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Inflation targeting and inflation perceptions: an empirical analysis
Klubíčková, Kateřina ; Horváth, Roman (advisor) ; Janský, Petr (referee)
In this thesis we examine the effect of introduction of inflation targeting as a monetary policy regime on the difference between actual inflation and perceived inflation. Perceived inflation is used in the analysis in contrast with previous research, because inflation perceptions are extracted from consumer surveys conducted in individual European Union countries on the whole population sample and thereby enable us to examine the effect that the introduction of inflation targeting has across the whole population. A panel data set of 19 European Union members and 1 candidate, including 7 inflation targeters, is used in the analysis, with monthly information from the period beginning in January 1990 and ending in December 2012. Based on the analysis using fixed-effects model with specific dummy variables to capture the difference-in-differences element, we find that inflation targeters experience lower differences between actual and perceived inflation and that the difference between actual and perceived inflation decreases after the introduction of inflation targeting. Furthermore, various groups divided according to socio-economic characteristics of the consumer survey respondents tend to be affected in a different way by the introduction of inflation targeting, although to a limited extent. JEL...
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Vliv životního cyklu organizace a socio-ekonomické charakteristiky země na charakteristiku vrcholového managementu
Velinov, Emil Iordanov ; Malý, Milan (advisor) ; Špaček, Miroslav (referee) ; Hučka, Miroslav (referee)
The dissertation examines the impact of Organizational Life Cycle (OLC) and the Country Socio Economic Characteristics (CSEC) on Top Management Team (TMT) Characteristics. The dissertation first elaborates and establishes the theoretical link between Organization Life Cycle, Country Socio-Economic Characteristics and characteristics of TMT. Second, a quantitative empirical study is conducted to test the OLC phases and CSEC impact on the TMT characteristics through characteristics. The dissertation outlines a detailed research methodology based on the state-of-art in the area of OLC, TMT and CSEC that will be implemented to answer the key research questions in regards to the scope of the doctoral thesis. Data set is collected from the 300 largest Swiss, German and Czech companies at year-end 2011, including detailed data on the country socio economic characteristics and career backgrounds of all TMT members (executive boards) at these companies at the end of 2011. A detailed procedure is developed to accurately classify organizations at different lifecycle phases, drawing extensively on existing literature and scales. Multilevel data analysis techniques are employed to understand how the different organization lifecycle phases influence both the level of TMT characteristics as well as changes in TMT composition and diversity due to inbound and outbound mobility of top managers over time. Substantial research synergies and knowledge transfer effects expected to emanate from this dissertation. In the dissertation regression and correlation analysis are applied for each phase of the companies' OLC in Switzerland, Germany and the Czech Republic. The dissertation states that more mature the company is more diversified the TMT are regardless the country. Also, the country impact has its own role in the relationship between the OLC and TMT characteristics which is expressed by the findings that Switzerland and Germany are more diversified than the Czech Republic in terms of TMT characteristics as gender diversity, age diversity, nationality diversity, education background of the TMTs, TMT dominant functions and TMT career length. The doctoral thesis contributes to the research by revealing relationships between TMT, CSEC and OLC theories. Also it develops methods and techniques for finding the interconnections between the OLC phases, CSEC with the TMT characteristics and the dissertation outlines the future research gaps in the area of TMT.
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