonus.cz. The model forecasts the distribution of ending prices depending on the item's value, bid fee and price increment. Observed ending prices distribution of more than 70% of commonly auctioned items on Bonus.cz fit the model. Furthermore, I discuss the relation between the time of day and the number of ended auctions and the influence the price increment has on the collected revenue. Contrary to model predictions, I observed that auctions with the price increment of 0,1 CZK generated significantly higher revenue than auctions with price increment of 1CZK.
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Foreigners in the labour market in the Czech Republic
Svoboda, Martin ; Macáková, Libuše (advisor) ; Pavelka, Tomáš (referee)
This thesis analyses the situation of foreigners in the labour market in the Czech Republic. It does not focus only on the current condition, but the overall development in the period after 1989. It answers questions regarding the number of foreigners, their citizenship, the character of performed work or the type of work permit or residence permit. It compares the situation in the Czech Republic with selected European Union countries. Besides this the thesis is focused on the main projects of the active immigration policy of the Czech Republic.
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Business cycle and economic transformation in Czech Republica
Nedvědová, Kateřina ; Janíčko, Martin (advisor) ; Svoboda, Miroslav (referee)
The bachelor work is focused on course of the business cycle with following application of theoretical knowledge on a specific period of economical history in the Czech Republic. At first the individual theories of business cycles, which provide different views on fluctuation of economical activity, will be analysed with regard to theoretical part. As a part of theoretical chapter will also be a description of an economical situation in the period of transformation in Czech Republic, i.e. approximately in the 90th of 20th century and theoretical exposition of indicators of the business cycles. Following part will be devoted to monitoring and statistical analysis of a transformation period in the Czech Republic, which will be carried out in regard to selected so-called coincident or leading indicators. In the light of these facts the individual stages of business cycle in period of transformation in Czech Republic will be described in the last chapter of the bachelor work.
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Economic effects of car scrapping subsidy
Sládeček, Dušan ; Svoboda, Miroslav (advisor) ; Bolcha, Peter (referee)
This bachelor thesis tries to examine real effects of vehicle car scrappage incentive on the Czech Republic using standard economic models, experience from the Slovak Republic and the University of Delaware study. This analysis results in the net welfare loss estimation amounting to 1 450 200 000 CZK at least. This thesis conclusions distort the idea of scrappage incentive scheme as a fiscally neutral impact on the state budget in long run as well.
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Austrian Business Cycle Theory: The Explanation of Financial Crisis
Vlček, Tomáš ; Havel, Jan (advisor) ; Svoboda, Miroslav (referee)
This thesis is dedicated to clarification of the Austrian approach to the central bank policies, particularly in relation to production structure changes and disruption of the price coordination mechanism. Firstly, I will try to clarify the theoretical patterns, as formulated by the founders of this concept, which is known as the Business Cycle Theory, and then I confront the theoretical knowledge with real statistical data from the U.S. in recent years. The thesis should show, that the Business Cycle Theory can thanks to its complexity and logical structure fully reveal the real causes of the recent economic crisis and that even after decades since its first formulation it can be considered as actual and functional conception, which should be taken into account when deciding on monetary issues.
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Microfinance - effective instrument of poverty solution, yes or not?
Švecová, Jana ; Svoboda, Miroslav (advisor) ; Janíčko, Martin (referee)
This baccalaureate thesis deals with the efficiency of microfinance (or more precisely microfinance institution - MFIs). First part of the work is focused on problems of poverty, which is intensely connected with the function of microfinance, and then on economic theories, chiefly on asymmetric information. Further my work indicates not only basic definition of microfinance and MFIs, but also history and principles of microfinance. There are also mentioned results of activities of MFIs and also some limitations of concept of microfinance. In the next part deals work with consider the effectiveness of granting credit through MFIs in terms of various indicators. In the end of this thesis are mentioned two real cases from practice, when microfinance really contributes to improvement way of people's life in developing countries.
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A suitable background of the mortgage crisis in the United states
Pištejová, Jana ; Janíčko, Martin (advisor) ; Svoboda, Miroslav (referee)
The aim of my bachelor thesis is to deliver a suitable background of the mortgage crisis in the United states, which was one of the cause of financial crisis in this country as such. Because of the globalization, the crisis has spread almost everywhere. Theoretical part includes namely description of the crisis and it points out some mechanisms, which induced the US economy into the consequent recession. Also the mortgage bubble could evocate the recession. The main concern will be given to the indebtedness of american households and to transmision mechanisms in the economy itself. I will also try to analyse the role of condifedence in the economy when it comes to paying off debts and treating liabilities in general when the economy reached its business cycle peak.
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