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Role of Fiscal Policy in the Recent Inflation Shock in the Czech Republic
Řepa, David ; Baxa, Jaromír (advisor) ; Pavlova, Alena (referee)
Following a massive fiscal expansion worldwide during the COVID-19 pan- demic, global inflation suddenly started to upsurge at a long-unseen pace. In- spired by the case of the Czech Republic, a country that experienced one of the sharpest hikes in the price level in the European Union between 2021 and 2023 and whose public finances have been considerably disrupted by expansive fiscal policy, the thesis aims to reveal to which extent both phenomena are related. Using panel data spanning from 1996 to 2022, the Fixed Effects and Common Correlated Effects estimators are applied to several dynamic models in which four alternative measures of fiscal stance are considered and that allow for heterogeneity in the magnitude of the coefficients as well as the presence of common effects in some cases. However, no robust evidence that the relation- ship would be economically relevant in the standard times has been revealed. Consequently, the analysis hence does not reveal a clear fiscal source of the recent inflation shock. Different drivers are likely to have affected it. Addition- ally, evidence of generally strong inflation persistence and a role of openness to international trade are observed. JEL Classification E31, E37, E62, E65, H62, H63 Keywords inflation, fiscal policy, Czech Republic, COVID- 19,...
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Monitoring centrálních bank - prosinec 2017
Česká národní banka
Most of the central banks under review, including the ECB, are keeping their interest rates at low levels, and several are also continuing their unconventional monetary policy programmes, although the ECB, for example, has reduced its monthly asset purchases. A major exception is the US Fed, which, as expected, is continuing to raise its key interest rate and, according to outlooks, will maintain this trend next year. The UK has also seen its first rate hike in ten years. By contrast, the Hungarian central bank’s new instruments are aimed at lowering yields at the longer end of the yield curve. Spotlight focuses this time on the countercyclical capital buffer. In our Selected speech, outgoing Fed Chair Janet Yellen sums up US monetary policy over the last ten years.
Fulltext:  PDF; PDF
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Numerical methods in economics
HRNČÍŘ, Pavel
The bachelor thesis focuses on the use of numerical methods in economic practice. The thesis describes the essence of interpolation and regression. Different methods of function approximation are presented. The aim of the thesis is to evaluate whether selected numerical methods, namely interpolation polynomial and linear regression, are suitable for predicting future values of economic variables based on historical data and whether interpolation polynomial is suitable for estimating missing values among known data. The economic variables worked with are the average annual inflation rate and the average gross monthly wage. The data of the economic variables are obtained from the Czech Statistical Office. A console application in the C# programming language has been developed for this work, which allows the calculation of the interpolation polynomial from the given data.
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Survey expectations, adaptive learning and inflation dynamics
Rychalovska, Y. ; Slobodyan, Sergey ; Wouters, R.
The use of survey information on inflation expectations as an observable in a DSGE model can substantially refine identification of the shocks that drive inflation. Optimal integration of the survey information improves the model forecast for inflation and for other macroeconomic variables. Models with expectations based on an Adaptive Learning setup can exploit survey information more efficiently than their Rational Expectations counterparts. The resulting time-variation in the perceived inflation target, in inflation persistence, and in the sensitivity of inflation to various shocks provide a rich and consistent description of the joint dynamics of realized and expected inflation. Our framework produces a reasonable interpretation of the post-Covid inflation dynamics. Our learning model successfully identifies the more persistent nature of the recent inflation surge.
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Tyre Parameters Measurement
Pokorný, Pavel ; Vančura, Jan (referee) ; Blaťák, Ondřej (advisor)
It is the tyre that ensures the interaction between a wheel and road surface and it is the the tyre which also acts as a primary cushioning. Its construction, features and condition highly influence driving properties of a car and thus passenger safety as well. In motorsports the tyre is a key part of the vehicle and therefore it is necessary to make use of its complete potential for reaching the best results. The aim of this thesis is a device construction suitable for tyre parameter and their characteristics measurement. The next task is to design a measuring system for tyre pressure and temperature monitoring. With using of these devices a few real-tyre measurements and subsequent result evaluation will be done. The output of the thesis is an overview of construction details, overview of selected tyre parameters, design and drawing documentation of multipurpose measuring device and the results of my measurements.
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Financing Options of Operational Activities of Company
Zámková, Jana ; Vacková, Silvie (referee) ; Zeman, Václav (advisor)
This master's thesis is focused on the problems of financing of buying warehouse of company which is specialized on domestic and international logistics, stock-keeping, customs declaration and collecting services CS Expres. It consists of possibilities of financing analysis, comparation of proper options of financing, prediction of the interest rate development of 1M PRIBOR till the half of the year 2011, prediction of the cash flows and proposals for optimal way of acquisition of the warehouse.
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Comparision of Czech Macroeconomic Performance with Selected Countries
Čechová, Jitka ; Nováková, Klára (referee) ; Breinek, Pavel (advisor)
The bachelor‘s thesis is focused on the analysis of the Czech Republic economic efficiency in comparison with selected countries. The goal of the thesis is the economic efficiency evaluation of the CR with help of its confrontation with Slovakia, Poland and Hungary. In order to make it, there are described basic macroeconomic indicators at first and then there is also made an analysis of the economic efficiency of all countries of the Visegrad Four since 1989. Then a general evaluation is made with formulation of recommendations for improvement.
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