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From standards of living to quality of life: changes in analyzing and measuring of development of society after the crisis of 2008 and their projections in political strategies of Western states.
Kopečný, Ondřej ; Potůček, Martin (advisor) ; Loužek, Marek (referee) ; Hartl, Jan (referee)
In this dissertation thesis, I focus on changes in the assessment and measurement of quality of life and development after the crisis of 2008 and the reflection of these changes in the political strategies of Western countries. I follow up on the public debate and on many books and professional articles whose authors dealt with the causes of the crisis, with the reactions of governments and international institutions to its manifestations as well as with its effects on the quality of life of Western society. The thesis aims to find out whether the dramatic events of autumn 2008 led to a more significant change in Western society and its institutions, like many experts, politicians, and public figures expected at the beginning of the crisis. First, I focus in this context on the analysis of institutions, which is based primarily on the study of strategic documents, books, and proceedings published after the crisis as well as on articles published in the world media. Subsequently, I engage in the analysis of social preferences, for which I use data on subjective quality of life collected within the European Quality of Life Survey. The results of the institution's analysis show that economic growth is still considered (even after the crisis) a major condition for the development of Western countries...
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What explains different duration of the Great Recession across countries?
Petrů, Vojtěch ; Baxa, Jaromír (advisor) ; Hlaváček, Michal (referee)
The research concerning differences in duration of the Great Recession is limited and inconclusive. We define duration of crisis as the count of years lost due to the crisis, and estimate the determinants of crisis duration on the dataset of 54 developed and developing countries. This thesis contrasts with previous literature by employing Bayesian Model Averaging (BMA) to accommodate for the large amount of potential explanatory variables and to address model uncertainty. Moreover, an innovative measure of export competitiveness, which accounts for the changes in non-price factors such as quality, is used. The results bring suggestive evidence of positive impact of developed financial markets, high share of private consumption and improvements in export competitiveness. We also find positive effect of fiscal policy stimulus once it is controlled for the feedback loop of uncertainty which appears when heavily indebted countries finance fiscal stimulus through issuance of additional debt. Lastly, it needs to be concluded, that the results are not robust to all prior specifications. In particular, the more restrictive Beta binomial model prior shrinks the statistical significance of aforementioned results heavily. JEL Classification F12, F21, F23, H25, H71, H87 Keywords Great Recession, Crisis duration, Economic...
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An empirical analysis of macroeconomic resilience: the case of the great recession in the European Union
Brůha, Jan ; Babecká Kucharčuková, Oxana
In this paper, we analyse macroeconomic developments in European economies since the Great Recession. We present evidence that macroeconomic developments in the EU countries can be classified into latent classes. Countries in a given class exhibit a similar pattern of economic and labour market developments during and after the crisis. We then present evidence that the latent classes of countries differ in terms of quality of institutions and regulation. Based on this, we conclude that quality of institutions and regulation are crucial for the resilience of countries to shocks. The most important country characteristics associated with a quick recovery after the initial shock are low protection of temporary contracts, political stability, regulatory quality and pre-crisis fiscal space. On the other hand, other types of employment protection and generosity of unemployment benefits seem to not influence resilience.
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A Great Depression and Great recession: The Impact of US Monetary Policy
Kinský, Jiří ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The thesis analysis the primary causes of the Great Depression and Great Recession in the US. The author is looking for common signs of these crisis with special attention to monetary policy, which is considered as a crucial. The author aims to analyze economic and political measures that accompanied the crisis. The first part deals with the Fed policy including its origin, the roaring twenties, the stock Exchange crash, anti-crisis economical and political measures during the crisis and there is also written about the theoretical interpretation of the different schools of economics. The second part deals with causes of Great Recession, the government sponsored enterprises, the housing bubble or federal emergency programs. Further, it discussed the credit expansion and the Fed´s policy and in the end the author offers an comparison of both crisis and presents his own view on the issue.
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Empirical Analysis of Labor Markets over Business Cycles: An International Comparison
Brůha, Jan ; Polanský, Jiří
The goal of this paper is to document and summarize the main cyclical features of labor market macroeconomic data in advanced countries. We report the second moments (correlations, coherences and volatility) of labor market variables for various data transformations (growth rates and cycles). Then we use dynamic factor models to inquire about the number of orthogonal shocks that drives labor market data dynamics. We also investigate the time-varying nature of these features: we ask whether they are stable over time, especially at times of severe crises such as the Great Recession. Finally, we compare these features across countries to see whether there are groups of countries characterized by similar features, such as labor market institutions. We find that certain features are stable over time and across countries (such as Okun’s Law), while others are not. We also confirm that labor market institutions influence selected characteristics, but to a limited degree only. We find that one or at most two orthogonal shocks seem to drive the cyclical dynamics of labor market variables in most countries. The paper concludes with our interpretation of these findings for structural macroeconomic models.
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