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Intra-Aortic Balloon Counterpulsation
Žbánková, Alena ; Tannenberg,, Milan (referee) ; Sekora, Jiří (advisor)
The thesis is concerned with intraaortic balloon counterpulsation, which serves as a supporting method for the operation of failing heart. In the teoretical part is described principle of this method, its effects and the basic indications and contraindications of using. In the practical part of this work is proposed method for detecting triggering points realized in graphical program LabVIEW. The program outputs are detected ends of T wave for balloon inflation and R wave for its deflation.
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Dependency between Deflation and Recession in Japan over the Past Two Decades
Vopat, Daniel ; Ryska, Pavel (advisor) ; Franče, Václav (referee)
Aim of this bachelor's thesis is to find out if and in what manner has been the real GDP growth influenced by change of price level in Japan during last twenty years. This period is in Japan characteristic by economic stagnation often accompanied by deflation. Many economists and politicians presume that deflation keeps Japanese economy from growing again and they consider deflation to be an undesirable element that needs to be prevented. We use methods of econometric analysis to achieve our goal. To be more specific we use ordinary least squares estimation on quarterly data. The model is estimated in two ways to prevent possible influence of world economic crisis in 2008 and 2009. First model takes into account all collected data and second model drops out data from world economic crisis period. According to the first mentioned model analysis, the fourth lag of price level is negatively correlated with real GDP growth on 5 % significance level. To put it in another way, deflation was followed by acceleration of quarterly real GDP growth. This correlation was insignificant in the second model. Our research indicates that there is no reason to consider deflation being the cause of long lasting economic stagnation. Powered by TCPDF (www.tcpdf.org)
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The Impact of Age Structure on Inflation - Example of Developing Countries
Zakaraia, Khatia ; Ryska, Pavel (advisor) ; Janda, Karel (referee)
Many countries in the world experience demographic transition - significant decrease of fertility rates and increase share of the old population. The pace and characteristics of demographic shifts however are individual for each country. At the same time these countries face low inflation rates or even deflation. In this thesis I demonstrate how demographic changes are correlated with low inflation rates. I estimated two different models - VAR and FEM for panel data using two samples of developing countries. The primary argument of using two separate groups for estimating the same problem is robustness check, whether all three imposed hypotheses will hold in any sample of the population. These hypotheses are - first, deflation is positively correlated with increased share of the old population, second, low inflation in developing economies has structural pattern due to demographic changes and third, deflation can be forecastable if it is driven by demographic trends. Despite the heterogeneity of the results from PVAR and FEM, a negative impact of aging population on inflation has been proved. Also estimation results support our two hypotheses that low inflation if it is partially driven by aging structure changes, has structural rather than cyclical characteristics and is predictable. Contribution...
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The Empirics of Deflation and Economic Growth
Ryska, Pavel ; Šíma, Josef (advisor) ; Salerno, Joseph (referee) ; Hülsmann, Jörg Guido (referee) ; White, William (referee)
Author: Pavel Ryska Doctoral thesis: The Empirics of Deflation and Economic Growth Abstract This doctoral thesis deals with the relationship between deflation and economic growth. Existing empirical research has focused on the simple link between price growth and GDP growth or introduced narrower price measures as control variables. The goal of the present work is to account for shifts in both demand and supply, so that the effect of price inflation on growth as such could be separated from effects of changes in certain elements of nominal demand and supply. The work takes two general approaches. First, I use a large macroeconomic panel data set of 20 countries over approximately 140 years to explore long-run and short-run effects of inflation on output growth, after controlling for money supply growth as a demand shifter and oil price growth as a proxy for shifts in supply. In doing so, I use a range of methods such as the vector error-correction model, autoregressive distributed lag model and the fixed effects panel model. Second, I propose a new approach that uses disaggregated sector data from national accounts on output, prices and other variables to explore the link between quantity produced and sector inflation rates. The advantage of the data set is that it is rich in modern-day observations of...
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The Impact of Age Structure on Inflation - Example of Developing Countries
Zakaraia, Khatia ; Ryska, Pavel (advisor) ; Janda, Karel (referee)
Many countries in the world experience demographic transition - significant decrease of fertility rates and increase share of the old population. The pace and characteristics of demographic shifts however are individual for each country. At the same time these countries face low inflation rates or even deflation. In this thesis I demonstrate how demographic changes are correlated with low inflation rates. I estimated two different models - VAR and FEM for panel data using two samples of developing countries. The primary argument of using two separate groups for estimating the same problem is robustness check, whether all three imposed hypotheses will hold in any sample of the population. These hypotheses are - first, deflation is positively correlated with increased share of the old population, second, low inflation in developing economies has structural pattern due to demographic changes and third, deflation can be forecastable if it is driven by demographic trends. Despite the heterogeneity of the results from PVAR and FEM, a negative impact of aging population on inflation has been proved. Also estimation results support our two hypotheses that low inflation if it is partially driven by aging structure changes, has structural rather than cyclical characteristics and is predictable. Contribution...
