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PPI and CPI: What is the relationship?
Červený, David ; Polák, Petr (advisor) ; Havránek, Tomáš (referee)
This bachelor thesis examines the relationship between the PPI and the CPI in the Czech Republic and the euro area. The primary method used in this thesis is the Granger causality test. Granger causality between the price indices is tested for in a bivariate model and also conditional on other variables describing the development of real GDP, a given monetary aggregate and wages. The most apparent conclusion that can be drawn from the empirical results indicates that the PPI Granger-causes the CPI in the Czech Republic and that there is no Granger causality going from the CPI to the PPI in the euro area. These results are consistent with conventional economic theory, which suggests a pass-through effect in the production chain going from producer prices to consumer prices.
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Comparison of price levels on the countries of Visegrad group after joining the European Union
Bočkoriková, Bernadeta ; Nečadová, Marta (advisor) ; Rusmichová, Lada (referee)
BOČKORIKOVÁ, Bernadeta: Comparison of price levels on the countries of Visegrad group after joining the European Union. University of Economics, Prague, Faculty of Business administration, Department of Economics and Management. Thesis supervisor: Ing. Marta Nečadová, Ph.D, 2017, 48 s. The main objective of this bachelor thesis is to analyse the evolution of different price levels in the countries of the Visegrad Four after joining the European Union and to identify the reasons of the differences. The theoretical part of the thesis defines inflation, describes the possibilities and ways of measuring inflation and briefly describes the consequences of inflation. In this part, there are analysis of the composition consumer basket for each country of the Visegrad Four. Compared are the differences in the structure of consumer price index ant the harmonized index of consumer prices. The practical part of the thesis focuses on the comparison of the price level in the perion of years 2004-2016. Development of the annual inflation rate for each country is explained by annual rate of changes of selected sectors of the consumer basket.
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How is the Swiss economy coping with the CHF appreciation after the SNB's exít?
Borufka, Roman ; Holub, Tomáš (advisor) ; Hájek, Jan (referee)
The objective of this thesis is to describe the situation in the Swiss economy before the SNB discontinued the minimum exchange rate. Furthermore, the aim is to anal- yse the impact of the abandonment of the exchange rate floor on key macroeconomic indicators such as GDP, year-on-year changes in consumer and producer prices or unemployment rate. The interactions between CHF/EUR exchange rate and real GDP, CPI and 3-month LIBOR are examined using VAR model on quarterly data from 1999 to 2016. The results suggest that the CHF/EUR exchange rate appreci- ation has temporary dampening effects on GDP, CPI and 3-month LIBOR. These results are consistent with the developments in macroeconomic variables after the discontinuation of the minimum exchange rate. JEL Classification C5, E24, E31, E43, F31 Keywords exchange rate, gross domestic product, consumer price index, interest rate, vector autoregressive model Author's email borufka.r(at)seznam.cz Supervisor's email Tomas.Holub(at)cnb.cz
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Deflation and Its Implications for Macroeconomic Stability in Europe
Gorobetchi, Marina ; Ryska, Pavel (advisor) ; Kočenda, Evžen (referee)
The subject of this thesis is the relationship that exists between deflation and the macroeconomic stability of the economy. Much literature has been published on this topic, but there is still a dearth of quantitative research based on strong empirical work. In the present work I have used a set of large panel data composed of 18 countries over 34 years in order to analyze the relationship between changes in inflation and output growth in a more complete and rigorous fashion. I use 3 different econometric models, namely fixed effects, random effects and the generalized method of moments. I chose these models in order to more appropriately examine the contemporaneous and lagged correlation between prices and output of countries. I also introduced foreign direct investment as a control variable to avoid the presence of potential bias. The empirical work presented in this paper leads to several findings. First, there is an insignificant relationship between a country's GDP growth and its deflation rate. Second, the relation between inflation and GDP growth is significant, and this relation becomes even positive when the econometric model is conducted on the data excluding outliers. Third, FDI positively contributes to and is partly responsible for the level of economic growth of the countries...
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Analýza rozdílu harmonizovaného a národního indexu spotřebitelských cen v ČR
Vrabec, Václav ; Vltavská, Kristýna (advisor) ; Musil, Petr (referee)
Price indices belong to the most important topics in the economic statistics. The consumer price index and the harmonised index of consumer prices are the parts of the complex of price indices. The consumer price index belongs to the most important indicators of the price development in the Czech Republic. Relative changes of the final consumer prices of goods and services paid by inhabitants can be estimated in a representative way with the help of this index. The consumer price index for households (in total) is used for measuring inflation in the Czech Republic. The harmonised index of consumer prices is developed as the result of the need of comparable measurement of the inflation trends Member States of the European Union. The aim of this work is to find and analyse the differences between the national consumer price index and the harmonised index of consumer prices. These differences will be searched not only in the methodologies but in the final values as well. There is also shown development of the differences throughout the time. It will outline the development of the both indices in the future including their differences. This work should provide the clear and integral source of information about indices in general; the consumer price index, the harmonised index of consumer prices and their differences.
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Statistical development of price level in Czech Republic and Canada
Dibelka, Jiří ; Fischer, Jakub (advisor) ; Musil, Petr (referee)
The vision of this work is in a closer look at CPI of Canada and Czech Republic, their closer composition and comparison of parts. We used mainly composition of consumer baskets in Czech and in Canada. We compared methods of construction of CPI. More focus is in Canadian CPI index, which is not much known in Czech Republic. I have tried to have a closer look at each part and interesting things about constructing the index and its explanations. The main asset of this work is in comparison the two consumer price indexes and their components as well as their differences we can find. I have used some interesting things about the life in Canada as I have experienced it by myself.
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The Consumer Price Index and it´s appropriateness for measure of inflation
Trčová, Marie ; Pfeifer, Lukáš (advisor) ; Řežábek, Pavel (referee)
The target of this bachelor's thesis is comparison of current measurement of inflation, a measurement by consumer price index, with alternative attitudes of measuring of inflation including an identification of their vallue added. Nowadays the maintenance of a stable inflation rate is one of the dominant targets of all central banks in developed countries. The central banks use various instruments of monetary policy to ensure this target. One of the regime of monetary policy that central banks use the most is inflation targeting, more precisely targeting of consumer price index. Unfortunately, this price index carries an amount of disadvantages. At first, I mention predominant discussion about technical imperfections that are caused by the method of it's calculation. Then I focus on monetary - political imperfections of the consumer price index that are caused by the fact that this index ilustrates development of only relatively stable consumer prices, so it's reactions on changes of monetary policy are very weak. After that I carry out an comparative analysis of representative alternative attitudes of measurement of inflation, including a comparison of developement of inflation rate according to these attitudes in USA in last few years.
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Standard of Living
Neumanová, Klára ; Drozen, František (advisor) ; Šípek, Ladislav (referee)
The thesis deals with the standard of living in the Czech Republic. It defines the standard of living and focuses on key indicators which determinate this living standard - GDP, unemployment, level of poverty and their development in the years 2007 -- 2011. Part of the thesis is dedicated to the Household budget survey which determinates the standard of living in the Czech Republic. The aim of this thesis is to reveal the generational differences in spending their leisure time and the consequental expenditures on various leisure activities. The focused generations are the present university students at the age of 19 -- 26 and the generation at the age of 38 -- 50.
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