National Repository of Grey Literature 132 records found  1 - 10nextend  jump to record: Search took 0.00 seconds. 
Empirical Essays on Monetary Policy and Financial Stability
Ehrenbergerová, Dominika ; Havránek, Tomáš (advisor) ; Fungáčová, Zuzana (referee) ; Jašová, Martina (referee) ; Fidrmuc, Jarko (referee)
Empirical Essays on Monetary Policy and Financial Stability Dissertation Thesis Dominika Ehrenbergerová Abstract This dissertation thesis consists of three empirical essays focusing on monetary policy, macroprudential policy, financial stability, and quantitative research synthesis of literature on a key economic parameter. The first essay presents a meta-analysis of the elasticity of substitution between capital and labor. We identify factors responsible for large values of the elasticity estimated in the literature-on average, 0.9-and find that the mean elasticity conditional on the absence of these factors is 0.3. To obtain this result, we collect 3,186 elasticity estimates reported in 121 studies and codify 71 variables that reflect the context in which researchers produce their estimates. We find publication bias is responsible for at least half of the overal reduction in the mean elasticity from 0.9 to 0.3. The empirical literature thus rejects the Cobb-Douglas specification. The second essay collects 1,555 estimates of the impact of short-term monetary policy rates on house prices from 37 individual studies. Several central banks have leaned against the wind in the housing market by increasing the policy rate preemptively to prevent a bubble. Yet, we show that the empirical literature provides mixed...
How Does Peer Socioeconomic Status Affect Academic Achievement? A Meta-Analysis
Markalousová, Tereza ; Havránek, Tomáš (advisor) ; Kantová, Klára (referee)
Using state-of-the-art meta-analysis methods, we investigate the e ect of peer socioeconomic status (SES) on academic achievement. Our data set covers almost 40 years of research, containing 449 estimates from 40 studies. We examine publication bias for the first time in this research area. Various sta- tistical tests reveal the presence of publication selection and suggest a smaller e ect size in comparison to prior findings. Employing Bayesian and frequentist model averaging techniques, we identify factors that systematically influence the magnitude of the estimated e ect. Publication bias exerts the strongest upward e ect, along with the use of parental education and home resources as measures of SES and combined measures of SES. Conversely, variables such as the number of citations, publication status, science test type, and the use of advanced methods exhibit a negative e ect. Keywords Socieconomic status, Meta-analysis, Social class, Academic achievement Title How Does Peer Socioeconomic Status A ect Academic Achievement? A Meta-Analysis
College Wage Premium: A Meta-Analysis
Gallová, Ivana ; Havránková, Zuzana (advisor) ; Havránek, Tomáš (referee)
This meta-analysis is focused on the examination of college wage premium - the wage differential between college graduates and individuals without a college degree, using the most recent and state-of-art methods. To conduct the analy- sis we reviewed 41 studies, from which we collected 567 estimates. The findings show presence of a mild publication bias and p-hacking. The college wage pre- mium corrected for publication bias differ from 0.293 to 0.386, but in most of the test the estimates are below mean (0.349) showing mild positive publication bias. The findings indicate that the individuals with a college education have wages that are 29% to 39% higher than those without a college degree. By employing Bayesian model averaging, together with Frequentist check and Fre- quentist model averaging, we investigate the heterogeneity between estimates. Out results suggest that controlling for gender, unemployment rate, and study major are few of the significant variables affecting the college wage premium. While the first two mentioned have negative relationship on the college wage premium, controlling for study major increases college wage premium.
Technology-driven unemployment: A meta-analysis
Zelený, Ondřej ; Polák, Petr (advisor) ; Havránek, Tomáš (referee)
Will technological progress increase unemployment? Despite numerous at- tempts by researchers to answer this question, a consensus has yet to be reached since the findings provide contradicting results. To address this issue, we collect 516 estimates from 43 different studies and distinguish them on 31 characteris- tics to find the true net effect of technology advancements on employment. We observe almost negligible underlying effect based on multiple linear tests while discovering strong negative publication bias. Moreover, based on the Bayesian Model Averaging method, we identify eight factors significantly influencing the estimates of the effect - instrumental variable regression, group of other tech- nology indicators, regional data, trends, journal impact, developed country, manufacturing and high-skill labour. JEL Classification E24, O31, O32, O33 Keywords AI, robots, unemployment, technology Title Technology-driven unemployment: A meta- analysis
Price & Income Elasticity of Residential Electricity Demand in Asia: A Meta-Analysis
Fatima, Zainab ; Polák, Petr (advisor) ; Havránek, Tomáš (referee)
The objective of this study is to estimate the price and income elasticity of residential electricity demand quantitatively. It employs meta-regression analysis and Bayesian model averaging for price and income elasticity of electricity demand, specifically in the residential sector in Asian countries. The main contribution of this work is the compilation of 33 recent empirical studies on residential electricity demand focused on Asia to identify factors that influence and cause heterogeneity among the estimates of price and income elasticity in the short and long run. The results of this study can be helpful in understanding the effect of changes in prices and income upon household electricity demand, and it can be beneficial for devising policies to promote renewable energy, such as optimal tax policies that will aid towards future energy conservation and environmental sustainability.
Does Euro Adoption Reduce Central Bank Staff?
