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Unconvential monetary policy adopted by ECB and FED in 2008-2015
Pörner, Marek ; Šetková, Lenka (advisor) ; Ševčíková, Michaela (referee)
The main aim of this thesis is to analyse the accomplishment of the goals set, namely those of the selected unconventional monetary policies approved by the Federal Reserve System and the European Central Bank in response to the last financial crisis. With the FED the attention is focused on Quantitative Easing, whereas with the ECB it is focused on the programmes called Enhanced Credit Support, SMP, OMT and EAPP. Important parts of this thesis are also the explanation of the transmission mechanism of the unconventional monetary policy, the evaluation of macroeconomic impacts of these non-standard tools, the comparison of procedures of the two monitored central banks, but mainly the analysis of selected risks related to those tools. The principal method was an empirical analysis supported by economic studies dealing with the issues mentioned above. In the thesis it was discovered that the individual goals of the monitored programmes were achieved (with the exception of the SMP). With the programme EAPP no conlusion can be drawn because the programme has not been finished yet. Nevertheless, these non-standard tools bring certain risks such as a creation of a bubble in the markets of assets, a redistribution of wealth, a spillover effect, etc. For that reason it will be possible to evaluate the overall effect of the unconventional monetary policies only after a longer time period.
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INSTITUTIONAL CARE
PAPÁČKOVÁ, Lucie
The aim of this bachelor thesis is to acquaint the reader with institutional care in the Czech Republic, performed in facilities belonging to the Ministry of Health, the Ministry of Labor and Social Affairs, and the Ministry of Education, Youth and Sports. Institutional care is one of the most important measures in which the State may intervene in family relationships. Minors have the legal right to secure a proper education and overall development. If the parents or family are unable to fulfill this legal claim, then the State is obliged to provide the child with an alternative rearing environment, either by assigning the child to the care of individuals or a facility for children requiring immediate assistance, and in the event of a necessity, also the most important measure: imposing institutional care. Priority is always given to individual care before institutional care, either with another individual, guardian, or foster parent. The Act also defines exactly where it's possible to proceed to extreme measures and impose institutional care. Given the severity of this measure, this decision only appertains to courts. No other governmental or non-governmental institution has such authority. This paper is aimed at introducing institutional care and the protection of children in the Czech Republic, especially highlighting the fragmentation of institutional care. The fundamental part of this paper describes the process of imposing institutional care, and especially its implementation in individual institutional facilities, differentiated according to the children's age, their physical and mental abilities, and the reasons why institutional care was decided on. The priority should always be the child's interest and welfare. This work also highlights the shortcomings of institutional care, particularly the lack of cooperation between the socio-legal protection of children and institutional facilities, the limited cooperation between government departments, the lack of suitable family recovery, and the small number of social workers and judges in the field. Finally, I also mention the achievements that brought about the transformation of institutional care, particularly the conversion to small family type facilities, surrounded by a network of services for the families of allocated children, the children themselves, and also other families who find themselves in a difficult situation. Not all children can be placed in foster care, not all families can be recovered. Especially for some older children and those who have gone through a specific life experience (abuse, repeated return from foster families), an institutional facility is an environment where they feel more secure and where they can fulfill their need to belong in a group of peers. In my work, I also want to draw attention to the current system of child care for children and youth, which does not address the period following the departure of young people from institutional care, although the stage of becoming independent is the most important for their future life.
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Speculation on oil markets and its impact on commodity's price
Melcher, Ota ; Taušer, Josef (advisor) ; Baláž, Peter (referee) ; Müller, Štěpán (referee)
This study aims to analyse the precrisis period on the oil markets with a primary objective of assessing the role of speculation in the commodity's price development and its volatility. First it depicts the rapidly increasing speculative activity on the futures market together with the parallel oil price surge. The speculation is initially proxied by non-commercial traders' positions and subsequently quantified by Working's T-index. The paper then uses speculative traders' positions and both spot and futures prices to test for Granger causality within the framework of VAR models. For the sake of consistency it also evaluates causal links between speculation and inventories level. Further the study investigates the speculation impact on volatility of oil prices by employing various approaches in volatility quantification including GARCH models. Contrary to expectations we find that the speculatio's impact on both prices and their volatility is rather insignificant. In the last chapter we therefore seek for an explanation of the oil price developments by examining the market fundamentals. The interaction of supply and demand finally gives substantial evidence for understanding the price developments in the precrisis period.
