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Využití pozemní senzorové sítě pro kalibraci družicových dat dálkového průzkumu
Doubrava, Pavel ; Batrlová, Iva ; Kvapil, Jiří ; Seidlová, Jana
Dálkový průzkum Země je disciplína založená na fyzikálních principech. Naměřená data jsou zpracovávána matematicko-fyzikálními a matematickými metodami. Základním fyzikálním jevem, na kterém je dálkový průzkum založen, je interakce elektromagnetického záření se zkoumaným objektem. Informace o tom, jak probíhá tato interakce, nám udává energie, kterou zaznamenává detektor v přesně vymezených intervalech vlnových délek v daném prostorovém úhlu. Takto definovaná interakce je výchozí pro určování hledaných vlastností daných objektů. Každý objekt na zemském povrchu má vliv na naměřené hodnoty energie, a to jak v čase, tak v prostoru. Proto je nutné, aby tato energie byla měřena prostřednictvím kvantitativních fyzikálních veličin.
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Krajina pro chov a výcvik ceremoniálních kočárových koní v Kladrubech nad Labem: Nominační dokumentace UNESCO
Beneš, Michal ; Douša, Pavel ; Drkula, Michal ; Ebel, Martin ; Ebelová, Ivana ; Georgiev, Jiří ; Jiránek, Tomáš ; Koupal, Vlastimil ; Kroulík, Miroslav ; Kučová, Věra ; Machek, Jiří ; Novák, Zdeněk ; Václavík, Radek ; Zámečník, Roman
Nominační dokumentace Národního hřebčína Kladruby nad Labem pro zápis na Seznam světového dědictví UNESCO.
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The effect of higher capital requirements on bank lending: the capital surplus matters
Kolcunová, Dominika ; Malovaná, Simona
This paper studies the impact of higher additional capital requirements on growth in loans to the private sector for banks in the Czech Republic. The empirical results indicate that higher additional capital requirements have a negative effect on loan growth for banks with relatively low capital surpluses. In addition, the results confirm that the relationship between the capital surplus and loan growth is also important at times of stable capital requirements, i.e. it does not serve only as an intermediate channel of higher additional capital requirements.
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The Czech exchange rate floor: Depreciation without inflation?
Baxa, Jaromír ; Šestořád, Tomáš
After the introduction of an exchange rate commitment and an immediate 7% depreciation of the Czech koruna of in 2013, output growth resumed but inflation remained low. Consequently, the Czech National Bank did not return policy to normal for more than three years. Using a time-varying parameter VAR model with stochastic volatility, we show that this was not surprising. The exchange rate pass-through to prices had been rather low and gradually decreasing since the early 2000s, suggesting limited potential effects of the exchange rate commitment on inflation. On the other hand, the pass-through to output growth increased. These results hold even when the period of the exchange rate floor and the zero lower bound is excluded from the sample, and they are robust to other sensitivity checks. Our results are consistent either with a flattened Phillips curve, or rising quality of the Czech exports and participation in global value chains, or a small effect of the exchange rate commitment on inflation expectations when not paired with temporary price-level targeting. Moreover, we highlight the usefulness of models accounting for time variation of parameters for policy analysis.
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A Macroeconomic Forecasting Model of the fixed exchange rate regime for the oil-rich Kazakh economy
Hlédik, Tibor ; Musil, Karel ; Ryšánek, Jakub ; Tonner, Jaromír
This paper presents a semi-structural quarterly projection open-economy model for analyzing monetary policy transmission and macroeconomic developments in Kazakhstan during the period of the fixed exchange rate regime. The model captures key stylized facts of the Kazakh economy, especially the important role of oil prices in influencing the economic cycle in Kazakhstan. The application of the model to observed data provides a reasonable interpretation of Kazakh economic history, including the global crisis, through to late 2015, when the National Bank of Kazakhstan introduced a managed float. The dynamic properties of the model are analyzed using impulse response functions for selected country-specific shocks. The model’s shock decomposition and in-sample forecasting properties presented in the paper suggest that the model was an applicable tool for monetary policy analysis and practical forecasting at the National Bank of Kazakhstan. In a general sense, the model can be considered an example of a quarterly projection model for oil-rich countries with a fixed exchange rate.
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Sparse restricted perception equilibrium
Audzei, Volha ; Slobodyan, Sergey
In this paper we study model selection under bounded rationality and the impact of monetary policy on the equilibrium choice of forecasting models. We use the concept of sparse rationality (developed recently by Gabaix, 2014), where paying attention to all possible variables is costly and agents can choose to over- or under-emphasize particular variables, even fully excluding some of them. Our main question is whether an initially mis-specified equilibrium (the restricted perceptions equilibrium, or RPE) is compatible with the equilibrium choice of sparse weights describing the allocation of attention to different variables by the agents inhabiting this RPE. In a simple New Keynesian model, we find that the agents stick to their initial mis-specified AR(1) forecasting model choice when monetary policy is less aggressive or inflation is more persistent. We also identify a region in the parameter space where the agents find it advantageous to pay attention to no variable at all.
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Estimating the effective lower bound for the Czech National Bank’s policy rate
Kolcunová, Dominika ; Havránek, Tomáš
This paper focuses on the estimation of the effective lower bound on the Czech National Bank’s policy rate. The effective lower bound is determined by the value below which holding and using cash would be preferable to holding deposits with negative yields. This bound is approximated on the basis of the storage, insurance and transport costs of cash and the loss of convenience associated with cashless payments. This estimate is complemented by a calculation based on interest charges reflecting the impact of negative rates on banks’ profitability. Overall, we get a mean of slightly below –1%, approximately in the interval (–2.0%, –0.4%). In addition, by means of a vector autoregression we show that the potential of negative rates is not sufficient to deliver monetary policy easing similar in its effects to the impact of the Czech National Bank’s exchange rate commitment during the years 2013–2017.
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