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Attempt to analyze the impact of CNBs foreign exchange interventions on the Czech economy
Kos, Oldřich ; Babin, Jan (advisor) ; Čermáková, Klára (referee)
This bachelor thesis - Attempt to analyze the impact of CNBs foreign exchange interventions on the Czech economy - analyze the impact of CNBs foreign exchange intervention executed between November 2013 and December 2015. I used econometric models based on the ordinary least squares method and data of Český statistický úřad, Česká národní banka and Ministerstvo práce a sociálních věcí. The results of these models proved, that foreign exchange interventions had positive impact on GDP a unemployemt. On the other side, failed to achieve 2% inflation target.
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Exchange rate as an unconventional tool of monetary expansion on the example of The Czech Republic
Purnochová, Barbora ; Brůna, Karel (advisor) ; Kučera, Lukáš (referee)
Recent crisis and economic recession caused in many countries problems with drop in inflation and overall downturn in economic growth. The Central Banks found themselves in so called zero lower bound. This thesis describes the situation of deflation, zero lower bound and liquidity trap. These conditions called for the use of alternative monetary policy tools. The main goal of the thesis is to evaluate the use of foreign exchange rate intervention as unconventional tool in a small open economy with inflation targeting regime represented by the Czech Republic in the analytic part. Thesis examines other non-standard instruments and provides reasons for the Czech National Bank decision. The analysis shows the complexity of the issue and provides the evidence that exchange rate commitment was not displayed to the desired price level. The tool could lead to expected repercussion, but the effect is impacted by factors, which Central Bank cannot control. The effect of the CB way to fight the decreasing inflation will be better shown after the CB exit from the commitment.
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The analysis of impacts of the foreign exchange intervention making by CNB on the company CGI
Macháček, Marek ; Rotschedl, Jiří (advisor) ; Čermáková, Klára (referee)
The aim of this thesis is to determine the impact of the foreign exchange intervention, which was conducted in November 2013, based on analysis of production and profit function. From the results of each analysis I can accept the hypothesis about the negative impact of the foreign exchange intervention on the company CGI. Analysis of the production function shows that if the firm is profit maximalist, it would have reduced number of employees by approximately by 30 % after the intervention. The negative impact of the intervention was also confirmed by the higher gain on the real profit function when there is changing the prices of inputs and outputs in terms of no intervention. In an analysis of a hypothetical profit function assuming a fixed variable, the hypothesis was not confirmed and contrary the higher company profit was reached after the intervention. The work also brings an interesting and valuable finding, how many employees should the company hire and what is the optimal size of the product to maximize its profit.
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