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Differences between men and women in the Czech labour market
Stroukal, Dominik ; Kadeřábková, Božena (advisor) ; Pavelka, Tomáš (referee) ; Němec, Otakar (referee)
This thesis consists of five articles that apply current world research on labor economics at the Czech Republic and confirms the significant differences between men and women in this market. It shows that gender has a significant influence on the preference on the labor market and, consequently, on employment and health. First, the thesis shows that preferences are relevant determinant of career and then we study the difference in preference of salary for men and women. Subsequently it shows that gender plays a significant role in explaining the relationship between homeownership, and unemployment, as well as unemployment and health. The first chapter was able to demonstrate that the preference for a career has a positive influence on the choice of career. The influence of higher education on prioritizing career proved to be positive and significant. Probability of a career choice is reduced by the presence of children, however, is not dependent on their number, which is contrary to the theory of preferences. The second chapter shows that Czech women prefer more non-monetary rewards than men. It has also been shown that people with university education are same in the preferences of non-monetary rewards regardless of the gender of the respondents, however, compared to the world's research, the Czech higher education increases this preference. It turned out that women prefer risk less than men. The third chapter demonstrates that although the housing market undermines labor mobility and employment in the Czech Republic at the regional level, therefore, that in regions with a higher rate of home ownership is higher unemployment, at the individual level, the owners of housing are unemployed are less likely. The estimates are significantly different for men and women. Men living in owner-occupied housing have a higher likelihood of employment than women. At regional level, however, this thesis shows that the high rate of home ownership increases unemployment for both men and women, in the long run only to women. The fourth chapter showed that men transition to homeownership reduces the likelihood of unemployment next year. For women, this relationship has proved to be insignificant. In addition, as insignificant showed the opposite relationship, the transition from unemployment to the newly acquired home ownership. The last chapter shows that the change in the working status to unemployment will increase in the future probability of worse health. Influence in less than two years, however, proved to be significant. An important conclusion is that men have a significantly stronger relationship between health and unemployment than women.
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STRAIN ENGINEERING OF THE ELECTRONIC STRUCTURE OF 2D MATERIALS
del Corro, Elena ; Peňa-Alvarez, M. ; Morales-García, A. ; Bouša, Milan ; Řáhová, Jaroslava ; Kavan, Ladislav ; Kalbáč, Martin ; Frank, Otakar
The research on graphene has attracted much attention since its first successful preparation in 2004. It possesses many unique properties, such as an extreme stiffness and strength, high electron mobility, ballistic transport even at room temperature, superior thermal conductivity and many others. The affection for graphene was followed swiftly by a keen interest in other two dimensional materials like transition metal dichalcogenides. As has been predicted and in part proven experimentally, the electronic properties of these materials can be modified by various means. The most common ones include covalent or non-covalent chemistry, electrochemical, gate or atomic doping, or quantum confinement. None of these methods has proven universal enough in terms of the devices' characteristics or scalability. However, another approach is known mechanical strain/stress, but experiments in that direction are scarce, in spite of their high promises.\nThe primary challenge consists in the understanding of the mechanical properties of 2D materials and in the ability to quantify the lattice deformation. Several techniques can be then used to apply strain to the specimens and thus to induce changes in their electronic structure. We will review their basic concepts and some of the examples so far documented experimentally and/or theoretically.
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HYDROGEN ABSORPTION IN A-Co30Fe55B15
Čermák, Jiří ; Král, Lubomír ; Roupcová, Pavla
Hydrogen solved in amorphous alloys (AAs) influences their magnetic characteristics. AAs are also perspective\nas additives that can improve hydrogen storage kinetic in certain types of ball-milled hydrogen storage\nmaterials (HSMs). Therefore, knowledge of hydrogen solubility and hydrogen sorption kinetics in AAs are of a\ngreat importance for aimed design both AAs with optimal magnetic parameters and HSMs with desired sorption\ncharacteristics. In the present paper, amorphous alloy Co30Fe55B15 (an example of the type a-TM1xTM2y Bz ;\nTM - transition metal) was investigated. Hydrogen concentration c H was measured by Sieverts method in\ntemperature interval from T = 150 °C to T = 350 °C under hydrogen pressure p up to 6 MPa. It was found that\nc H was an increasing function of p and its maximum value was typically 0.5 wt.% H2 at 350 °C and 6 MPa.\nHowever, when the alloy was preliminary hydrogen charged (PHC), the pressure dependence of total c Htot in\nthe first absorption cycle(s) is non-monotonous in dependence on PHC conditions. For the sake of comparison,\nthe same absorption characteristics were measured also in Mg2Ni intermetallic that is a common constituent\nin Mg-based HSMs. Comparing Co30Fe55B15 and Mg2Ni, it was concluded that Co30Fe55B15 shows lower\nhydrogen solubility, but much better absorption kinetics.
