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The Influence of Monetary and Fiscal Policy on Business Cycle
Pikhart, Zdeněk ; Czesaný, Slavoj (advisor) ; Rybáček, Václav (referee)
The purpose of this diploma thesis is to examine the impact of monetary and fiscal policy upon business cycle and the long term growth on the example of Swiss economy. The research approach is the analysis of monetary and fiscal indicators related with gross domestic product. Theoretical part explains business cycle theories, which consider cause of economic fluctuations in monetary and fiscal policy and further describes stabilization role of this particular policies and develop relevant problems within it. In practical part there is conducted research of monetary and fiscal influence upon Swiss business cycle with eligible indicators. The final part summarizes the most important knowledge and provides appropriate recommendations to reduce cyclical volatility of the product and to create a suitable economic and political framework for a functioning economy in the long term.
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The Current Financial Crisis Through the Eyes of the Austrian School
Pfeifer, Lukáš ; Ježek, Tomáš (advisor) ; Munzi, Tomáš (referee)
The thesis aims to defend the irreplaceable role of the Austrian business cycle theory in explaining the current financial crisis in the U.S.. Attention is also paid to applied measures of American economic policies and their impact on the elimination of the purification process of the recession. Furthermore, the work deals with the identification of preventive measures, which would reduce the likelihood of the occurrence of economic cycles. Recommendations by representatives of the Austrian School are described as difficult to implement on the basis of number of arguments. In the work are therefore proposed more realistic measures to limit the volatility of the economic cycle, which emanate mainly from the composite price index, which is the subject of this text. The index reflects the price development in all stages of production and should therefore in monetary policy matters replace the current use of price indicators, based on the inflated scale of consumption, taking into account only minimal effects of monetary expansion. The work deals with the calculation of the composite price index for the United States, which used the instrument of Skounsen indicator of gross domestic output. The development of the composite price index in the US is then analyzed and compared with the development of other macroeconomic variables. Based on this examination, we recommend the use of composite price index for monetary policy regime of inflation targeting and the implementation thereof by the Federal Reserve monetary policy.
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Selected issues of the contemporary situation and perspectives of Euro
Hlinická, Zuzana ; Němcová, Ingeborg (advisor) ; Tunkrová, Věra (referee)
This bachelor's thesis deals with the description of the situation after the economic and financial crisis in the European Union, with the focus placed on the crisis od Euro and the Eurozone and finding a solution to this crisis. The first part of the thesis characterises the specific structure and instruments of the monetary policy in the European Economic and Monetary Union, whilst the second part focuses on the impacts of the crises upon the European Union and consequently the planned and accepted precautions and measures that aim to improve and stabilise the situation in the European Union and strengthen it for the future.
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The comparison of success of monetary policy based on inflation targeting in case of central banks of Canada and the Czech Republic.
Metrah, Samy ; Mandel, Martin (advisor) ; Tomáš, Holinka (referee)
The aim of the bachelor's thesis is to compare the features of monetary policy based on inflation targeting and its implementation in the Czech Republic and Canada. The comparison is made in two different points of view -- both the qualitative and the quantitative. The first compares the main instruments of monetary policy used by both central banks. The other analyzes the rate of success in fulfillment of pre-determined targets for short-term interest rates and inflation; it also provides the possible explanation of deviations. The results confirmed that both central banks have strong influence on behavior and movements of short-term interest rates. In case of CNB the results imply possible movements of short-term interest rates based on anticipation of near future changes in monetary policy instrument. The rate of success in fulfillment of inflation targets was considerably better in case of Bank of Canada; however, the worse performance of CNB in comparison to Bank of Canada was primarily based on extraordinary shocks that had hit the Czech economy.
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Inflation targeting in the Czech Republic compared with the Visegrad countries
Gergelyová, Jana ; Mandel, Martin (advisor) ; Zbyněk, Štork (referee)
This thesis is an analysis of inflation in the Czech Republic and the success of the Czech monetary policy compared with inflation targeting in the Visegrad countries. In the first part, I focused on the development of central banking and the role of central banks, the main actors of monetary policy, in relation to inflation. A common feature of the Visegrad Four is a monetary policy based on inflation targeting. The prediction of inflation compared with its actual development in a period of ten years is subject to the practical part, which is supple-mented by a wide range of graphs and tables that I have mainly compiled from data available on the websites of central banks of individual countries and Eurostat, the European Union statistical office.
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Je měnová politika ECB vhodná pro všechny státy eurozóny?
Machala, Martin ; Řežábek, Pavel (advisor) ; Štěpánek, Pavel (referee)
The theoretical part of this thesis is devoted to the position, goals and tools used by the European Central Bank, which is bound with the development of monetary policy influenced by the time period starting with foundation of the EU central bank to current days, full of problems with eurozone. The main aim of this thesis is to prove whether the EU central bank monetary policy is suitable for all eurozone countries or just some of them. The main tool for the analysis is the optimum currency area theory, which compares the inflation of countries which are members of eurozone, with the monetary policy of the European Central Bank. The results confirm that in the long term, the inflation in eurozone countries which are currently in major economic problems substantially differ from the average inflation of the eurozone. From results of the analysis it is obvious that there is no convergence in inflation. Convergence in inflation is an important condition when creating an optimal currency area. Because of its absence the next statement can not be true. A common monetary policy for all countries of the eurozone is not always optimal.
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Current Progress of the Monetary Policy in the Slovak Republic
Mazur, Lukáš ; Dočkal, Dalibor (advisor) ; Ježek, Tomáš (referee)
This thesis examines the monetary policy of the Slovak republic between the years 2000 and 2010. At first there are described transmission mechanisms, then continues by monetary policy tools in the Slovak republic and monetary policy tools that are used by European central bank. This is followed by the description of the proccess of adopting the Euro and the optimum currency areas theory. In the second part is performed an analysis of Slovak's monetary policy including changes in institutional framework especially those changes which are connected with the Euro adoption. The thesis answers question whether Slovak's monetary policy has changed due to Euro adoption.
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The monetary policy of the National Bank of Slovakia and the adoption of euro
Hanuščáková, Valéria ; Durčáková, Jaroslava (advisor) ; Kunz, Tomáš (referee)
The topic of the thesis is the monetary policy of the National Bank of Slovakia and the adoption of euro. The content of the thesis is divided into two parts, theoretical and practical. The first part is devoted to the main representative of monetary policy in Slovakia, the National Bank of Slovakia, and description of the activities performed and the tools used while implementing the policy. In addition, the work focuses on the prerequisite of adoption of the common European currency, namely the formation and the history of the economic and monetary union. The main objective, the practical part of the thesis, is the secondary research analysis devoted to the implementation of monetary policy of the National Bank of Slovakia from the Bank's formation itself, through very important events such as change in FX rate in 1998, access to the ERM II system in 2005, adoption of euro in 2009 till the present time. In the final chapter, the thesis focuses on the evaluation of euro adoption in Slovakia via primary research conducted through questionnaire designed for Slovak citizens. Closure part consists of my personal analysis of euro implementation whereby I'll remit to advantages just as disadvantages which have been caused by our new mutual currency.
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