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The analysis of Monetary Policy of the Czech National Bank with an emphasis on inflation targeting
Justianová, Lucie ; Mirvald, Michal (advisor) ; Sedláček, Petr (referee)
Thesis bachelor topic is "Analysis of Monetary Policy of the Czech National Bank, with an emphasis on inflation targeting." In the introduction to summarize the CNB's monetary policy. Explain what types of transmission mechanisms were used the Czech National Bank. I will focus specifically on the transmission mehcanism of inflation targeting. Subsequently I will analyze how the CNB managed to maintain symmetry between inflation expectations and inflation target, which inspires me to work on empirical studies and Holub Hurnik [2008] and Horvath [2008]. I will analyze using the LM-test [Charemze-Deadman, 1992] and Granger causality tests between the existing impact of inflation and money supply, exchange rate and wage. I make a regression analysis generated by the VAR-model and show how strong the impact of inflation to changes in monetary, exchange rate and wage growth. If there is a stable state of the monitored variables in relation to inflation, I estimate what the rate impact of exchange rate changes, monetary and wages.
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Private health insurance
Sedláček, Petr ; Ducháčková, Eva (advisor) ; Daňhel, Jaroslav (referee)
The theme of work is private health insurance. First is it described in the system of health insurance and then in the territory of Czech Republic. In the work is analyzed a new draft bill of Public health insurance and systems of health insurance in the Europe. Main goal of the thessis is to find suitable privat insurance product for Czech Republic.
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Currency crises and the role of International Monetary Fund
Dostálek, Marek ; Helísek, Mojmír (advisor) ; Sedláček, Petr (referee)
Thesis analyses role of International Monetary Fund in currency crises its proceedings and instruments and thereof arising criticism. In the first chapter there are stated definitions of currency crises, described their causes and possibilities of prevention. Short description of the Fund and used instruments in its operations are also included. The main focus is on analysis of the approach of the IMF to significant currency crises since 1990's. Mexican, south-east Asian, Argentinean and Icelandic crises are analyzed. As a practical aspect of the thesis approach of the IMF to currency crisis in the Czech republic in 1997 is examined as well. In analysis there is always stated overall description of the crisis, approach of the IMF to mitigation of the crisis and thereof arising experts' criticism. In the last chapter there is analysis of certain reports and commissions that dealt with Fund's operations and suggested reforms. Experts' opinions (Kenen, Sedlacek, Jonas) of the IMF's functioning and its summary are also part of the chapter.
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Efektivnost inflačního cílování v tranzitivních ekonomikách, případ České republiky
Chytilová, Helena ; Sedláček, Petr (advisor) ; Halás, Vladimír (referee)
This paper examines Czech experience with inflation targeting. It tries to assess empirically character of deviations from inflation targets throughout the time. It assess situation also in an international context. Consequently it analyse ability of IT regime to anchor inflation expectations in context of CNB?s forecasting performance. Results imply that although deviations were quite frequent in the Czech Republic, their occurrence has not been a barrier for delivering lower inflation and its lower volatility. Notwithstanding, its volatility remains significantly above the range experienced in the EU and the EMU countries. Regarding the inflation expectations, monetary policy surprises tend to be smaller over time,signalising that IT regime is priced by the markets. Thus, credibility of the CNB, concerning anchoring of inflation expectations, seems to improve after introduction of IT regime. It also indicates that IT regime is a quite appropriate regime for the upcoming period of time, which will be end up by the entry in the EMU.
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Indikátory hospodářského cyklu pro Českou republiku
Sedláček, Petr ; Janáček, Kamil (advisor) ; Halás, Vladimír (referee)
Tato práce se pokouší sestavit kompozitní předstihový indikátor pro českou ekonomiku. V diskuzi se objevuje několik metodologických přístupů, ale nakonec je zvolen přístup, kdy se nejprve sestaví indikátory pro jednotlivé složky HDP. Takto sestavené indikátory jsou posléze agregovány do kompozitního předstihového indikátoru čtvrtletního HDP. Výsledky těchto indikátorů jsou smíšené. Musíme mít neustále na paměti problematičnost interpretace výsledků podobných studií v kontextu české ekonomiky. Přesto však lze usoudit, že indikátory dlouhého předstihu mohou sloužit jako první hrubé odhady budoucích tendencí. Indikátor s nulovým minimálním předstihem pak může sloužit jako přesnější odhad nejbližší budoucnosti (dvě čtvrtletí) či jako ?bleskový odhad? vývoje současného HDP.
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