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Inflation targeting- comparison of realization in Slovak and Czech Republic
Burdeláková, Ingrida ; Koderová, Jitka (advisor) ; Vránková, Martina (referee)
This thesis deals with the realization of inflation targeting in the Slovak and the Czech Republic, and compares successfulness in fulfilling of inflation target. It is divided into three chapters. The first chapter characterizes monetary policy in general and two transmission mechanisms used in both countries. The next chapter is concerned with the practical application of monetary transmission mechanism after the monetary separation. Problems connected with the realization of this monetary policy regime that led to the change in the transmission mechanism in both central banks are also mentioned. In the last chapter there is the comparison of conditions in Slovakia and the Czech Republic during the implementation and application inflation targeting. We also compare trend in the actual and target inflation rate, and describe changes in the key interest rates of both national banks as a result of it.
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Inflation targeting after the crisis
Zůna, Zdeněk ; Koderová, Jitka (advisor) ; Vránková, Martina (referee)
The subject of the presented thesis is the relationship between monetary policy executed within inflation targeting, asset prices and financial stability in the broader sense in order to identify key problems of the current approach and draw some conclusions on how inflation targeting could possibly further evolve. Flexible inflation targeting remained the best available monetary policy framework, despite some revisions are apparently needed. It turned out, that changes in the financial sector have much greater impact on economic activity, than previously thought, and which the new approach will need to take into account.
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Quantitative easing and its impact on the economy of the United states of America
Löbl, Václav ; Brůna, Karel (advisor) ; Vránková, Martina (referee)
The master thesis analyzes "quantitative easing" policy in the USA which is very controversial. Quantitative easing influences a liquidity of the bank system and has different impact on economic variables. The relationship between growth of total reserves and economic variables is analyzed during 9/2008 - 3/2012 by Eviews program. The conclusion is that impact of quantitative easing policy on economic variables has been different in comparison with former assumptions.
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The monetary policy of the European Central Bank
Ježková, Tereza ; Koderová, Jitka (advisor) ; Vránková, Martina (referee)
This thesis deals with the monetary policy of the European Central Bank. At the beginning of the work is described historical development. The next section focuses on the implementation of monetary policy, including the performance goals in the first twelve years of operation, with emphasis on the consequences of the global financial crisis. The last section summarizes the problems of the euro area financial and economic crisis of the years 2007/2008. In addition to the ECB's response to the crisis in the form of non-standard measures is decommissioned range of issues relating to fiscal policy and debt crisis euro area.
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Inflation targeting in circumstances of low interest rates
Vránková, Martina ; Koderová, Jitka (advisor) ; Petrušová, Martina (referee)
The thesis "Inflation targeting in circumstances of low interest rates" describes the monetary policy of the Czech National Bank with main aim on its current problems. The target of the thesis is to analytically prove the disruption of a section of the transmission mechanism when the repo rate should determine the interest rates on the czech interbank market. This disruption should have been caused by the recent financial crisis.
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Alternative possibilities of financing of the czech pension system
Vránková, Martina ; Weberová, Jana (advisor)
This bachelor's work points out the possible negative impact of the ageing population in the Czech Republic on the pensions system. If the current state of financing the old-age pensions were to be sustained it is in danger of longterm untenability. The proposed change of financing the czech pension system is based upon general reccomendations of various world organisations engaged in the pension area and from comparing pension reforms executed in Slovakia, Poland, Hungary and Slovenia.
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