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Neural Networks Between Integer and Rational Weights
Šíma, Jiří
The analysis of the computational power of neural networks with the weight parameters between integer and rational numbers is refined. We study an intermediate model of binary-state neural networks with integer weights, corresponding to finite automata, which is extended with an extra analog unit with rational weights, as already two additional analog units allow for Turing universality. We characterize the languages that are accepted by this model in terms of so-called cut languages which are combined in a certain way by usual string operations. We employ this characterization for proving that the languages accepted by neural networks with an analog unit are context-sensitive and we present an explicit example of such non-context-free languages. In addition, we formulate a sufficient condition when these networks accept only regular languages in terms of quasi-periodicity of parameters derived from their weights.
Fulltext: content.csg -  PDF
Plný tet: v1237-16 - PDF
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Design of Experiment for Non-Stationary Processes of Production
Jadrná, Monika ; Macák, Tomáš (advisor)
The doctoral thesis is concerned with the services sector and the area of mass production. Particularly, the optimization of the product portfolio of the travel agency and the optimization of production rounds of ammunition.
The theoretical part deals with the current overview of discussed topic. Further, the terminology and methods of the decision-making process are defined to support decision making. The theoretical basis of research focused on the choice of appropriate input variables in the area of services, and on the choice of a particular material option in the production area and appropriate equipment for the production. The theoretical part forms the basis for the practical part of the thesis.
For the doctoral thesis was chosen an enterprise operating in the defined sector. Product portfolio for the services sector is optimised using Fuzzy logic and Fuzzy sets so that the enterprise can maintain its competitiveness in todays highly ambitious market. Product portfolio for manufacture is optimised for achieving desired properties of the product.
The main aim of the thesis is to propose a new methodological approach for the management of selected business processes in their nonstationary time course. The aim of the practical implementation is to verify the functionality of the proposed methodological approach, both in the area of services and in the field of mass production.
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Population genetic analysis of Old Kladruber horse
Vostrá Vydrová, Hana ; Majzlík, Ivan (advisor) ; Karel, Karel (referee)
The Old Kladruber horse, along with the Lipizzaner horse, Andalusian horse and Lusitano horse, is of the original Italo-Spanish type. The Old Kladruber horse is kept in two colour varieties (grey and black). Because the population is closed, there is a concern about the loss of genetic variation. The genetic diversity and population structure were analysed in the Old Kladruber horse breed based on the pedigree information of animals that were registered in the Studbook to identify factors that may have affected the genetic variability of the breed. Pedigree records collected from 1729 to 2013 contained information on 7971 animals that were used in the analyses. The pedigree depth was up to 33 generations, with an average of 15.1 complete generations. The effective number of founders and ancestors contributing to the current genetic pool was 92.69 and 17.16, respectively. The average values of the inbreeding coefficient were as follows: 13% (with a maximum value of 29%) for the reference population (individuals that can currently take part in reproduction, n=612), 11% for the grey variety (with a maximum value of 25%) and 15% for the black variety (with a maximum value of 29%). The proportion of inbred animals was high (99%). The average rate of inbreeding in the reference population was 1%: 0.8% for the grey variety and 1.1% for the black variety, and the respective estimates of the effective population sizes were 52 for the reference population, 62 for the grey variety and 45 for the black variety. The estimated percentage of genetic diversity lost due to non-random mating within subpopulations and the reference population was 1.0, 1.0 and 1.2%, respectively. The total loss of genetic diversity in the reference population, in the grey variety and in the black variety was 11%, 13% and 17%, respectively.
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