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The Founders of Post-Keynesianism and the Concept of Reswitching
Kraffer, Robin ; Potužák, Pavel (advisor) ; Chytilová, Helena (referee)
The thesis deals with the evolution of thoughts of Joan Robinson's, Nicholas Kaldor's, Piero Sraffa's and Luigi Pasinetti's with regards to the issue of reswitching. Discussing Robinson, Kaldor, and Sraffa, it addresses the importance of the discussion on imperfect competition and Keynes's theory for developing their opinions within the capital theory. This issue was challenged in the 50s by Robinson who asked how capital can be measured. She discovered an option of reswitching to a more capital-using technique during a wage increase, but she did not focus on it very much. The thesis also seeks the importance of Sraffa's solution to the invariant standard of value for developing the debate on reswitching the technologies in the 60s, which was joined by both Pasinetti and Robinson. However, Robinson refused again in the 70s to deem the reswitching important within the critique of the neoclassical theory, and thus joined Kaldor who had voiced similar thoughts. At the end of the thesis, the question of Robinson underestimating the importance of reswitching, as pronounced by Pasinetti, is answered - she underestimated it in the 50s, whereas it is impossible to give a clear answer when it comes to the 70s, despite the differences found among Post-Keynesians and Neo-Ricardians.
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Proměnlivost multiplikátorů vládních výdajů v čase: Evidence z dat z USA
Focht, Daniel ; Maršál, Aleš (advisor) ; Chytilová, Helena (referee)
This paper estimates the size of the government spending multiplier over different states of the economy. Previous research came with two contradictory conclusions. Part of the literature argues that the spending multiplier is larger during recession and zero-lower bound periods, while the second one concludes that it remains constant. First, a summary of the relevant literature is presented, outlining different types of used methodological approaches and estimated size of the multiplier. We build a model estimated using local projections by Jorda for the period 1889 to 2016 to estimate government spending multipliers over different states of the economy. Our results show that the spending multiplier remains constant over different states of the economy.
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Empirical analysis of Okun’s law in Iceland
Zajíček, Zdeněk ; Slaný, Martin (advisor) ; Chytilová, Helena (referee)
This thesis deals with empirical analysis of Okuns law in Iceland. Okuns hypothesis of negative relationship between real GDP and the rate of unemployment is being tested on two models, difference and gap, using OLS estimation. Also there are two filtration methods used (Hodrick-Prescott and Baxter-King) for gap model estimation. The results of all models showed weak relationship of variables, but proved the hypothesis. In the following part, the same procedure is being used on Finlands data, to get comparison of coefficients. Results for Finland showed weaker bond of variables than in Iceland, but the Okuns hypothesis still holds. Last part is focused on finding the sensitivity of rate of unemployment to changes in added value of each economical sector in Iceland using the production approach model. This model gave inconclusive results due to insufficient data available.
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"The Rebound Effect", Do improvements in energy efficiency lead to economy-wide reduction in energy consumption?
Stastny, Martin ; van Koten, Silvester (advisor) ; Chytilová, Helena (referee)
Improving energy efficiency is considered to be one of the means to successfully reduce energy consumption. At the same time improving energy efficiency implies that the real price for energy services will decrease and as a result will stimulate energy consumption whereas savings associated with higher energy efficiency will be partially diminished. This paradox is better known as the rebound effect. Additionally to a detailed definition of the direct rebound effect,this thesis establishes on the basis of existing researches that the price elasticity of demand for energy services plays a major role in terms of the extent of the rebound effect. Based on the triggers for the rebound effect, applicable policies are proposed and analyzed which can soften rebound effects - such as carbon tax, cap and trade system and standards and regulations. In this context most policies aim to increase the real price of energy services. This thesis concludes both that the existing energy efficiency policies are not adequately pursued and that energy efficiency technology should be fostered since it will also weaken rebound effects.
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Game of Social Status
Bečková, Tereza ; Špecián, Petr (advisor) ; Chytilová, Helena (referee)
This thesis points out that economic agents preferences can be dependent on the future utility and that economic agents can achieve higher social status and prestige with the conspicuous demonstrative consumption. I label this behavior as the game of social status. Some companies even adjust their production to this phenomenon as they produce quiet and loud goods or as they lower their production. This thesis also suggests that the conspicuous demonstrative consumption and positional externalities may be affected by race, age or social interactions. It also shows that these phenomena are not rich countries exclusive but they also appear in poor countries of Asian and African continent. Positional externalities can be theoretically removed by the nonexistence of volatility in fashion trends, by the application Coase theorem or by law restrictions and taxation of the incomes or consumption.
