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Dynamika inflace v Česká republice: Odkad novokeynesiánské Phillipsove křivky
Milučká, Daniela ; Hurník, Jaromír (advisor) ; Potužák, Pavel (referee)
Recent breakthrough studies by Gali and Gertler (1999), Sbordone (2002) and Roberts (2001) argue that the New Keynesian Phillips curve (based on Calvo pricing model) is empirically valid concept and they conclude that the real marginal costs are preferred driving force to output gap in inflation dynamics for open economies. Neiss and Nelson (2002) and Gali, Gertler and Salido (2001), in turn, contradict that to date, there has been only little empirical evidence to support this statement. Neiss and Nelson (2002) add that "once output gap is defined consistently with economic theory, the gap-based New Keynesian Phillips curve has a fit with data which is at least as good as the real marginal costs-based one". For this purpose, my study investigates relationship between output gap and inflation described in the hybrid New Keynesian Phillips curve. Study estimates key coefficients of the hybrid gap-based New Keynesian Phillips curve, with both forward- and backward-looking inflation components, in the Czech Republic for periods 2000Q1 - 2012Q4 using Kalman filtration. My findings suggest that (i) output gap has a significant impact on Czech inflation dynamics (ii) share of forward-looking agents predominates to backward-looking agents in the Czech Republic and (iii) Czech inflation seems to be significantly driven by change in import prices.
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Mechanisms of the European Union for solving the balance of payments issues (case studies of Latvia, Hungary and Romania)
Milučká, Daniela ; Abrhám, Josef (advisor) ; Bič, Josef (referee)
The aim of this bachelor work is to explain and to describe the system of financial assistance of the European Union and other international financial institutions -- balance of payments assistance -- and its influence on the macroeconomic situation of the particular countries. The theoretical part is devoted to the structure of the balance of payments, detailed in the current account and the financial account, balancing the current account deficit, enlisting the mid-term financial loan in the balance of payments and to the structure of "balance of payments assistance". The aim of the practical part is to assess reasons (on the basis of the macroeconomics analysis) which led selected countries to receive mid-term financial loan from international financial institutions, to describe the conditions under which it was accepted and to describe their economic development after they received the financial aid.
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