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Modelling ethanol production in simultaneous equations model of global food demand and supply
Kozák, Miroslav ; Janda, Karel (advisor) ; Macháček, Vít (referee)
This thesis conducts an econometric analysis for the relationship between food price and ethanol production. A system of simultaneous equation models for the demand and supply for food are estimated, paying attention to the effect of ethanol production. The two-stage and three-stage least-squares estimation methods are adopted, which explicitly account for endogeneity in the system. Using annual data from 1981 to 2020, it is found that the ethanol production has little economic impact on food price. This may be closely related with inelastic demand and supply with respect to price that have been found in this study, where exogenous shocks such as an increase of ethanol production may have small effects on price. JEL Classification C12, C13, D12 Keywords Ethanol, Endogeneity, Food Price, Elasticity, Si- multaneous Equations Model Title Modelling ethanol production in simultaneous equations model of global food demand and sup- ply Author's e-mail kozakmiroslav92@gmail.com Supervisor's e-mail karel-janda@seznam.cz
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Income Shocks and Ethnic Group Bias
Hruban, Jiří ; Bauer, Michal (advisor) ; Horváth, Roman (referee)
Diploma Thesis Abstract JEL Classification Z13, O12, O13, Z91 Keywords income shock, endogeneity, ethnicity, instrumental variables Title Income Shocks and Ethnic Group Bias Author's e-mail 61618416@fsv.cuni.cz Supervisor's e-mail bauerm@fsv.cuni.cz Abstract The thesis explores how individual income shocks impact ethnic group bias using a survey dataset from Uganda and meteorological data. Previous research has shown that the majority of civil conflicts break down along ethnic lines, and that ethnic tribalism harms economic performance of countries. A better understanding of the causal mechanism behind ethnic bias could help alleviate both of those problems. The author finds that income shocks have no measurable effect on ethnic out-group bias, but they might influence ethnic in-group bias. Since the regression of ethnic bias variables on income proxies likely suffers from endogeneity, the author employs the copula endogeneity correction model, which, however, does not prove to perform well with a binary dependent variable. In addition, the author demonstrates that ethnic group bias is most likely not directly influenced by variations in rainfall and that instrumenting for income with rainfall variation leads to non- robust results with even a small violations of model assumptions.
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Indikátory finanční nestability v USA a EU
Glovčík, Michal
The diploma thesis deals with financial stability and its indications. In the theoretical part is firstly described the evolution of theory of money in order to clarify the role of money in financial stability. After that the financial instability is defined according to the authors Borio and Lowe (2002) as a rapid credit expansion combined with strong growth in asset prices. The mutual relationship of credit and asset prices is examined, especially how the credit creation of money can contribute to the creation of asset price bubbles. Empirical part analyses the possibility to use volumes of credit and asset prices to indicate financial instability. The empirical analysis is performed on the time series of the volume of credit, residential property prices and stock indices for the USA and the Eurozone. At first the tightness of relationship of credit and asset prices is examined by the rolling correlations and it is followed by testing Granger exogeneity to reveal causal links. Based on the results of the empirical analysis the recommendation for monetary authorities is made regarding the indication of financial instability.
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Is the Amount of Alcohol Consumption Influenced by Unemployment?
Trubák, Marek ; Chytilová, Helena (advisor) ; Brožová, Dagmar (referee)
This bachelor thesis analyzes the relationship between alcohol consumption and unemployment in the Czech Republic. Author estimates 2 econometric models based on time series from the period 1991 - 2012. Models except above mentioned variables also include the impact of GDP, inflation, real wages, state social expenditures and delayed variable of alcohol consumption testing its addictiveness. Primary hypotheses, defined as positive impact of unemployment on alcohol consumption was confirmed and the analysis shows that 1% increase in unemployment rate leads to 1,05 % increase in alcohol consumption. Secondary hypotheses, defined on the contrary as positive impact of alcohol consumption on unemployment was also confirmed and the results show that 1% increase in alcohol consumption leads to unemployment increase by 0,22 %, which affirms the endogenity assumption of these variables as well. No less important is resulting coefficient of GDP which seems to be counter-cyclical in relation to alcohol consumption.
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Endogenita peněz v měnových uniích a malých otevřených ekonomikách
Sedláček, Jaroslav
This thesis examines the nature of money in the monetary union and the small open economy. The first part describes the different theories that deal nature of money in economy. Thoroughly discussed here post-Keynesian approach from which is the assumption of endogeneity of money primary based. The empirical part of the thesis is based on the individual theoretical approaches, where are defined the default causal relationship between selected variables. These relationships are tested on real quarterly data in Euro area in the period 1998-2013 and in the Czech Republic in the period 2002-2013. Analysis of collected data was performed by using vector autoregression models, namely Granger Causality. Causal relationships are detected between loans, GDP, money supply and monetary base. From obtained results were made recommendations for monetary policy makers in the Czech Republic and Euro area.
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Optimální měnová oblast: endogenita kritérií, Simulace zavedení Eura v České republice
Bernardová, Radana ; Klosová, Anna (advisor) ; de Lara Resende, José (referee)
The main goal of this thesis is to analyze the topic of the endogeneity of OCA criteria with the focus on the Euro area and simulate the adoption of Euro in Czech Republic. The paper is organized as follows. Firstly the theory of the Optimal Currency Area (OCA) and the comparison of the costs and benefits of currency union are explained. In next chapter the literature review is given. The most important and most recent studies dealing with the shock asymmetry and integration, eastern enlargement of European Union and the endogeneity hypothesis are presented. In the fourth chapter the Euro adoption in Czech Republic is simulated. According to studies handling with the Euro introduction the expectations of the impact of Euro adoption in the Czech economy are presented. The fourth chapter includes the description of the data, the model and results.
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