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The comparison of success of monetary policy based on inflation targeting in case of central banks of Canada and the Czech Republic.
Metrah, Samy ; Mandel, Martin (advisor) ; Tomáš, Holinka (referee)
The aim of the bachelor's thesis is to compare the features of monetary policy based on inflation targeting and its implementation in the Czech Republic and Canada. The comparison is made in two different points of view -- both the qualitative and the quantitative. The first compares the main instruments of monetary policy used by both central banks. The other analyzes the rate of success in fulfillment of pre-determined targets for short-term interest rates and inflation; it also provides the possible explanation of deviations. The results confirmed that both central banks have strong influence on behavior and movements of short-term interest rates. In case of CNB the results imply possible movements of short-term interest rates based on anticipation of near future changes in monetary policy instrument. The rate of success in fulfillment of inflation targets was considerably better in case of Bank of Canada; however, the worse performance of CNB in comparison to Bank of Canada was primarily based on extraordinary shocks that had hit the Czech economy.
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Inflation targeting in the Czech Republic compared with the Visegrad countries
Gergelyová, Jana ; Mandel, Martin (advisor) ; Zbyněk, Štork (referee)
This thesis is an analysis of inflation in the Czech Republic and the success of the Czech monetary policy compared with inflation targeting in the Visegrad countries. In the first part, I focused on the development of central banking and the role of central banks, the main actors of monetary policy, in relation to inflation. A common feature of the Visegrad Four is a monetary policy based on inflation targeting. The prediction of inflation compared with its actual development in a period of ten years is subject to the practical part, which is supple-mented by a wide range of graphs and tables that I have mainly compiled from data available on the websites of central banks of individual countries and Eurostat, the European Union statistical office.
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Je měnová politika ECB vhodná pro všechny státy eurozóny?
Machala, Martin ; Řežábek, Pavel (advisor) ; Štěpánek, Pavel (referee)
The theoretical part of this thesis is devoted to the position, goals and tools used by the European Central Bank, which is bound with the development of monetary policy influenced by the time period starting with foundation of the EU central bank to current days, full of problems with eurozone. The main aim of this thesis is to prove whether the EU central bank monetary policy is suitable for all eurozone countries or just some of them. The main tool for the analysis is the optimum currency area theory, which compares the inflation of countries which are members of eurozone, with the monetary policy of the European Central Bank. The results confirm that in the long term, the inflation in eurozone countries which are currently in major economic problems substantially differ from the average inflation of the eurozone. From results of the analysis it is obvious that there is no convergence in inflation. Convergence in inflation is an important condition when creating an optimal currency area. Because of its absence the next statement can not be true. A common monetary policy for all countries of the eurozone is not always optimal.
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Current Progress of the Monetary Policy in the Slovak Republic
Mazur, Lukáš ; Dočkal, Dalibor (advisor) ; Ježek, Tomáš (referee)
This thesis examines the monetary policy of the Slovak republic between the years 2000 and 2010. At first there are described transmission mechanisms, then continues by monetary policy tools in the Slovak republic and monetary policy tools that are used by European central bank. This is followed by the description of the proccess of adopting the Euro and the optimum currency areas theory. In the second part is performed an analysis of Slovak's monetary policy including changes in institutional framework especially those changes which are connected with the Euro adoption. The thesis answers question whether Slovak's monetary policy has changed due to Euro adoption.
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The monetary policy of the National Bank of Slovakia and the adoption of euro
Hanuščáková, Valéria ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The topic of the thesis is the monetary policy of the National Bank of Slovakia and the adoption of euro. The content of the thesis is divided into two parts, theoretical and practical. The first part is devoted to the main representative of monetary policy in Slovakia, the National Bank of Slovakia, and description of the activities performed and the tools used while implementing the policy. In addition, the work focuses on the prerequisite of adoption of the common European currency, namely the formation and the history of the economic and monetary union. The main objective, the practical part of the thesis, is the secondary research analysis devoted to the implementation of monetary policy of the National Bank of Slovakia from the Bank's formation itself, through very important events such as change in FX rate in 1998, access to the ERM II system in 2005, adoption of euro in 2009 till the present time. In the final chapter, the thesis focuses on the evaluation of euro adoption in Slovakia via primary research conducted through questionnaire designed for Slovak citizens. Closure part consists of my personal analysis of euro implementation whereby I'll remit to advantages just as disadvantages which have been caused by our new mutual currency.
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Měnová politika a její synchronizace s fiskální politikou: vliv na hospodářský růst a inflaci
Řežábek, Pavel ; Schwarz, Jiří (advisor) ; Holman, Robert (referee) ; Komárek, Luboš (referee) ; Šimáček, Milan (referee)
The dissertation deals with the interplay of fiscal and monetary policy in face of uncertainty about the estimation of the true output gap. Theoretical framework of the dissertation set this interplay of monetary and fiscal policy into the realm of game theory, in particularly non-cooperative games of the Nash and Stackelberg equilibrium, respectively. The theoretical framework continued with a description of various methods used for estimation of potential output and output gap, with a special emphasis on methods used in both the Czech National Bank and Czech Ministry of Finance. In the applied part of the dissertation, I studied the interplay of monetary and fiscal policy in the case of Czech economy facing an uncertainty about the estimation of the true output gap. I studied the impact of this interplay on major macroeconomic variables and I tried to determine, which of these two policies plays the role of a leader and which plays the role of a follower in the case of Czech economic environment.
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The development of monetary policy in the Czech Republic since 1990
Málek, Jakub ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
The thesis deals with monetary policy applied by the central bank in Czech republic in the last 20 years. On the established theoretical basis analysis performed monetary policy since the transformation economic environment in 90's 20th century to the present. The aim thesis is to assess the results of the applied monetary policy in certain stages of economic development in the Czech republic and its impact on the economy and macroeconomic indicators. In the second half of analytical part connected to the analyzes of the applied monetary policy influence European union on the Czech monetary policy and requirement on its harmonization with European central bank's monetary policy, which is essential assumption to entry our country into higher degree of integration, thus joining into the European monetary union.
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Monetary Policy of the Federal Reserve System in 2007-2010
Tóthová, Jana ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
The thesis describes the chain of causation that leads from the causes of the financial crisis over its consequencies towards the reactions of the Federal Reserve System. After the consequencies of the Crisis have been identified, the author deals in detail with the measures taken -- with their characteristics and the way they function. Afterwards, the author evaluates efficiency of these meausures and describes the role they played in the overall attitude of the Federal Reserve System to handling the Crisis.
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The role of the Visegrad Four under current conditions.
Harvišová, Simona ; Klosová, Anna (advisor) ; Gullová, Soňa (referee)
The theme of the diploma thesis is the Visegrad Four and its activity from the establishment in 1991 to the present. The aim of the thesis is to focus on the main purpose of the Group. The thesis examines fulfillment of set goals, which accomplishment the cooperation of V4 enabled. Significant activities of the group include EU entry, NATO entry, Schengen membership and establishment of CEFTA. The thesis covers present economic development of members of Visegrad and monetary policy regarding possible Euro acceptance. In the closing part there are the current priorities and spheres of cooperation of the Visegrad Group evaluated, i.e. activity in the EU and cooperation within V4, as well as other future perspective interest areas.
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