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Application of austrian bussiness cycle theory to japanese economy in the 80's
Šerý, Rostislav ; Pfeifer, Lukáš (advisor) ; Urban, Luděk (referee)
The aim of this thesis is application of the Austrian Bussiness cycle theory on the real economy. The ability of this theory to explain the causes of the crisis will be researched on the Japanese economy during the economic boom in the 80's which preceded the "Lost decade". I will try to find out the real cause of this historical event. In theoretical part I will focus on the assumptions of this theory which has clearly defined causes, process and consequences of trade cycle. In the practical part i will confront these assumptions with the real data. In this part will be analysed development of relative prices in particular sectors of economy. The output of this part confirmed the hypotesis of theory in principle. The objective of thesis is to find the causes of contraction in the japanese economy at the end of 80's with using Austrian business cycle theory.
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Applied quantitative methods of Austrian Business Cycle Theory
Kaláb, Jiří ; Svoboda, Miroslav (advisor) ; Janíčko, Martin (referee)
This paper analyzes the Austrian theory of business cycles. This theory describes the reasons that cause cyclical fluctuations in economic activity. Its foundations are built on the Austrian theory of capital. The main goal of this paper is to identify these reasons and construct a model based on them. This model attempts to capture the effect of explanatory variables on the structure of production according to Hayek's triangle. This is based on a sample of monthly U.S. data from the period 01/01/1977 to 04/01/2011. Data were tested using a linear regression model. Output from the model confirmed some of the variables as consistent with the Austrian theory of business cycles. However, there are many problems associated with applying this econometric model to the theory, whose leaders consistently opposed the introduction of mathematical methods in economic science.
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Anti-crisis policy of the Federal Reserve system in twenties and early thirties of the twentieth century
Šetele, Adam ; Tajovský, Ladislav (advisor) ; Szobi, Pavel (referee)
This bachelor thesis deals with the anti-crisis policy of the U.S. central bank, the Federal Reserve system (FED), during the twenties and early thirties of last century. Attention is directed primarily to two major crises that occurred during this period. It is a little known post-war Depression of 1920-21 and the Great Depression of 1929-33. Anti-crisis policy, which were used by a top U.S. monetary autority -- Federal reserve system to address these two crises were to each other in stark contrast. In the first case there were chosen restrictive and deflationary policies, while in the latter case there were applied an anti-crisis expansionary and inflationary policies. These different approaches have been also accompanied by a different course of the crisis. Based on analysis of anti-crisis policy of the Federal Reserve System in the early 20th century work shows that there is a causal relationship between anti-crisis policy of the central bank and the state of economic development and that this stabilization (anti-crisis policy) of Federal reserve system deepen economic contraction rather than help economic from them. The work is theoretically based on ideas of the austrian economic school and its business cycle theory.
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Forecast of the Future Development of the Current Business Crisis Using Tools of the Austrian School of Economics
Sehnalová, Tereza ; Svoboda, Miroslav (advisor) ; Mirvald, Michal (referee)
This paper is based on the theoretical framework given by the Austrian Business Cycle Theory. This theory explains clearly the causes, process and consequences of trade cycles that are inevitable parts of modern economies. Based on this framework, there was built a model trying to illustrate the impact of indicators standing behind the origin of business cycles on production structure of the USA examined on monthly data from years 1984 to 2009. The results of this model are conformable with predictions given by the Austrian Business Cycle Theory. Despite this, it is not possible to predict the future development of the US economy till the end of 2010 using this model, due to many problems that minimize relevance of such forecast. Nevertheless, it is possible to make prediction using the theory explained by the Austrian school of economics.
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Austrian Business Cycle Theory: The Explanation of Financial Crisis
Vlček, Tomáš ; Havel, Jan (advisor) ; Svoboda, Miroslav (referee)
This thesis is dedicated to clarification of the Austrian approach to the central bank policies, particularly in relation to production structure changes and disruption of the price coordination mechanism. Firstly, I will try to clarify the theoretical patterns, as formulated by the founders of this concept, which is known as the Business Cycle Theory, and then I confront the theoretical knowledge with real statistical data from the U.S. in recent years. The thesis should show, that the Business Cycle Theory can thanks to its complexity and logical structure fully reveal the real causes of the recent economic crisis and that even after decades since its first formulation it can be considered as actual and functional conception, which should be taken into account when deciding on monetary issues.
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