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Implications of inflation differentials on the dynamics of GDP
Strecker, Ondřej ; Horváth, Roman (advisor) ; Janda, Karel (referee)
Inflation differentials within a monetary union translate into differentials in real interest rates. Consequently, their effect (either direct or indirect, through the wealth channel) on the GDP is pro-cyclical in the short term. In the long term, accumulated inflation differentials worsen the real exchange rate and so after some time their anti-cyclical effect will prevail. Concerning the dynamics of the GDP, longer and stronger cycles can be expected. After a theoretical description of the mentionned mechanism this paper quantifies individual effects for the EMU. It also deals with expected changes in cycles' properties after the adoption of Euro. GMM and Kiviet estimates of the panel data model generally prove the statistical significance of the considered effects. Subsequent results show positive relationship between the absolute magnitude of the inflation differentials on the one hand and the growth of the amplitude of the cycles, increase in their length and increase in time needed for the economy to return to the equilibrium after a demand shock on the other hand.
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Inflation of virtual currencies
Skuhrovec, Jiří ; Holub, Tomáš (advisor) ; Strecker, Ondřej (referee)
This papers examines formation of prices in virtual economy World of Warcraft, and its interconnection with real economy through Real Money Trade - exchange of in-game currency for real cash. Paper nds, that WoW economy is heavily leveraged through this channel, namely that it determines price level within the game. It empirically shows that causes of long-run in ation of currency are EUR/CNY FX rate and patches issued by game operator. Later on author builds general microeconomic model of arti cial scarcity, to explain motivation of game operator to in ate own currency. Last chapter is devoted to potential of virtual currencies, argumenting with thoughts of Karl Menger, that these currencies may be able to compete with real ones. Paper heavily relies on unique data, collected using software developed by author.
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Adolescents substance use : identifying factors influencing alcohol consumption among high school students in the Czech Republic
Mandelíková, Martina ; Pertold, Filip (advisor) ; Strecker, Ondřej (referee)
This bachelor thesis focuses on indicating the factors, which influence the participation in adolescent substance use. Possibly important factors are identified based on the previous researches dealing with the same topic. The effect of these factors is then tested with the empirical model. This thesis deals with a dataset from the European School Survey Project on Alcohol and Other Drugs done at the Czech high schools among freshmen and juniors. Since the results in dependence on sex and class year are expected to be different, the regression is run separately. The most significant factors are for all cases: the smoking experience, the age of the first intoxication, and the share of friends who already consume alcohol.
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Inflation of virtual currencies
Skuhrovec, Jiří ; Holub, Tomáš (advisor) ; Strecker, Ondřej (referee)
This papers examines formation of prices in virtual economy World of Warcraft, and its interconnection with real economy through Real Money Trade - exchange of in-game currency for real cash. Paper nds, that WoW economy is heavily leveraged through this channel, namely that it determines price level within the game. It empirically shows that causes of long-run in ation of currency are EUR/CNY FX rate and patches issued by game operator. Later on author builds general microeconomic model of arti cial scarcity, to explain motivation of game operator to in ate own currency. Last chapter is devoted to potential of virtual currencies, argumenting with thoughts of Karl Menger, that these currencies may be able to compete with real ones. Paper heavily relies on unique data, collected using software developed by author.
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Evaluation of fulfilling the endogeneity hypothesis of the OCA criteria in some countries of the EMU
Černý, Kryštof ; Strecker, Ondřej (advisor) ; Báťa, Karel (referee)
This bachelor thesis focuses on the Optimum Currency Areas theory (OCA) and applies its findings on evaluating the economic progress in chosen countries: Portugal, Italy, Greece and Spain in comparison with the "Core" of EMU. Consequently the thesis investigates the endogeneity hypothesis of the OCA criterion of structural similarity. The first section of the thesis contains an introduction to the OCA theory, the second section evaluates the progress of chosen macroeconomic and structural indices of the chosen countries, the third section investigates the endogeneity hypothesis with an empirical model and the last section contains final assessments, conclusions and remarks.
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Impact of inflation differentials of the dynamics of the GDP
Strecker, Ondřej ; Horváth, Roman (advisor) ; Janda, Karel (referee)
Inflation differentials within a monetary union translate into differentials in real interest rates. Consequently, their effect (either direct or indirect, through the wealth channel) on the GDP is pro-cyclical in the short term. In the long term, accumulated inflation differentials worsen the real exchange rate and so after some time their anti-cyclical effect will prevail. Concerning the dynamics of the GDP, longer and stronger cycles can be expected. After a theoretical description of the mentionned mechanism this paper quantifies individual effects for the EMU. It also deals with expected changes in cycles' properties after the adoption of Euro. GMM and Kiviet estimates of the panel data model generally prove the statistical significance of the considered effects. Subsequent results show positive relationship between the absolute magnitude of the inflation differentials on the one hand and the growth of the amplitude of the cycles, increase in their length and increase in time needed for the economy to return to the equilibrium after a demand shock on the other hand.
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Capacity remuneration mechanisms and the optimal electricity market design
Sobotka, Ladislav ; Strecker, Ondřej (advisor) ; Mikolášek, Jakub (referee)
EU electricity markets are facing fundamental challenges as a result of the EU goal to increase the share of the renewable energy sources. This policy negatively influences profitability of the conventional producers known theoretically as "missing money" problem. As the conventional plants are crucial to offset the variability of renewable, this policy puts the stability of the whole grid at risk in long-term under the current electricity market design. The thesis tests and confirms the hypothesis that there is currently a "missing money" effect on the German energy market through a dynamic programming model. Secondly, three types of the capacity remuneration mechanisms (CRMs) are implemented (capacity payments, strategic reserve and capacity auction) in order to deal with "missing money" which mostly eliminates the missing money problem depending on the setting. The most effective CRM seems be the capacity auction model as the price is set dynamically by the market players and not arbitrarily by central regulator. The thesis further supports the creation of the demand flexibility scheme due to the expected low costs. Powered by TCPDF (www.tcpdf.org)
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Evaluation of fulfilling the endogeneity hypothesis of the OCA criteria in some countries of the EMU
Černý, Kryštof ; Strecker, Ondřej (advisor) ; Báťa, Karel (referee)
This bachelor thesis focuses on the Optimum Currency Areas theory (OCA) and applies its findings on evaluating the economic progress in chosen countries: Portugal, Italy, Greece and Spain in comparison with the "Core" of EMU. Consequently the thesis investigates the endogeneity hypothesis of the OCA criterion of structural similarity. The first section of the thesis contains an introduction to the OCA theory, the second section evaluates the progress of chosen macroeconomic and structural indices of the chosen countries, the third section investigates the endogeneity hypothesis with an empirical model and the last section contains final assessments, conclusions and remarks.
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