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Veřejné zakázky ve zdravotnictví
Počarovský, Jiří ; Janský, Petr (advisor) ; Maršál, Aleš (referee)
This thesis is focused on public procurement issues. Competitive tendering provides great scope for inefficient allocation of resources. This work studies such scope theoretically. Transaction costs, pressure on price and quality of services, influence of competition on price and impact of for profit and not for profit status of the service providers are discussed. These aspects are then tested on empirical data. The data come from public contracts announced by 111 selected hospitals in the Czech Republic in 2006 - 2009. Ordinary least squares and least absolute deviations are employed. The results indicate that a higher number of bids implies a lower final price. The second conclusion is that the open tender procedure reduces the final price compared to other types of proceedings.
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Proměnlivost multiplikátorů vládních výdajů v čase: Evidence z dat z USA
Focht, Daniel ; Maršál, Aleš (advisor) ; Chytilová, Helena (referee)
This paper estimates the size of the government spending multiplier over different states of the economy. Previous research came with two contradictory conclusions. Part of the literature argues that the spending multiplier is larger during recession and zero-lower bound periods, while the second one concludes that it remains constant. First, a summary of the relevant literature is presented, outlining different types of used methodological approaches and estimated size of the multiplier. We build a model estimated using local projections by Jorda for the period 1889 to 2016 to estimate government spending multipliers over different states of the economy. Our results show that the spending multiplier remains constant over different states of the economy.
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Vliv fiskální politiky na výnosovou křivku
Vránová, Veronika ; Maršál, Aleš (advisor) ; Potužák, Pavel (referee)
The thesis analyzed the impacts of fiscal developments on the yield curve using quarterly data on the Czech economy over the period 2000:1 -- 2012:4. This thesis thoroughly reviewed the previous theoretical and empirical literature in order to sort out the rather inconclusive results of previous studies according to their main findings and implemented methodology. The empirical part consists of the estimation of the effects of budget deficits and government debt on the spread between the three-month and five-year interest rates, which closely reflects the effects of fiscal policy on the yield curve. The reduced-form equation was estimated by OLS. Since the estimated coefficients were not statistically significantly different from zero, this thesis did not confirm the conventional macroeconomic view of positive impacts on yields.
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What Central Banks Can Learn from It
Brázdik, František ; Hlaváček, Michal ; Maršál, Aleš
This survey gives insight into the ongoing research in financial frictions modeling. The recent financial turmoil has fueled interest in operationalizing financial frictions concepts and introducing them into tools for policy makers. The rapid growth of the literature on these issues is the motivation for our review of the presented approaches. The empirical facts that motivate the inclusion of financial frictions are surveyed.
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Svensson, Bernanke and Inflation Targeting in Central Europe
Maršál, Aleš ; Czesaný, Slavoj (advisor) ; Potužák, Pavel (referee)
This paper focuses on controversial issues of inflation targeting. The study is based on Svensson?s and Bernanke?s theory which is applied in case studies of Czech Republic, Poland and Hungary. Understanding of actual performing of inflation targeting allows us to interpret correctly econometric and statistics analysis. The object of the thesis is to decide if the central European countries should rather follow Bernanke?s or Svensson?s theoretical conclusions. Brief summary of historical development explains reasons for implementing of inflation targeting. Next, Bernanke?s and Svensson?s definition of inflation targeting is mentioned and the differences are further analyzed. In particular, the choice of price index, understanding of price stability, lags of monetary transmission mechanism, the choice between band and point target. The last part of the thesis deals with intermediate target examining the performance of central bank and market forecast.
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