The choice of an appropriate government policy tool to promote the employment should be done with regard to the source of unemployment. This diploma the- sis investigates structural and cyclical components of unemployment. The two components are induced by different causes. Search and matching frictions in the labor market are the source of the structural component. The cyclical component is induced by a low labor productivity which induces a negative gross marginal profit of firms. Consequently, they are obliged to cancel a portion of existing job- worker matches. The main finding is that during a period of economic slowdown the overall unemployment and its cyclical component rise while the structural component declines. The dynamics of the two components is reversed during a robust economic growth. The diploma thesis proceeds with investigating the pub- lic hiring, a policy potentially suitable to diminish the unemployment during an economic slowdown. The results show that the public hiring can be successfully applied despite the private employment crowding out. A New Keynesian DSGE model calibrated for the Czech Republic is used to model the labor market dy- namics. The results are interpreted with regard to the historic development of the unemployment and the economic growth from 2000 to 2014. JEL...

The thesis examines the ability of DSGE models with financial elements to explain financial asset prices. A neoclassical macroeconomic model is used, in- cluding a financial constraint in the form of a restriction on external financing. Moreover, the strictness of the restriction is affected by an external financial shock. It is shown, that the combination of the financial constraint and the fi- nancial shock contributes to understanding of the macroeconomic fluctuations, asset price dynamics and their mutual impact. The calibration for the United States demonstrates that the financial shock is an important source of the as- set price volatility. Contrary, when calibrated to the Czech data, the financial shock generates only moderate asset price volatility, as a consequence of a posi- tive correlation with the productivity shock. To address the issue, the model is further extended by a sector of financial intermediaries and a preference shock related to the risk-aversion of economic subjects, and the extension is shown to improve the result.