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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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Analysis of the decision-making factors in freight forwarder selection process
Šrámková, Eva ; Novák, Radek (advisor) ; Cempírek, Václav (referee) ; Průša, Bohumil (referee)
The thesis analyses the factors of customer decision-making process by choosing a freight forwarder in the Czech Republic market. While applying factors by other relevant research studies dealing with the decision-making process of customers in non-European countries, the research examines factors characteristic for the Czech customers. Questionnaires and in-depth interviews as research methods are applied. Within the research, a new service quality instrument TARRQUAL was developed. The TARRQUAL was proved on a survey including 250 customers of freight forwarder Kühne+Nagel Czech Republic. As service quality measurement, TARRQUAL is supposed to be applied particularly in logistics business field. The project aims at providing input for empirical research in the field of service quality in container shipping, which is lacking in the Central and East European countries.
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Cut Languages in Rational Bases
Šíma, Jiří ; Savický, Petr
We introduce a so-called cut language which contains the representations of numbers in a rational base that are less than a given threshold. The cut languages can be used to refine the analysis of neural net models between integer and rational weights. We prove a necessary and sufficient condition when a cut language is regular, which is based on the concept of a quasi-periodic power series. We show that any cut language with a rational threshold is context-sensitive while examples of non-context-free cut languages are presented.
Fulltext: content.csg -  PDF
Plný tet: v1236-16 - PDF
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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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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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Non-invasive methods for sex and steroid homones determination in gibbons of the genus Nomascus
Bolechová, Petra ; Bartoš, Luděk (advisor) ; Pavel, Pavel (referee)
The gibbon primates of the family Nomascus are classified as critically endangered species, and, to date, basic understanding and information about their biology is missing. With regard to the status of these animals in the wild and captive populations in zoos, being familiar with their reproduction, may improve captive breeding programs. Data collection in this study was to be carried out by the practical use of non-invasive methods (polymerase chain reaction for DNA extraction and enzyme immunoassays), using faecal samples for analysis. The first method, polymerase chain reaction, was used for sex determination in juveniles, because of their coat colour and visual similarity of secondary sex characteristic in both sexes; it is not possible to determinate sex without handling the animal. Another main purpose of this study is to try and answer the hypothesis regarding the ovarian cycle of females, factors influencing their hormone concentration and also the onset of sexual maturity in females and the timing of their fur colour change. Hypotheses were checked by monitoring the concentration of progesterone and oestrogen faecal metabolites and by evaluation of the composition of breeding groups of gibbons with the ZOO influence. During a four year period (from 2010 till 2014), there were a total of 51 animals analysed from 16 different zoos with a faecal sample count totalling 1618 samples. The results confirmed the use of noninvasive methods for sex determination, and thus ensuring the maximum welfare standards. Endocrinological analysis confirmed the hypothesis of the influence of the environment (ZOO) to the hormone concentrations and female´s pregnancy effect in conjunction with her age on the final results of the male - father hormone concentrations. The initial information in this study is the confirmation of the onset of ovarian cycle in young females without connection to their fur colour change and a significant factor of a mother´s impact and her territoriality. This study is the first to present a long term monitoring of ovarian cycles in females and hormone concentrations of other individuals, both male and female, and from various age groups. The results allow us to understand the possible impact of zoo environments on the reproductive status of these gibbons and contribute to the general improvement of breeding management.
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Query-by-Example Spoken Term Detection
Fapšo, Michal ; Matoušek, Jindřich (referee) ; Metze, Florian (referee) ; Černocký, Jan (advisor)
Tato práce se zabývá vyhledáváním výrazů v řeči pomocí mluvených příkladů (QbE STD). Výrazy jsou zadávány v mluvené podobě a jsou vyhledány v množině řečových nahrávek, výstupem vyhledávání je seznam detekcí s jejich skóre a časováním. V práci popisujeme, analyzujeme a srovnáváme tři různé přístupy ke QbE STD v jazykově závislých a jazykově nezávislých podmínkách, s jedním a pěti příklady na dotaz. Pro naše experimenty jsme použili česká, maďarská, anglická a arabská (levantská) data, a pro každý z těchto jazyků jsme natrénovali 3-stavový fonémový rozpoznávač. To nám dalo 16 možných kombinací jazyka pro vyhodnocení a jazyka na kterém byl natrénovaný rozpoznávač. Čtyři kombinace byly tedy závislé na jazyce (language-dependent) a 12 bylo jazykově nezávislých (language-independent). Všechny QbE systémy byly vyhodnoceny na stejných datech a stejných fonémových posteriorních příznacích, pomocí metrik: nesdružené Figure-of-Merit (non pooled FOM) a námi navrhnuté nesdružené Figure-of-Merit se simulací normalizace přes promluvy (utterrance-normalized non-pooled Figure-of-Merit). Ty nám poskytly relevantní údaje pro porovnání těchto QbE přístupů a pro získání lepšího vhledu do jejich chování. QbE přístupy použité v této práci jsou: sekvenční statistické modelování (GMM/HMM), srovnávání vzorů v příznacích (DTW) a srovnávání grafů hypotéz (WFST). Abychom porovnali výsledky QbE přístupů s běžnými STD systémy vyhledávajícími textové výrazy, vyhodnotili jsme jazykově závislé konfigurace také s akustickým detektorem klíčových slov (AKWS) a systémem pro vyhledávání fonémových řetězců v grafech hypotéz (WFSTlat). Jádrem této práce je vývoj, analýza a zlepšení systému WFST QbE STD, který po zlepšení dosahuje podobných výsledků jako DTW systém v jazykově závislých podmínkách.
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Do Consumers Really Follow a Rule of Thumb? Three Thousand Estimates from 130 Studies Say “Probably Not”
Havránek, Tomáš ; Sokolova, Anna
We show that three factors combine to explain the mean excess sensitivity reported in studies estimating consumption Euler equations: the use of macro data, publication bias, and liquidity constraints. When micro data are used, publication bias is corrected for, and the households under examination do not face liquidity constraints, the literature implies no evidence for the excess sensitivity of consumption to income. Hence little remains for pure rule-of-thumb behavior. The results hold when we control for 45 additional variables reflecting the methods employed by researchers and use Bayesian model averaging to account for model uncertainty. The estimates of excess sensitivity are also systematically affected by the order of approximation of the Euler equation, the treatment of non-separability between consumption and leisure, and the choice of proxy for consumption.
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The contributions of the sections (NACE-CZ) to the creation of gross value added
BEDNÁŘOVÁ, Monika
The aim of this thesis was to evaluate the contributions of the sections (NACE-CZ) to the creation of gross value added. The first part of this thesis described the theoretical concepts relating to national economic gross value added. Analytical processes were used for the calculations, which may be used only if we are dealing with an additive link between individual factors. The sections' contributions to the creation of national eco-nomic gross value added were evaluated in the practical part, on the basis of the proc-esses set forth in the methodology. In the given time horizon, contributions by institu-tional sectors and groups of sections classified according to the level of technology showed a certain dependency on the actual economic cycle. Although the strongest in-stitutional sector is non-financial enterprises, they were the ones most affected during the crisis period, together with government institutions. On the contrary, the financial institution sector showed a strong position during the crisis period. In terms of the grouping of the sections according to the level of technology, the greatest contribution to national economic gross value added is by groups B1 and B2. The influence of the economic cycle was noted in all the groups but, according to the results, group C did not react quite as sensitively as the other groups.
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