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Kapitál a monetární teorie hospodářského cyklu: Eseje o rakouské teorii kapitálu, úroku a hospodářském cyklu
Potužák, Pavel ; Ševčík, Miroslav (advisor) ; Holman, Robert (referee) ; Kubíček, Jan (referee)
This dissertation explores four big topics in the Austrian economic theory. Chapter 1 elucidates the Austrian theory of capital. It introduces basic tools that are further used in the analysis of the business cycle. It also clarifies some misunderstandings in this theory. Chapter 2 investigates the evolution of the interest rate over the business cycle that is predicted by the Austrian theory of economic fluctuations. Chapter 3 examines the pure time preference theory. It shows with the help of a simple neoclassical graphical and mathematical apparatus that there is a fundamental flaw in this theory. It suggests that the notions of want and good must be explicitly separated, and it concludes that the time preference as well as the subjective exchange ratio between present goods and future goods may take on any value. Chapter 4 explores the business cycle dynamics in the economy with permanently rising natural output. Simple monetary policy rule that was designed to eliminate economic fluctuations is discussed in detail.
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Macrofinance Modeling from Asset Allocation Perspective
Kollár, Miroslav ; Jílek, Josef (advisor) ; Holman, Robert (referee) ; Komárek, Luboš (referee)
The dissertation dealt with the interaction between the macro-economy and financial markets. In the first part of the dissertation I laid down a general case for macro-based active asset allocation. In the main part of my dissertation, after a theoretical introduction to term structure models and macrofinance models, I developed a VAR macrofinance model of the term structure of interest rates for the Czech economy based on the dynamic interpretation of the Nelson-Siegel model, and showed the use of such modeling framework in bond-yield prediction and asset allocation.
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Is Hayek's Road to Serfdom inevitable?
Lukschová, Veronika ; Holman, Robert (advisor) ; Rotschedl, Jiří (referee)
This paper analyzes Hayek's central idea of the book The Road to Serfdom, which says that the implementation of socialist ideas in the economy leads to a totalitarian state. This trend is not inevitable, though it was often interpreted as follows. Therefore, the work examines the argument that Hayek did not take his journey into slavery into account the conservation of consumer sovereignty. It was also pointed out that in practice, for example, socialist Sweden did not rise to the totalitarian state. Hayek was also attacked, misinterpreted the concept of the journey into slavery by Hilaire Belloc. These arguments have been challenged. None of them did not pay enough to the central core of Hayek's argument in the causes and consequences, or the unintended consequences of central planning under socialism. Hayek's journey into slavery on the basis of the arguments surveyed is not inevitable.
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Ordinalists and marginal utility
Huněk, Lukáš ; Hudík, Marek (advisor) ; Holman, Robert (referee)
The aim of this thesis is to determine the extent of possible compatibility of the theory of marginal utility and ordinalism. Furthermore, it offers potential solutions of how to reach this compatibility. The theory of marginal utility is traditionally based on the law of diminishing marginal utility, which is defined through the sign of the second partial derivative of utility function. Because of the fact that this sign is not defined for all positive monotonic transformations, the theory cannot be ordinalist. However, there are certain scientific works which attempt to rework the theory of marginal utility based on ordinalist principles. This thesis examines and compares the works of M. Rothbard, H. Bernardelli, J. McCulloch and D. Maystone on the basis of the analysis of the ordinalist theory of utility as presented by J. Hicks and R. Allen. The theories of H. Bernardelli and J. McCulloch will be proved to fulfil all the conditions and thus to provide a method of reconciling the theory of marginal utility and ordinalism. Based on the analysis of the criticism of the ordinalist theory of utility it will be thereafter shown that it is their findings that could form the foundation of a new consumer theory.
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Czechoslovak state budgets 1918-1929
Bísková, Hana ; Jakubec, Ivan (advisor) ; Holman, Robert (referee)
This thesis deals with Czechoslovak state budgets between years 1918-1938. First introduces the reader to the various phases which had to be undergone to admit Law on state budget. After that disclouses income and expenditures. In detail describes the variol direct and indirect items of the state budget. It also shows what has changed in the construction of budgets in the decade. The second view of how this thesis is looking on the budget is the practical -- economic perpective. Based on an analysis of each budget period reveals the effort of single Ministr of Finance of the balanced budget, to which many of them just suit or cause ganges in their structure. The thesis sets down two periods in terms of logic of budgeting -- expenditure, which is characteristic for the beginning and the end of the period, and the income.
