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MONETARY STRATEGY EVOLUTION OF ČNB FROM 1993
Vrána, Martin ; Zeman, Karel (advisor) ; Štěpánek, Pavel (referee)
The given topic I have chosen is for the reason the CNB form its' existence in 1993 has gone through a lot of changes and as the central bank of the Republic, has with its' monetary policies strongly influenced the economy of our country. In the theoretical part of my bachelor's work I have described the common characteristics of the central bank, the reasons and the functions. I have characterized the implementations, functions and the objectives of the central bank. In the next step I will introduce the functions and the influence of central banking and will compare the opinions of various economic schools on the standing of the bank in the economy. Following this I will describe the historical evolution of the central bank and the overall banking systems of our country. The analytical section will be dedicated to the classification and analysis of the monetary strategy of the CNB from its' beginning up to the present day with particular emphasis the individual periods which have recorded the greatest changes in central banking. The largest part of this section is dedicated to in depth explanation o the monetary policies of the CNB. This is followed by my description of the monetary policy after entering the European Union and how it is related to the case of admittance to the European Monetary Union. Primary objectives of this bachelor work is the analysis of the evolution and interpretation of the most considerable changes in central banking and especially monetary policy of Czech National Bank from beginning of her existence.
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Inflation targeting in central Europe
Halapin, Miroslav ; Revenda, Zbyněk (advisor) ; Brada, Jaroslav (referee)
The diploma thesis focuses on inflation targeting in central Europe. It describes experience of three central European countries (Czech republic, Poland, Hungary) with inflation targeting. First part of thesis deals with theoretical aspects of inflation targeting. Next part brings closer look at application of inflation targeting in above - mentioned countries. Last part of thesis analyzes efficiency of inflation targeting.
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Inflation targeting policy - the experience of Czech Republic
Stoklásková, Martina ; Kuncl, Martin (advisor)
This bachleor thesis deals with the subject of inflation targeting and the experience of using this system in the Czech Republic. First part considers monetary policy in general, its instruments and targets. Following part of the thesis focuses on the principal functions of the inflation targeting system, its basic mechanism and target fixing. The major part is devoted to the situation in the Czech Republic, esencial preconditions for implementation of the system, the method of forecasting, target fixing and reaction of the central bank.
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Vývoj monetární politiky ČNB v letech 1993-2006
Faltys, Miroslav ; Pichaničová, Ludmila (advisor) ; Skopeček, Jan (referee)
Tato práce sleduje vývoj monetární politiky ČNB. Ukazuje, co monetární politika dělá a jaké monetární nástroje k tomu používá. V další fázi analyzuje chování ČNB v období let 1993-1997, především kompatibilitu cílů, praktickou i teoretickou. Zabývá se i finanční krizí v roce 1997, která měla za následek, že ČNB přešla k novému transmisnímu systému, cílování inflace. Práce vystihuje problémy, se kterýma se musela ČNB potýkat v důsledku transformace české ekonomiky a vstupem České republiky do EU. Shrnuje účinnost monetární politiky, co se týče plnění svých cílů.
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Econometric analysis of inflation in the Czech Republic
Demeš, Jiří ; Hušek, Roman (advisor) ; Pánková, Václava (referee)
The degree work is focused on analysis of inflation with help of suitable econometric models. Inflation with it's forms and possibilities of measuring is described at the beginning of the paper. There is mentioned an importance of monitoring and analysing inflation in view of Czech national bank. Consequently there are described characteristics of time series, which are important from viewpoint of construction of econometric models. Next part of this paper is focused on characterization of econometrics models. At first there is vector autoregression model, in this connection there is discussed the essence of Granger causality and impulse reaction. There are also noticed both error correction model and vector error correction model. The empirical part of degree work involves the use of these models on selected macroeconomic time series of the Czech republic. The objective is to analyze the relationship between inflation and other individual macroeconomic quantities. There is established the optimal vector autoregressive model and the results of Granger causality and impulse reaction are interpretated. Both error correction model and vector error correction model examining cointegration are also applied.
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Theory of Endogenous Money and Contemporary Monetary Policy
Korda, Jan ; Jílek, Josef (advisor) ; Šindel, Jaromír (referee)
Diplomová práce hledá odpověď na otázku: jakou povahu má v současné době ? charakterizované určitým typem měnové politiky ? peněžní nabídka. Nejprve je provedeno odlišení pojmů endogenní a exogenní nabídka peněz. Dále jsou diskutovány různé přístupy k nabídce peněz. Zvláštní pozornost je věnována postkeynesovské teorii. Současná měnová politika je v práci reprezentována cílováním inflace. Endogenní přístup k nabídce peněz je poté porovnán s touto měnovou politikou. Odpověď na otázku se pokouší nalézt také ekonometrická analýza založená na Grangerových testech kauzality.
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