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Fiscal policy and inflation: The case of the Czech Republic
Slaba, Martin ; Kočenda, Evžen (advisor) ; Hlaváček, Michal (referee)
This thesis investigates the relationship between government spending and inflation in the Czech Republic. We estimate a block-restriction VAR model in several specifications. The model confirmed the prediction of the Fiscal Theory of Price Level, that a shock to government spending will produce an inflationary response. However, the impulse responses are in all specifications insignificant or borderline significant. Second part of the thesis utilizes a non- econometric analysis to examine the post-covid inflationary period. The conclusion of this analysis is that the expansionary government spending combined with a tax cut provided the population with significant disposable income at a time when the economic output was compressed and consumption was severely restricted due to the lockdowns. The forcibly delayed consumption lead to an unprecedented increase in savings of both household and firms. The drawdown of these savings once the restrictions were lifted created demand-side inflationary pressures. The supply-side shock that came with the the war in Ukraine only enhanced the already heightened inflation.
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Hartz IV and the Labour Market Miracle - Causality or Coincidence?
Slaba, Martin ; Lizcová, Zuzana (advisor) ; Barth, Boris (referee)
This thesis examines the effects of the so-called Hartz IV reform on the German labour market development, with special emphasis on unemployment reduction. To determine the causal link, a variety of tools are used, namely macroeconomic studies, worker flow analysis, surveys and comparison with competing arguments. Preponderance of evidence suggests, that Hartz IV played a significant role in unemployment rate reduction in the period following its implementation. Size of this effects is hard to discern exactly, but an estimate in the range of 1,5-2 percentage points should be quite accurate. Contrary to popular belief, this reduction did not occur to the detriment of general job quality, such as by splitting of old jobs or by dilution of their working hours. Furthermore, the issue of relative poverty is investigated. The thesis concludes that the increase in relative poverty was not caused primarily by Hartz IV, nor is it a good measure of actual living standard. The increase seems to be to a large degree driven by demographic changes, mainly the decreasing size of German households.
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Výroční zpráva 2016
Martinková, Lenka ; Houdek, Jiří ; Šimčík, Antonín ; Balcarová, Jitka ; Drozdová, Dita ; Kubásková, Lucie ; Douša, Pavel ; Slaba, Martin ; Křeček, Vilém ; Michálek, Vladimír ; Heřmanová, Pavla ; Víchová, Marie ; Poláček, Jan
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The German Energiewende: Consensual Process ?
Slaba, Martin ; Nigrin, Tomáš (advisor) ; Svobodová, Tereza (referee)
This bachelor thesis examines two very important subparts of the German energy revolution called Energiewende, specifically the level of consensus of the population with the costs of the whole transformation reflected in rising electricity prices and the necessity of expanding and building new power grid sections. The coalition government of SPD and the Greens, which led the state in years 1998-2005 started the whole process by announcing the nuclear phase-out of German Federal Republic and by implementing a renewable energy law (Erneubare Energien Gesetz, EEG) that serves as an instrument through which the renewable energy sources are being subsidized. The law lays all the burden on the final consumer, namely the households and companies, through an electricity surcharge. This surcharge has increased significantly since the year 2000, making the German electricity prices the highest in Europe. Thanks to its massive support, the number of renewable energy sources has risen to a rate, for which the transmission system operators were not prepared. It is obvious that in order to successfully continue with the Energiewende, the power grid has to be expanded. While the consensus of the population with these subparts is crucial, it is useful to know its levels. This thesis comes to the conclusion that...
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