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Inflation targeting in the Czech Republic and selected countries
Tůma, Petr ; Czesaný, Slavoj (advisor) ; Ryvolová, Ivana (referee)
The Czech National Bank adopted an inflation targeting approach after the change rate turmoil in 1997. It went about a new strategy that was known only in a few developed countries. Monetary policy is being realized by directly targeting on its final object (price stability). I analyze the developments of consumer price index, inflation expectations, prognosis of inflation and other economic values, because I determine, if the inflation targeting is a correct alternative for monetary policy in case of Czech Republic, Slovakia and United Kingdom. I can tell that changeover on inflation targeting has being guaranteed a stable economic setting with a low measure of inflation, but results confirm that. This is important for our entrance into monetary union.
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Efektivnost inflačního cílování v tranzitivních ekonomikách, případ České republiky
Chytilová, Helena ; Sedláček, Petr (advisor) ; Halás, Vladimír (referee)
This paper examines Czech experience with inflation targeting. It tries to assess empirically character of deviations from inflation targets throughout the time. It assess situation also in an international context. Consequently it analyse ability of IT regime to anchor inflation expectations in context of CNB?s forecasting performance. Results imply that although deviations were quite frequent in the Czech Republic, their occurrence has not been a barrier for delivering lower inflation and its lower volatility. Notwithstanding, its volatility remains significantly above the range experienced in the EU and the EMU countries. Regarding the inflation expectations, monetary policy surprises tend to be smaller over time,signalising that IT regime is priced by the markets. Thus, credibility of the CNB, concerning anchoring of inflation expectations, seems to improve after introduction of IT regime. It also indicates that IT regime is a quite appropriate regime for the upcoming period of time, which will be end up by the entry in the EMU.
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Svensson, Bernanke and Inflation Targeting in Central Europe
Maršál, Aleš ; Czesaný, Slavoj (advisor) ; Potužák, Pavel (referee)
This paper focuses on controversial issues of inflation targeting. The study is based on Svensson?s and Bernanke?s theory which is applied in case studies of Czech Republic, Poland and Hungary. Understanding of actual performing of inflation targeting allows us to interpret correctly econometric and statistics analysis. The object of the thesis is to decide if the central European countries should rather follow Bernanke?s or Svensson?s theoretical conclusions. Brief summary of historical development explains reasons for implementing of inflation targeting. Next, Bernanke?s and Svensson?s definition of inflation targeting is mentioned and the differences are further analyzed. In particular, the choice of price index, understanding of price stability, lags of monetary transmission mechanism, the choice between band and point target. The last part of the thesis deals with intermediate target examining the performance of central bank and market forecast.
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Měnová politika a ECB
Strejc, Daniel ; Klosová, Anna (advisor) ; Coniglio, Nicola (referee)
The thesis evaluates the ECB's monetary policy during the past decade by using policy rules and compares the suitability to particular members of the Eurozone. It examines the central bank's reaction function regarding the output and inflation. The work is divided into two main parts. First, gives the theoretical introduction of monetary policy and evaluation of the Eurozone regarding the theory of optimal currency area. In the second part it provides the econometric models and estimates. As a conclusion the results of two different OLS models show that, we cannot precisely decide to which variable the ECB reacted, as obtained two statistically significant models but with different results. For two models is used different variables GDP gap and IPI gap. The results have also shown that the ECB's monetary policy mostly suits to biggest economies within the Eurozone.
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Development of social insurance from the standpoint of transfer of insurance-generated monies to the state budget.
Hartlová, Alena ; Klazar, Stanislav (advisor) ; Weberová, Jana (referee)
This thesis deals with the development of social insurance, specifically with health insurance and social security, from the standpoint of transfer of insurance-generated monies to the state budget. It presents the significance of social insurance in its current form and an analysis of the principal changes it has undergone in the last fifteen years. It particularly examines changes in the definition of participants in social insurance and changes in the use and structure of bases of measurement in individual insurance subsystems. This thesis also includes an analysis of these changes which seeks to analyze the past and potential impact of shifts in basic factors which influence the amount of money flowing from insurance to the state budget (such as minimum wage, average wage and number of paying participants) on individual participants in social insurance.
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Zlatá dvacátá léta: Hospodařský rozmach Německa
Lišková, Štěpánka ; Dorothea, Cuce (advisor) ; Dorothea, Cuce (referee)
Die Zusammenfassung der Ereignisse in Deutschland zwischen den Jahren 1918 bis 1931. Die Erklärung und nähere Betrachtung der Inflation und der Börse. Die Einschätzung des Einflusses der Reparationszahlungen an die deutsche Wirtschaft. Die Erklärung eines Börsenkrachs und seiner möglichen Ursachen. Die Auswertung der Mittel, die den wirtschaftlichen Aufschwung gebracht haben. Die Betrachtung des politischen Hintergrunds der Weimarer Republik.
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Nezávislost centrálních bank
Fišer, Erik ; Burgerová, Jiřina (advisor) ; Horáková, Antonie (referee)
Cílem mojí práce je vysvětlení pojmu nezávislost centrálních bank, charakteristika typů nezávislosti a vztah nezávislosti centrálních bank a inflace, vztah nezávislosti cb a reálné ekonomiky. Analyzuji argumenty ve prospěch nezávislosti a argumenty, jakým způsobem a v jaké míře se mají centrální banky odpovídat veřejnosti za provádění měnové politiky. Závěrem zmiňuji diskuzi ekonomů na nezávislost centrálních bank.
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