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Komunikace jako nástroj monetární politiky ČNB
Avramov, Dominik
Avramov, D. Communication as a tool for monetary policy of ČNB. Bachelor thesis. Brno: Mendel University, 2023. Central bank communication is a hot topic because, in a world where in-formation travels at the speed of light, it is in the interest of central banks that their monetary policy is properly understood and does not spread uncertainty. The thesis will focus on the period 2016-2020, during which the Fed, BoE and ČNB changed their key rates in an attempt to tighten monetary policy. The text summarises the current understanding of central bank communication and then analyses three central banks to use the comparison to improve the ČNB's current communication strategy.
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Vliv změn úrokových sazeb na odvětví faktoringu
Hamerská, Marie
The diploma thesis deals with the relationship between interest rates and the factoring market in the Czech Republic. Using econometric modelling it describes and quantifies the effect of interest rates on factoring indicators. The modelling results are interpreted on the behaviour of a specific company.
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Hypoteční trh v České republice a ve Španělsku
Zajdová, Klára
Zajdová K. Mortgage markets in the Czech republic and Spain. Bachelor thesis. Brno: PEF MENDELU, 2013. This thesis evaluates and compares mortgage market, both in the Czech Republic and Spain, in course of the last five years. In addition, this work contains comparison of mortgage products of selected bank institutions in above mentioned countries. A comparative study is done based on pre-defined model example.
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Uncertainty and House Prices: Empirical Evidence
Kos, Jiří ; Horváth, Roman (advisor) ; Hlaváček, Michal (referee)
This thesis studies the relationship between house prices, economic fundamen- tals and uncertainty using panel data from 10 OECD member countries and time series data from the United States. Traditional techniques, such as coin- tegration testing, are used to find a possible long-run link between house prices and their determinants. Employing both single-equation ARDL and multi- equation VEC models, we find evidence of a possible long-run relationship between house prices and fundamentals in the panel data. The results from the time series analysis are inconclusive, mostly leaning towards no presence of cointegration. A measure of interest rate is a vital determinant in most mod- els., while income does not exhibit a long-run connection with house prices. Moreover, results indicate the importance of uncertainty in determining house price dynamics, exhibiting both negative and positive effects. JEL Classification C22, D80, R20, R21, R28, R30, Keywords house prices, uncertainty, cointegration, eco- nomic fundamentals, interest rate Title Uncertainty and House Prices: Empirical Evi- dence
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Monetary Policy and House Prices in the US: Evidence from Time-Varying VAR Model
Brunová, Kristýna ; Horváth, Roman (advisor) ; Holub, Tomáš (referee)
This thesis examines the effects of monetary policy shocks on the housing market. To this end, TVP-VAR model with dynamic dimension selection and stochastic volatility is estimated using monthly data for the United States over the period 1999-2017. Moreover, the model features estimating the optimal value of the Bayesian shrinkage coefficient in a time-varying manner. Since the sample covers the Zero Lower Bound period, Wu-Xia shadow rate is employed to measure the stance of monetary policy. To assess the link between housing variables and monetary policy, impulse responses and forecast error variance decompositions are provided. However, due to the time-varying nature of the model, they are estimated only for selected time periods that correspond both to the events that most likely influenced the path of macroeconomic and financial variables and to periods of low economic uncertainty. The main results are threefold. First, the model suggests that monetary policy shocks can contribute to developments in house prices. Second, the stimulative monetary policy positively affects residential investment and negatively affects mortgage rates, however, the effects are not significant due to the large confidence bands of the impulse responses. Third, higher values of the shrinkage hyperparameter are crucial for...
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Behaviorální chování v rozhodovacích procesech centrálních bank
Bureš, Jakub
I apply interest rate rules, especially Taylor rule, to identify basic determinants of the central banks decision-making process. And particularly interest rate FED, ECB, exchange rates, inflation, GDP The results confirmed herding behavior related to the central bank financial assets and its economic power in the US and Eurozone. The conclusions are discussed in relation to the Exchange rate movements and capital flows.
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Faktory ovlivňující náklady autodopravců v ČR
Bečková, Iva
Bachelor thesis focuses on identification of factors that have the most potential to influence costs of hauliers in the Czech Republic. The coefficients of regression that quantify those relationships are obtained with help of regression analysis. Multidimensional regression models are further used for cost predictions.
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Do markets believe in austerity? Did they ever believe?
Švéda, Josef ; Baxa, Jaromír (advisor) ; Hlaváček, Michal (referee)
We assess the effects of austerity announcements on investors' perception of the government's solvency across the financial cycle. To do so, we construct a unique news dataset utilizing a newswire database which consists of governmental and parliamentary approvals of austerity measures for 11 European countries. We also follow more regular statements of governmental representatives towards austerity measures. The effects are studied on 10-year sovereign bond yield spreads vis-à-vis Germany during the period 01:2000-12:2019. Implementing pooled OLS regressions, we find significant decreasing effects in the pre-crisis period especially for the GIIPSH group (Greece, Ireland, Italy, Portugal, Spain, and Hungary) and decreasing although not significant effects in the post-crisis period. The crisis period manifests itself with increased surprise effects of announcements. The markets adopted announcements of the GIIPSH group as signals of deteriorating solvency which led to further increases of yield spreads. On the other hand, prudent countries (Czechia, France, Netherlands, Poland, and Slovakia) enjoyed a low sensitivity to their announcements across the cycle. Finally, we find that markets react rather on final announcements of austerity measures than to comments expressed by national representatives....
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