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Application of consumption function on CR
Poncar, Jaroslav ; Hušek, Roman (advisor) ; Formánek, Tomáš (referee)
Consumer function is a standard instrument of quantitative economic analysis to examine the relationship between consumer expenditure and income or other influencing factors such as liquid assets, interest rates or various demographic and social factors. In this thesis are presented the most frequently used methods in econometric analysis of consumption function. Attention is paid to the hypothesis of absolute income, relative income, life cycle, permanent income, rational expectations and consumption function based on the error correction model. Furthermore, the suitability of individual models for the current economic situation in the Czech Republic is assessed. Subsequently an empirical model of consumption function for the Czech Republic is designed and tested. Furthermore, the estimates of each consumption function model for the period before and after economic crisis of 2008-2009 are performed and compared. Finally, a short-term prediction of the consumption of Czech households is made.
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Analysis of household consumption expenditure with respect to VAT
Čížek, Pavel ; Janíčko, Martin (advisor) ; Chytilová, Helena (referee)
The constant increase in public sector spending in the advanced economies, increases pressure on the revenue side of public budgets. The primary sources of public budgets are taxes. This raises a question of what type of tax instrument to choose in respect to meet the high efficiency in sourcing public budgets restriction and at the same time, to minimize the negative impact on the private sector and households. As generally effective tax is considered a consumption tax. But what is the real effect of this tax in the short run and long run? The aim of this thesis is to analyze the influence of value -- added tax (VAT) on household expendictures in the short and long run. At first I provide empirical test of the short-term effect of VAT on household spending using quarter panel data for Visegrad fore countries, as I am focused mostly on the Czech Republic and Slovakia. Then construct a broader set of data for 14 EU countries, in purpose to test the long-term effect. For testing, I use several estimation techniques for panel data, taking into account the dynamic nature of these data sets.
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Ekonometrické modelování spotřební funkce v ČR a SR
Málková, Jana
The main aim of thesis is the econometric model suggestion of consumption function corresponding with contemporary economic conditions in the Czech Republic and Slovakia. The thesis is also focused on testing selected models of consumption function and assessing the suitability these models for contemporary conditions of real economic situation in the Czech Republic and Slovakia. The close attention is concentrated on testing three major economic models of consumption function--the Theory of consumption (Keynes, 1936), the Life Cycle Hypothesis (Modigliani, 1986) and the Permanent Income Hypothesis (Friedman, 1957), where is made by econometric modeling of time series a comparison of real data with macroeconomic theories of consumption function.
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Analýza spotřeby v ČR 1996 - 2008
Kyncl, Jan ; Tichý, Filip (advisor) ; Ráčková, Adéla (referee)
Práce se snaží vysvětlit spotřební závislosti v ČR pomocí známého tvaru makroekonomické keynesiánské spotřební funkce. V první části jsou shrnuty základní poznatky teorie lineárních regresních modelů a způsoby jejich odhadu. Dále teoretická stránka ekonomické, statistické a ekonometrické verifikace modelu. V druhé části jsou teoretické znalosti využity v praxi na reálných datech z národních účtů ČR. Je sestaven vhodný regresní model spotřeby a proveden jeho odhad a verifikace.
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The Influence of European Central Bank Interest Rates upon Consumption in Eurozone Countries
Glykner, Daniel ; Mandel, Martin (advisor) ; Chytilová, Helena (referee)
First, this paper presents basic definitions of the consumption function and gives a summary of main theoretical concepts of consumption as well as an overview and discussion of important papers on consumption. Above all, papers examining the influence of the interest rate upon consumption are accented. Furthermore it contains a brief context summary of current and potential eurozone members, work of the ECB and execution of common monetary policy. Subsequently we discuss the hypothesis of a possibly asymmetric impact of the interest rate upon consumption in individual countries, expand and justify the hypothesis based on indebtedness, wealth, etc. Empirically, hypotheses are tested on historical data of individual countries: transmission between interest rates of central banks (later the ECB) and market interest rates, correlation analysis of consumption changes and central interest rates in individual countries, correlations with year-on-year changes. Also, consumption functions are estimated using time series models while testing alternative variables in the regression equations. We discuss analysis results and methods used; the influence of the interest rate upon consumption seems to be small and the relationship type is not much different across the eurozone countries. Eventually, we outline possible implications of our results with respect to the future of the eurozone and related activity of the ECB.
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