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Monetary policy at a time of low interest rates and threat of deflation
Kochergin, Aleksei ; Gevorgyan, Kristine (advisor) ; Šíma, Ondřej (referee)
The aim of the bachelor thesis is to analyze the Czech economy during the period of foreign exchange interventions, and several months after them in the situation of impending deflation. The topic is chosen to be the most up-to-date statement by the Czech National Bank council on the termination of the exchange rate commitment, which will undoubtedly define the domestic economy for a certain period of time. The thesis deals with aspects that have forced the Czech national bank to intervene in the foreign exchange market, it examines the state of the economy during the implementation period of the intervention, and then after the end of the exchange rate commitment. The work is divided into three main parts. The first part of this work explains the essence of monetary policy and its application by the central bank. The second part explains the economic nature of deflation and different views on this issue. The third part focuses on the analysis of the economic situation in the Czech Republic and the policy of the central bank. The result of this analysis will be the assessment of the success of selected strategy on the example of macroeconomic indicators and the evaluation of its adequacy due to the findings.
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Negative interest rates in the context of deflation threats
Jenis, Filip ; Koderová, Jitka (advisor) ; Metrah, Samy (referee)
The introduction of negative interest rates, as an additional tool of unconventional monetary policy in recent years, leads to many, yet largely polarized debates about the implications of the unconventional monetary policy of central banks. The main reason for their introduction in some economies, namely the threat of deflation, is also questioned, as well as the negative side effects of this instrument on financial stability and economic growth, and finally, their limited scope is under scrutiny. Due to the still insufficient research in this field, the aim of the diploma thesis is to evaluate the concerns and the main long-term risks and impacts of the monetary policy using negative interest rates in the context of deflation threats. The analysis of available data confirms both the concerns about the negative effects of negative interest rates on the banking sector, the recovery process of public finances, the possible rise of a price bubble on the financial markets and real estate markets, or on the possibility of excessive risk taking, and on the other hand draws attention to the direct dependence between negative impacts and the duration of monetary policy using negative interest rates.
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The most significant phases of the monetary policy of the Czech National Bank
Krahulcová, Iveta ; Koderová, Jitka (advisor) ; Revenda, Zbyněk (referee)
The diploma thesis deals with the analysis of the most significant phases of the monetary policy of the Czech National Bank, including the analysis and evaluation of its effectiveness from its origin to the present. The thesis is divided into three individual parts. Each part corresponds to a specific transmission mechanism applied by the Czech National Bank while implementing the monetary policy. Each chapter includes the assessment of the effectiveness of individual approaches and the analysis of the impact of the monetary policy as well as the decision of the Czech National Bank on the Czech economy. The very first chapter is focused on the application of the monetary transmission mechanism in conditions of the fixed exchange rate during which an increasing internal as well as external disequilibrium led to the monetary crisis. The second chapter is dedicated to the transition to the inflation targeting, expert discussion concerning its implementation and the evaluation of the achieved results. The last chapter presents the use of the CNB's additional instrument of the monetary policy in the form of the exchange rate including the reasons that led to this step. The closing part of this chapter focuses on the evaluation of the effectiveness of this policy.
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Analysis of deflationary factors in the Czech Republic in years 2008-2016. Was the CNB's decision to start intervene on foreign exchange markets well-founded?
Krampera, Tomáš ; Ševčíková, Michaela (advisor) ; Munzi, Tomáš (referee)
The decision of the Czech National Bank to initiate interventions on foreign exchange markets on 7th November 2013 based on an alleged threat of deflation induced a significant professional debate about the legitimacy of such a step as well as the phenomenon of deflation itself. The aim of this paper is to evaluate the development of Czech economy before and after the interventions using a macroeconomic and econometric analysis. That includes identifying potential deflationary factors, which are then put into context of good and bad deflation characteristics. Further analysis is to determine whether foreign exchange interventions were a justified step. This bachelor paper also mentions the characterization of different viewpoints on deflation, the evolution of opinions from a historical perspective and the description of low-inflation development abroad. The final part of this paper identified low inflation in Eurozone and the prices of oil as the main deflationary factors, both of which matching good and bad deflation characterization. I find CNBs foreign exchange interventions as an unfounded step.
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Business cycle and monetary policy: a modern Austrian approach
Komrska, Martin ; Chytil, Zdeněk (advisor) ; Zamrazilová, Eva (referee) ; Kadrmas, Tomáš (referee)
This dissertation presents the results of research focused on the Austrian business cycle theory (ABCT). The main part of the thesis is an econometrical test of five predictions based on ABCT. I used data on the US economy for period 1967 - 2016, which is the longest time period covered in the Austrian empirical literature so far. Since one of the most important variables for ABCT is so called interest rate gap (the difference between market interest rate and natural interest rate), I use three alternative models of this variable. The results of my empirical tests predominantly confirm theoretical predictions of ABCT. It can be shown that the interest rate gap influenced the relative structure of economic activity and resource allocation in a way predicted by ABCT. I also investigate whether the interest rate gap does have a significant impact on stock market valuations (in terms of aggregate level or relative structure), although the results are mostly statistically insignificant. In addition I also described several possible new distortions which may emerge due to unconventional monetary policy. I argue that these distortions should be of primary interest for researchers engaged in the Austrian research program. I devoted special attention to the specifics of monetary policy regime in Japan, where the Bank of Japan regularly intervenes on the stock market. Another theoretical contribution can be found in the second chapter where I respond to the White's (1999) claim that Hayek implicitly repudiated his own version of ABCT in later part of his career, when proposing free competition in money production. I attempt to show that White's conclusion stems from an inadequate interpretation of Hayek's writings. Finally I provide an alternative interpretation of Hayek's work that reveals the compatibility of his early and late theoretical contributions.
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