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Macroeconomic consequences of Covid-19 and the role of stabilisation policies
Karhánek, Tomáš ; Holub, Tomáš (advisor) ; Baxa, Jaromír (referee)
The thesis applies panel data analyses supported by vast stream of empirical literature with aim to capture and quantify effects of the monetary and fiscal stabilization policies on the macroeconomic indicators during COVID-19 pandemic, while also comparing effects of UMP and CMP monetary regimes. The results show that both the monetary and fiscal stabilization policies had positive and statistically significant impact on the real GDP growth. On the other hand, the effect of the stabilization policies did not have significant effect on the inflation during 2020-2021. The thesis also presents a small subsample of forecasting utilizing properties of VECM and comparing recovery paths of 3 European countries with different monetary regimes. We also conclude that there is no significant difference between monetary regimes utilizing UMP or CMP in terms of effectivity of the GDP growth stimulus and recovery paths of the macroeconomic indicators. Furthermore, we have concluded that the GDP sectoral composition played an important role in the economic impact on the country as countries with larger share of services suffered larger decrease of the real GDP and countries with large industrial sector faced higher inflation due to supply chain disturbtion. JEL Classification E52, E31, E470, H51, H68, H61...
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The impact of fiscal and monetary policy on the economy of Iceland between 1995 - 2013
Klimeš, Jakub ; Vostrovská, Zdenka (advisor) ; Štěpánek, Pavel (referee)
This thesis tries to describe origin of Icelandic crisis from 2008 and tries to explain whether it was caused by liberalisation of Icelandic market or by excessive monetary and fiscal interventions. Analysis of behaviour of free market subjects and analysis of policy of central bank and government couldn't clearly accept or reject the hypotheses that the crisis was caused by liberalisation. On the other hand the thesis sees chosen policy of government and central bank as a main contributor to the break out of the crisis. This assumption is in accordance with theoretical and practical study of most important monetary and fiscal interventions implemented in Iceland
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The Efficiency of Fiscal Policy in connection with "Japan's Lost Decade"
Cvetkov, Jan ; Ryvolová, Ivana (advisor) ; Loužek, Marek (referee)
This work has a target to review the efficiency of fiscal stimulus instruments in connection with "Japan's Lost Decade". The first half of this work follows selected theoretical areas. The author criticises usability of the AS-AD model and spending multiplier. Public finance deficits and government debt are attached to fiscal expansion and, therefore, this work will focus on this topic too. The role of fiscal stabilization policy will be studied in connection with causes and symptoms of trade cycle. The second half of this work scrutinizes the development and implications of implemented fiscal policies in Japan, especially the 1990s, well known as "Japan's Lost Decade". The consequences of fiscal stimulation will be judged.
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