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Macroeconomic Effects of Fiscal Policy in the Czech Republic: Evidence Based on Various Identification Approaches in a VAR Framework
Franta, Michal
The paper analyzes the macroeconomic effects of fiscal policy shocks in the Czech Republic. The low number of observations available for fiscal variables significantly affects the setup of the analysis. Firstly, a small-scale VAR is considered. Secondly, the model is estimated using Bayesian techniques. Finally, all identification approaches that are currently employed by the literature and that are applicable to the Czech Republic are used. The estimation results suggest that the fiscal policy transmission mechanism in the Czech Republic exhibits some standard features (e.g., a rise in GDP and inflation after unexpected government spending, and an increase in government spending after a positive shock to government revenues). However, the uncertainty associated with the results is substantial. Furthermore, it is discussed how the identification strategy itself may represent an additional source of uncertainty of the results. JEL
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The value of life from macroenomic point of view in United States of America, Czech republic and Russia between years 2007-2014
Antoš, Michal ; Zeman, Martin (advisor) ; Brabec, Petr (referee)
The subject of this bachelor thesis is the research of the value of life calculation in the Czech republic, United states of America and Russia in 2007-2014.The main purpose is to analyze and compare values of life and major factors influencing them. The hypothesis is that value of life differs in selected countries due to distinctions of sections influencing them. The theoretical part is devoted to sections directly or indirectly influencing values of life, and then analyzing and comparing them together within the selected countries. The selected sections are education, health care, labor market, inequality and living standards. The practical thesis approach is to calculate the values of life for the individual states. The values of life are calculated for so called, representative individual, who is 40-years old citizen of selected country. In the period, in which is the value of life calculated, the retirement age and life expectancy are also considered in formula. Calculated values are examined and the economic and political measures are offered to the states, which can turn into significant increases in the value of life in future.
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Proměnlivost multiplikátorů vládních výdajů v čase: Evidence z dat z USA
Focht, Daniel ; Maršál, Aleš (advisor) ; Chytilová, Helena (referee)
This paper estimates the size of the government spending multiplier over different states of the economy. Previous research came with two contradictory conclusions. Part of the literature argues that the spending multiplier is larger during recession and zero-lower bound periods, while the second one concludes that it remains constant. First, a summary of the relevant literature is presented, outlining different types of used methodological approaches and estimated size of the multiplier. We build a model estimated using local projections by Jorda for the period 1889 to 2016 to estimate government spending multipliers over different states of the economy. Our results show that the spending multiplier remains constant over different states of the economy.
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Empirical analysis of Okun’s law in Iceland
Zajíček, Zdeněk ; Slaný, Martin (advisor) ; Chytilová, Helena (referee)
This thesis deals with empirical analysis of Okuns law in Iceland. Okuns hypothesis of negative relationship between real GDP and the rate of unemployment is being tested on two models, difference and gap, using OLS estimation. Also there are two filtration methods used (Hodrick-Prescott and Baxter-King) for gap model estimation. The results of all models showed weak relationship of variables, but proved the hypothesis. In the following part, the same procedure is being used on Finlands data, to get comparison of coefficients. Results for Finland showed weaker bond of variables than in Iceland, but the Okuns hypothesis still holds. Last part is focused on finding the sensitivity of rate of unemployment to changes in added value of each economical sector in Iceland using the production approach model. This model gave inconclusive results due to insufficient data available.
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Economy of Chile in 1960s and 1970s with Accent on Market Reforms after 1973
Strejčková, Klára ; Pekárek, Štěpán (advisor) ; Ševčík, Miroslav (referee)
This bachelor thesis puts the stress on the analysis of economic reforms approved in Chile in the 60's and 70's years of the 20th century. The focus of this work is profoundly dedicated to the analysis of two important macroeconomic indicators: developments of inflation and trade exports, bearing in mind the context of the coup in 1973 which is seen as a direct consequence of the communist rule of the Salvador Allende's Cabinet (1970-1973). The Allende's Cabinet strove to transform the Chilean economic society into a socialist one. The bachelor thesis has validated a hypothesis stating that the pro-market reforms approved after 1973 led to diversification of the Chilean export as well as a gradual and progressive stabilization of the country's inflation that had reached as 350 % during the socialist Allende's government. This work brings a comparison of two very different economic doctrines that formed Chile in the 70's of the last century. There is being compared a socialist government approach, having focused on nationalizing of the private sector, to the liberal government's approach aimed at decreasing the public sector, privatization as well as tearing down international trade barriers.
