The thesis deals with the analysis of the terms of trade and their impact on the aggregates of the national economy. The main goal was to identify issues of the terms of trade and describe their development from the point of view of total indices and indices for groups of the Standard International Trade Classification (SITC) in the Czech Republic. In the thesis were used time series analysis and measurement of dependence between two quantities. The development of terms of trade indices was highly variable, and the resulting models do not describe too much variability. Total terms of trade index was the most influenced by groups Mineral fuels, lubricants and related materials and Machinery and transport equipment. Gains (losses) from changes in the terms of trade influence the values of aggregates of national economy, their impact on the gross national income and gross disposable income decrease in time. There was also the international comparison of developments of terms of trade indices across the European Union, in the thesis. For this was used cluster analysis by SITC groups. The terms of trade index of the Czech Republic was the most similar to the terms of trade index of Slovakia. The contribution of the thesis is based on the detailed analysis of the terms of trade, which has not been performed before, and describe their relationship with other macroeconomic indicators.

The contribution of this thesis is to build a small macro-econometric model of the Namibian economy, which demonstrates that there is significant statistical support for the hypothesis that there is a contemporaneous relationship between real wage, productivity, unemployment and interest rates in Namibia. This phenomenon has not yet been exploited using macro-econometric modelling, and thus, represents a significant contribution to modelling literature in Namibia. The determination of the sources of unemployment also receives special attention given that high unemployment is a chronic problem in Namibia. All models specified and estimated in the study use the SVAR methodology for the period 1980 to 2013. The study develops a small macro-econometric model using three modular experiments, which include, a basic model, models that separately append demand and exchange rate channels variables to the basic model, and the specification of a small macro-econometric model. The ultimate aim is to find out if monetary policy plays a role in influencing labour market and nominal variables. The hypothesis that the basic real wage, productivity, unemployment rate and interest rate system can be estimated simultaneously is validated. Further, demand and exchange rate channels variables are found to have important additional information, which explains the monetary transmission process, and that shocks to labour market variables affect monetary policy in Namibia. The results also show that the demand channel (import prices and bank credit to the private sector) and the exchange rate channel (nominal exchange rate) variables have important additional information, which affects monetary transmission process in Namibia, which justifies their inclusion in the small macro-econometric model. In addition, shocks to the import price and exchange rate in the macro-econometric model significantly affect labour market variables. However, shocks to bank credit only partially perform as expected, implying that its results need to be considered cautiously. The study further finds that tight monetary policy shocks significantly affect real and nominal variables in Namibia. The results also show that shocks to all variables in the unemployment model significantly affect unemployment, suggesting that the hysteresis assumption is corroborated. This implies that long run aggregate demand is non-neutral in Namibia. / Economics / D. Litt. et Phil. (Economics)