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Monetary policy regime through the lense of New Keynesian DSGE model : case of Mongolia
Sukhbaatar, Bilguun ; Maršál, Aleš (advisor) ; Rusnák, Marek (referee)
This paper identifies an optimal monetary policy rule using a calibrated small open economy DSGE model for Mongolian economy. The main result of this study is that domestic inflation-based Taylor rule is the best monetary policy regime for the Central bank of Mongolia (BoM) in terms of welfare loss. Therefore, the result of welfare analysis suggests that BoM should consider not only CPI inflation but also output gap in order to improve household welfare in economy. On the other hand currency board with fixed exchange rate regime could be very harmful to the Mongolian economy because it makes domestic economy more unstable in comparison to the other regimes. Powered by TCPDF (www.tcpdf.org)
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The Impact of "Doi Moi" Reforms on the Economy in 2004-2014
Doan Duy, Tuan ; Strejček, Ivo (advisor) ; Klement, Josef (referee)
The goal of the bachelor thesis is to analyze the impact of the Doi Moi reforms on the Vietnamese economy in 2004-2014, which has started in late 80s of the last century. The theoretical part deals with the basic macroeconomic aggregates, alternative indicators of living standards, the effects of international trade on economic growth and particular attention is given to the chapter comparing centrally planned economy to a market capitalism. This theoretical background will provide information base for the data analysis in the practical part of the bachelor thesis. The analytical part explores the reform period and the reasons for the implementation of liberalization reforms, which affect the country's economy even thirty years after their launch. The analysis shows that the bridge between the previous and present centuries are the later effects and externalities arising from the reforms. That means growing private sector, which has become stronger in the last decade of the last century so from the beginning of the new millennium it has become the main drive of economic growth in Vietnam.
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Assessing the Impact of Fiscal Measures on the Czech Economy
Ambriško, Róbert ; Babecký, Jan ; Ryšánek, Jakub ; Valenta, Vilém
We build a satellite DSGE model to investigate the transmission of fiscal policy to the real economy in the Czech Republic. Our model shares features of the Czech National Bank’s current g3 forecasting model (Andrle, Hl´edik, Kamen´ık, and Vlˇcek, 2009), but contains a more comprehensive fiscal sector. Crucial fiscal parameters, related mainly to the specified fiscal rule, are estimated using Bayesian techniques. We calculate a set of fiscal multipliers for individual revenue and expenditure items of the government budget. We find that the largest real GDP fiscal multipliers in the first year are associated with government investment (0.4) and social security contributions paid by employers (0.3), followed by government consumption (0.2).
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Does appreciation of the Czech crown lead to growth of the unemployment rate in the Czech Republic?
Svobodová, Lucie ; Mičúch, Marek (advisor) ; Lahvička, Jiří (referee)
The paper investigates the impact of changes in the exchange rate of the Czech crown against the Euro on the rate of unemployment in the Czech Republic. The survey is using time series from 2000 to 2010 and there are used two models. A brief theoretical framework discusses several papers on this topic. The results of empirical testing confirm the hypothesis of the work. Appreciation of the Czech crown against the Euro by 1 crown causes an increase in the unemployment rate by 0.028% and by 0.023% with inclusion of average real wage into the model. Moreover German GDP, Czech import, labour productivity and average real wage have statistically significant effect (at least on the 10% significance level) on the growth of unemployment.
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