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Měnová politika a její synchronizace s fiskální politikou: vliv na hospodářský růst a inflaci
Řežábek, Pavel ; Schwarz, Jiří (advisor) ; Holman, Robert (referee) ; Komárek, Luboš (referee) ; Šimáček, Milan (referee)
The dissertation deals with the interplay of fiscal and monetary policy in face of uncertainty about the estimation of the true output gap. Theoretical framework of the dissertation set this interplay of monetary and fiscal policy into the realm of game theory, in particularly non-cooperative games of the Nash and Stackelberg equilibrium, respectively. The theoretical framework continued with a description of various methods used for estimation of potential output and output gap, with a special emphasis on methods used in both the Czech National Bank and Czech Ministry of Finance. In the applied part of the dissertation, I studied the interplay of monetary and fiscal policy in the case of Czech economy facing an uncertainty about the estimation of the true output gap. I studied the impact of this interplay on major macroeconomic variables and I tried to determine, which of these two policies plays the role of a leader and which plays the role of a follower in the case of Czech economic environment.
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The Theory of Competition: Austrian and Neoclassical approach
Chmelík, Pavel ; Holman, Robert (advisor) ; Šťastný, Daniel (referee)
The paper compares Austrian and Neoclassical approach to the theory of competition. It finds an answer to the question, which of the two compared theories is more realistic. The comparison is based mainly on the approach to the role of competition in the formation of diverse market structures, on the view of the role of entrepreneur on the market and the role of market in the dispersion of information in the economy. The positions of the two schools to the above mentioned problems are very different and form the core of controversy between the two theories.
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The Chicago School of Economy Thought
Holčáková, Tereza ; Holman, Robert (advisor) ; Mičúch, Marek (referee)
The work inquires into one of the most famous schools of economic thougth, (which had been) founded in the second half of the 20th century. Liberal attitude and conservative wiews excercised by its members strongly oposes keynesianism and its politics of state influence on economics. Chicago school represents powerful ideological outlook, importance of which is expressed by a particular number of Nobel awards, earned by its representatives. This school has had a great impact on economic policy of many countries. Its representatives started applying economy in until that time non-typical areas, and by this set in motion further progress of economic theories. The main aim of my work is to impartially recapitulate main representatives and sum up their works, metodology , ideas and views and particularlly reflect their general relevance for the Word of today.
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Strukturální fondy Evropské unie
Ševčíková, Michaela ; Urbánek, Václav (advisor) ; Holman, Robert (referee)
Regionální politika Evropské unie je v současné době velmi diskutovaným tématem. Různé subjekty v České republice mají již přes tři roky příležitost získávat finanční prostředky ze strukturálních fondů EU. Záměrem práce je podat přehled a analyzovat regionální politiku, vymezit její nástroje a zabývat se její obecnou podstatou. Dalším cílem je ukázat na konkrétním projektu z praxe, jak postupovat při zpracovávání odborných studií - Studie proveditelnosti a Analýzy nákladů a přínosů, které jsou ve většině případů povinnou přílohou investičních projektů spolufinancovaných Evropskou unií.
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J. M. Keynes
Tomášová, Kateřina ; Holman, Robert (advisor) ; Tichý, Filip (referee)
Práce je zaměřená na osobu jednoho z nejvýznamnějších ekonomů 20. století, Johna Maynarda Keynese. J. M. Keynes postavil základy oblasti ekonomie, která je v současnosti nazývána makroekonomie. Jeho dílo Obecná teorie zaměstnanosti, úroku a peněz znamenalo vznik nového ekonomického směru, keynesiánství. Definoval tzv. efektivní poptávku, zákon klesajícího sklonu ke spotřebě a nově definoval funkci úspor. J. M. Keynes teoreticky zdůvodnil nevyhnutelnost státních zásahů do ekonomiky a popřel tak teoretické myšlení klasických a neoklasických teorií. Zahájil éru nekontrolovatelných deficitů národních rozpočtů. A rovněž jeho dědictví formuje myšlení řady politiků a zájmových skupin dodnes.
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