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Issues Of Community Financing In The Czech Republic
Dvořák, Tomáš ; Vozárová, Pavla (advisor) ; Chytilová, Helena (referee)
This thesis is focused on issues of community financing, also known as crowdfunding, that is at present a popular form of obtaining financial resources to different projects. In my thesis, I explore a data set of 150 observations of individual projects from the platform HitHit, which operates in the Czech republic. The empirical part reveales the influence of different factors on the success of a crowdfunding campaign. Some of the significant factors are different ways of spreading informations (web pages, social networks or television broadcast), variability in offered rewards, aspects of the video on the platform, local restrictions, demanded amount of money, but also the length of a project description. The main contribution is the revelation and explanation of some factors and the use of econometric models in Czech crowdfunding scene.
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Is the Amount of Alcohol Consumption Influenced by Unemployment?
Trubák, Marek ; Chytilová, Helena (advisor) ; Brožová, Dagmar (referee)
This bachelor thesis analyzes the relationship between alcohol consumption and unemployment in the Czech Republic. Author estimates 2 econometric models based on time series from the period 1991 - 2012. Models except above mentioned variables also include the impact of GDP, inflation, real wages, state social expenditures and delayed variable of alcohol consumption testing its addictiveness. Primary hypotheses, defined as positive impact of unemployment on alcohol consumption was confirmed and the analysis shows that 1% increase in unemployment rate leads to 1,05 % increase in alcohol consumption. Secondary hypotheses, defined on the contrary as positive impact of alcohol consumption on unemployment was also confirmed and the results show that 1% increase in alcohol consumption leads to unemployment increase by 0,22 %, which affirms the endogenity assumption of these variables as well. No less important is resulting coefficient of GDP which seems to be counter-cyclical in relation to alcohol consumption.
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Gender Differences: Unequal Opportunities of Women in Top Management
Kratochvílová, Alice ; Chytilová, Helena (advisor) ; Čermáková, Klára (referee)
The aim of this bachelor thesis is to evaluate the rate of discrimination that women face in top management positions. Theoretical part focuses on the determination of basic theory, gender role, defining discrimination and it's measuring. It also outlines the various theoretical perspectives of discrimination. The thesis also considers the connection between discrimination and related factors which influence the wage. Practical part is focused on the verification of outlined hypothesis. The verification was done through survey. Results confirm the hypothesis that the women face discrimination in the labor market. The 48% of women in top management positions are confronted with discrimination. The outcome of the research also found out that the women's discrimination affects their gross monthly wages. All results are in line with theories outlined in the thesis such as Becker (1957) or Haveman (2012).
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Economic Analysis of Investment in Nuclear Weapons
Martínková, Hana ; Chytilová, Helena (advisor) ; Slaný, Martin (referee)
Nuclear weapons are a rather marginal issue in economics as opposed to the political realm where it is an ever-present topic concerning global security. This thesis argues that economics can make a valuable contribution to the nuclear weapons debate in several ways and aims to present those in a comprehensive manner. First, a cost-benefit approach is employed to show that costs and benefits go beyond counting dollars directly spent on nuclear arsenals. Second, market investment in nuclear weapons producers is analysed with the help of SWOT analysis. It has been shown that the profitability of such an investment is closely tight to government decisions and ethical concerns must be taken into account as well. Finally, game theory, namely the ideas of Nobelist Thomas Schelling (1960), is being used to examine behaviour of states, the main actors connected to nuclear weapons. If the theory is true, nuclear weapons will serve as a deterrent and an equilibrium, or focal point, of non-use will prevail. Nevertheless, some assumptions and conditions are not being met in reality and the possibility of a non-equilibrium outcome, the use of a nuclear weapon either by accident or intent, remains.
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Analysis of the Impact of Common Currency on the International Trade within the Member Countries of the European Union
Křapáček, Tomáš ; Chytilová, Helena (advisor) ; Mirvald, Michal (referee)
The aim of this thesis is to confirm and consequently quantify the impact of common currency on the size of bilateral trade flows within the member countries of the European Union with the help of gravity model of international trade. The hypothesis of anticipated positive effect was confirmed, whereas performed regression analysis has provided constant estimations of impact of the euro on the size of international trade, which - assuming ceteris paribus - ranged in the interval from 13.6 to 16.3%. Data set tracked the flow of goods of 378 business partners in the period between 2001-2014 providing a very detailed analysis in this specific area, which, according to my knowledge, is missing in the current EU space. At the same time the so-called Lindner's hypothesis was confirmed. This hypothesis together with a new theory of trade helped to identify a model that speaks in favor of monopolistic competition and exchanges with differentiated products.
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