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	Essays on Macro Imbalances, Monetary Policy and Exchange Rates Hájek, Jan ; Horváth, Roman (advisor) ; Hartwell, Christopher (referee) ; Komárek, Luboš (referee) ; Kapounek, Svatopluk (referee) The dissertation consists of four empirical papers in the field of monetary economics. The first paper examines the extent of real exchange rate misalignment in the selected euro area countries, the next two papers shed light on macroeconomic spillovers in the remaining EU countries which are not part of the single currency area, while the last paper focuses on the exchange rate pass-through in the Czech Republic. Detailed record
	Exchange Rate Dynamics and its Effect on Macroeconomic Volatility in Selected CEE Countries Audzei, Volha ; Brázdik, František To understand the potential for forming an optimum currency area it is important to investigate the origins of macroeconomic volatility. We focus on the contribution of exchange rate shocks to macroeconomic volatility in selected Central and Eastern European countries. The contribution of the exchange rate shock relative to other shocks allows us to evaluate whether the Exchange rate is a source of volatility or a buffer against shocks as the theory suggests. The identification of the contributions is based on variance decomposition in two-country structural VAR models, which are identified by the sign restriction method. We identify countries where shocks are predominantly symmetric relative to the effective counterpart and countries where the contribution of real exchange rate shocks is strong. In general, for all the countries considered the results are consistent with the real exchange rate having a shock-absorbing nature. Finally, a significant role of symmetric monetary policy shocks in movements in real exchange rates is found for some of the countries. Fulltext: PDF Detailed record
	Sectoral Productivity and Real Exchange Rate Appreciation: Much Ado about Nothing? Flek, Vladislav ; Marková, Lenka ; Popiera, Jiří Using panel data for selected national economies, the study estimates relative price changes stemming from fluctuations in sectoral productivity. Subsequently, it calculates the cross-country CPI-inflation differentials implied by sectorally unbalanced productivity growth, taking into account country-specific weights of non-tradables in consumption (value added) and assuming there are no adjustments in nominal exchange rates. Fulltext: PDF Detailed record

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