National Repository of Grey Literature 6 records found  Search took 0.00 seconds. 
The Czech exchange rate floor: Depreciation without inflation?
Baxa, Jaromír ; Šestořád, Tomáš
After the introduction of an exchange rate commitment and an immediate 7% depreciation of the Czech koruna of in 2013, output growth resumed but inflation remained low. Consequently, the Czech National Bank did not return policy to normal for more than three years. Using a time-varying parameter VAR model with stochastic volatility, we show that this was not surprising. The exchange rate pass-through to prices had been rather low and gradually decreasing since the early 2000s, suggesting limited potential effects of the exchange rate commitment on inflation. On the other hand, the pass-through to output growth increased. These results hold even when the period of the exchange rate floor and the zero lower bound is excluded from the sample, and they are robust to other sensitivity checks. Our results are consistent either with a flattened Phillips curve, or rising quality of the Czech exports and participation in global value chains, or a small effect of the exchange rate commitment on inflation expectations when not paired with temporary price-level targeting. Moreover, we highlight the usefulness of models accounting for time variation of parameters for policy analysis.
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Predicting Czech Economic Activity Using Toll Data
Učňová, Jana ; Kocourek, David (advisor) ; Šestořád, Tomáš (referee)
Many analysts coincide that transportation is closely linked to economic activity. How- ever, data containing information about transportation have not been part of their re- search for a long time. Introduction of electronic toll collection systems in recent years led to a new source of data containing information about truck transport. This thesis aims to examine the ability of seasonally adjusted toll data to predict Czech economic activity. Economic activity is represented by four variables - real GDP, nominal GDP, in- dustrial production index and the volume of foreign trade. Seven models - five dynamic models, ARIMA model, and regression with ARIMA error - are constructed for each dependent variable. These models are then compared using both Akaike and Bayesian information criterion and the most appropriate model for each dependent variable is selected. It was concluded that both real GDP and industrial production index can be predicted using toll data. Both the number of kilometers travelled, and the amount of toll collected seems to be good predictors of economic activity. Particularly, data con- taining information about toll collected might be more beneficial because the amount of toll collected in given quarter can even predict economic activity in the next quarter. 1
Ženy v péči o děti : plná rodičovská dovolená nebo dřívější návrat do práce
Tubert, Anna ; Šestořád, Tomáš (advisor) ; Čermáková, Klára (referee)
This thesis focuses on the factual time spent by Czech and Russian mothers on maternity and parental leaves, and analyses factors leading women for certain decision-making about the length of leave. In the following work, I analyse cross-sectional data portraying responses of a questionnaire filled up by 106 Russian and 102 Czech mothers. Theoretical approach on similarities and differences of attitude towards womens role in modern society between the two countries shows, that social and economic status of the family is the main determinant of the length of parental leave. Econometric analysis conducted in my work highlights, that willingness to stay with a child is the main motive to prolong parental leave for women from both countries. Greater importance placed on the supply of preschool facilities reduces the time spent on parental leave. Both Czech and Russian governments can affect the factual length of parental leave by regulating the supply of part-time job and the supply of preschool facilities, therefore, government is a significant regulator of the total time spent on parental leave.
The Exchange Rate Pass-Through at the Zero Lower Bound: The Evidence from the Czech Republic
Šestořád, Tomáš ; Baxa, Jaromír (advisor) ; Novák, Jiří (referee)
The paper examines the hypothesis that the devaluation of the domestic currency leads to the higher exchange rate pass-through at the zero lower bound since the interest rate channel cannot offset effects of the depreciation in that situation. Time-varying vector autoregression with stochastic volatility is used to identify the development of the pass-through. The hypothesis is tested on the Czech dataset because the Czech Republic is considered as the prototypical small open economy with inflation targeting. The assumption of higher pass-through to consumer prices at the zero lower bound is rejected. Obtained results confirm that the deprecation stimulates output growth slightly more when the interest rate is close to zero. Our estimations imply that the exchange rate commitment of the Czech National Bank increased the price level by 0.116 % and contributed to the output growth by 0.781 %.
Optimal Monetary and Fiscal Policy at Zero Lower Bound
Šestořád, Tomáš ; Potužák, Pavel (advisor) ; Kadeřábková, Božena (referee)
This thesis concerns the interaction of monetary and fiscal policy. Using New Keynesian model, we show the impact of fiscal expansion under different specifications of monetary policy rules. The analysis of the transmission of fiscal expansion focuses on the situation in which central bank's nominal interest rate reaches zero lower bound. We verify the economic model using vector autoregression based on data of the United States. The results of the theoretical and empirical research suggest that the influence of government spending on the product is greater at the zero lower bound.
Limits of the dictator game in relation to altruism
Šestořád, Tomáš ; Doležalová, Antonie (advisor) ; Zajíček, Miroslav (referee)
This thesis investigates an altruism using the dictator game. The purpose of my research is to determine and specify the limits of the game in relation to the altruism. I have managed to alter the rules of the game in order to reduce the effect of inequity aversion and to enable respondents to demonstrate their negative social preferences. I have conducted an experiment, designed to evaluate the hypothesis that the social preferences obtained from the modified games are in average lower than the results of the standard dictator game. Using the Welch`s F-test, I have confirmed the established hypothesis at a significance level 1%. Some of the respondents misunderstood the setting of the experiment; hence its interpretation is limited.

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