Žídeková, Lucia ; Havránek, Tomáš (advisor) ; Fanta, Nicolas (referee)
The thesis examined the impact of euro adoption and joining the EU's Exchange Rate Mechanism (ERM II) on central bank staff using the synthetic control method. The first part of the work focused on assembling a data set on personnel development and proposing predictors for approximating central bank size. In the second part, the study presents the models and results, revealing a significant decrease in the number of employees at Latvijas Banka after joining ERM II. However, the research encountered limitations due to data unavailability, possible shocks experienced by donor pool countries, and poor fit of pre-intervention characteristics, leading to ambiguous findings regarding the size and significance of the negative effect of euro adoption on personnel development for Latvijas Bank, the National Bank of Slovakia, and Eesti Pank. The reliability of the results for the National Bank of Belgium and the Bank of Finland was affected by a short pre-intervention period and the risk of over-fitting.
The Price Elasticity of Milk Demand: A Meta-Analysis
Křenková, Pavlína ; Havránek, Tomáš (advisor) ; Bajzík, Josef (referee)
This thesis examines the own-price elasticity of demand for milk by exploring heterogeneous results through a meta-analysis. We gather 291 estimates from 76 studies, along with over 30 variables encompassing the characteristics of the estimates and study design. We collect estimates for three types of goods: milk (without di erentiated fat type), whole milk, and milk with reduced fat content. Publication bias is assessed using both linear and non-linear meth- ods. Our findings indicate that estimates for milk without di erentiated fat content are negatively, yet mildly, biased due to publication selection, while those for whole milk and low-fat milk remain una ected. To uncover factors contributing to the heterogeneity, we employ Bayesian model averaging, with frequentist model averaging serving as a robustness check. Our analysis reveals that demographic factors influence the elasticity size, and we find evidence that the choice of estimation approaches impacts the elasticity of whole and low-fat milk. The overall e ect is inelastic on average and the estimates are larger in absolute value when considering fat content, although no significant di erence is observed in the elasticity of various fat types. JEL Classification C83, D12, Q11, I18 Keywords meta-analysis, publication bias, Bayesian model...
Origin of Current High Inflation in the Czech Economy (2022)
Dvořáková, Natálie ; Šestořád, Tomáš (advisor) ; Havránek, Tomáš (referee)
The thesis presents new evidence on the relative importance of seven domestic and foreign inflation drivers in the Czech Republic over the past two decades. A structural vector autoregressive (VAR) model with short-run zero and sign restrictions is estimated within a Bayesian framework, enabling the decomposi- tion of the sources of inflation. A comparative forecast error variance decompo- sition (FEVD) analysis is performed among three baseline models to investigate the underlying causes of the recent surge in inflation in the Czech economy. The results show a growing prominence of both domestic and foreign supply factors. Furthermore, over the entire period of 2000Q3-2022Q3, demand shocks contribute more than supply shocks to the changes in the price level. This pa- per also highlights the remarkable role of fiscal policy shocks, while monetary conditions have a minor impact. Additionally, the effectiveness of monetary policy tools is evaluated. JEL Classification F12, F21, F23, H25, H71, H87 Keywords inflation, SVAR model, monetary policy, supply and demand shocks Title Origin of Current High Inflation in the Czech Economy (2022)
Military expenditure and economic growth: A meta-analysis
Simpartl, Josef ; Havránek, Tomáš (advisor) ; Baxa, Jaromír (referee)
This master's thesis provides a comprehensive meta-analysis inspecting the impact of military expenditures on economic growth. Its objective is to validate several hypotheses using a wide range of studies and the latest methods. The hypotheses included in this thesis are as follows. First, military expenditures reduce economic growth. Second, military expenditures retard growth in less- developed countries. Third, the effect of military expenditures on economic growth is non-linear. The general findings of this thesis support the first hypothesis. This result originates mainly from the significantly negative impact found in recent studies. The thesis also finds indirect evidence in favor of the second hypothesis. Even though the analysis did not find a significant impact on less-developed countries per se, a negative effect associated with African countries provides a persuasive substitute in this regard. Last, this thesis did not find any solid evidence in favor of the non-linearity hypothesis. This is the first time the effect of military expenditures on economic growth was analyzed using the latest methods of meta-analysis and provides robust input into a heated debate within the subfield of peace economics provoked by the recent events. 1
The Effect of Financial Incentives on Vaccination Rates: Quasi-experimental Evidence from Slovakia
Kravec, Peter ; Havránek, Tomáš (advisor) ; Votápková, Jana (referee)
This study examines the impact of financial incentives on vaccination against COVID-19. The researched intervention was provided to Slovak citizens who turned 60 by the end of 2021 at the latest. Depending on the order of the dose, they were paid a reward of €200 to €300. Using a regression discon- tinuity analysis with a control group of people who had been just below the bonus entitlement threshold, the result indicates a positive effect of incentives on vaccination rate in the group on the first, second and booster doses uptake. This incentive was paid to approximately 847,000 senior citizens at a total cost of €245 million. The number of people convinced can be estimated from 52,000 to 113,000. The number of saved lives may be estimated to range from 211 to 461. A comparison of benefits and the costs of the incentive indicates that the benefits did not exceed the costs. 1

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