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Development of POS system application with support of EET for retail trade
Nguyen Manh, Tho ; Pavlíčková, Jarmila (advisor) ; Bruckner, Tomáš (referee)
The goal of this thesis is to design and develop an application software for the POS system. The main criterion of the developed system is to support online registration of sales, which meets the requirements stated by the Act no. 112/2016 Coll., on Registration of Sales. In this thesis the POS system is designated to support processes of retail trade. The theoretical part focuses on the description of the POS system and its components. To solve the issue of online registration of sales, an analysis of the legislation and the market with the POS systems was made. The thesis also presents an analysis of the processes and requirements, a solution design and the implementation of applications based on Java. To test the functionality of the developed application a test case was used. The final chapter summarizes the content of the thesis and outlines possible future developments. The output of this paper is a functional POS application, which will be available for download under open-source license. This paper could also serve as a business guide to understand the topic of POS systems and online registration of sales.
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Fast Food Restaurant Business Plan
Hýbl, Jan ; Hartman, Ladislav (advisor) ; Habrmanová, Blanka (referee)
The aim of this diploma thesis is to execute a business plan for a business in the field of fast foods. The main goal of the business plan is to evaluate feasibility and practicability of this project. The master thesis is divided into two main sections: a theoretical and practical one. The first part describes the entrepreneurship, small & medium enterprises in Czech Republic and a business plan. Moreover, it focuses on theoretical background that consists of principles, methods and approaches that should be respected when writing a business plan. In addition, it describes parts of a business plan. The second part deals with the business plan for the project itself that is based on the theoretical background. The evaluation of this business idea in terms of its aspects is then provided.
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Implementation of the Smart Metering Systems in Energetics in Slovakia
Petreová, Adela ; Machek, Ondřej (advisor) ; Tyll, Ladislav (referee)
The goal of the Master´s thesis is to map the actual situation of transformation of power energy sector to smart grid, find answers to some of the major questions concerning the implementation of smart metering systems, evaluate societal and economic costs and benefits, evaluate trends in legislation, compare the situation in Slovakia with other peer countries from the European Union, and create a follow-up recommendations for Slovakia based on this assessment. The thesis includes detailed critical analysis of the CBA, originally created for Slovakia, using benchmarking with countries with a different calculation approach. The used methodology in this work is a research of available resources, qualitative research of case studies, break-down of the CBA, and expert research through interviewing. The outcome is evaluation of economic and societal contributions of smart metering systems and mapping the process and state of the implementation.
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The Value of CSR for Czech Consumers
Faradji, Elise ; Štěrbová, Ludmila (advisor) ; Seror, Patricia (referee)
Nowadays consumers purchasing behavior is influenced by new factors such as the social and environmental implication of companies. This is why Corporate Social Responsibility (CSR) is a growing trend which companies need to look after carefully. However implementing an efficient CSR strategy is a complex process for corporations; especially since the core concept of CSR remain quite blurry. The goal of this study is to analyze the perception of consumers towards CSR to find out about the value creation that CSR produce for consumers and its impact on their purchasing behavior. This paper will ultimately help companies to implement their CSR strategy more efficiently. This study aims to contribute by conducting an in-depth analysis of consumers attitudes and behavior towards CSR. If most of researchers are using a quantitative approach this study means to deal with the issue with a qualitative perspective. Indeed twelve semi-structured interviews will support the findings. On top of those practical and physical interviews some theoretical knowledge will be added to the construction of the argument especially to bring a framework that shows the importance of all types of value creation (functional emotional and social). The findings of the thesis emphasize the facts already proven by other researchers; value creation is fundamental to make consumers care about CSR. However the study will show how much skepticism towards CSR can impact negatively consumers purchasing behavior. The research will help companies implementing more successful CSR strategy and develop new solutions to reach customers and influence their purchasing behavior through the creation of value for them.
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On possible approaches to detecting robotic activity of botnets
Prajer, Richard ; Palovský, Radomír (advisor) ; Pavlíček, Luboš (referee)
This thesis explores possible approaches to detecting robotic activity of botnets on network. Initially, the detection based on full packet analysis in consideration of DNS, HTTP and IRC communication, is described. However, this detection is found inapplicable for technical and ethical reasons. Then it focuses on the analysis based on network flow metadata, compiling them to be processable in machine learning. It creates detection models using different machine learning methods, to compare them with each other. Bayes net method is found to be acceptable for detecting robotic activity of botnets. The Bayesian model is only able to identify the botnet that already executes the commands sent by its C&C server. "Sleeping" botnets are not reliably detectable by this model.
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