The aim of Master's thesis is to analyse the economic development of member states of Visegrad group and to provide subsequent comparison of observed indicators. The Czech Republic, Slovakia, Hungary and Poland are connected by common history and effort to overcome all difficulties of economic transformation and then start its economic development in conditions of market economy. The theoretical part explains and qualifies the selected macroeconomic indicators. Economic development is interpreted on basis of these indicators. These are gross domestic product and its components, inflation rate, unemployment rate, current account of balance of payment to GDP and public debt to GDP. Furthermore the theoretical part contains information relating to business cycle, the group V4 and starting economic conditions of the countries. The practical part firstly discusses the development of individual countries of V4 separately in particular periods. Detailed analysis of the financial management of all four countries is followed by the summarization of received information and comparison of economic development. The conclusion of practical part outlines the expected economic development in order to give an idea where the countries are heading to.

In an effort to examine role of capital markets' efficiency in transmission of monetary policy, 28 time series of market efficiency development are estimated with use of long-term memory and fractal dimension measures and a panel of 27 inflation targeting countries is constructed to run a random effect regres- sion. The cases of Czech Republic and Austria are thereafter more closely examined with use a vector-autoregressive and threshold vector-autoregressive frameworks on macroeconomic data spanning from 1996:Q3 to 2018:Q4. The evidence obtained through the conducted analyses support the hypothesis, that a more efficiently functioning capital market better contributes to monetary policy pass-through, or conversely, that high transaction costs, barriers to cap- ital market entry, or poor information availability may hinder the effects of central bank's monetary policy. JEL Classification F12, F21, F23, H25, H71, H87 Keywords capital market efficiency, inflation targeting, monetary transmission mechanism Author's e-mail teddy.krejci@gmail.com Supervisor's e-mail LK@fsv.cuni.cz

The thesis analyzes the accuracy of the multi-step inflation forecast using se-lected methods of machine learning through inflationary factors in the Visegrad group countries. The methods that were applied in the work analysis are the re-gression of tree methods and the algorithm method to the k-nearest neighbors. Based on the regression tree method, we are able to identify factors that are most prominent in price level development. The output of the analysis consists of 8 models, the suitability and accuracy of which are discussed. The results of the em-pirical analysis are compared with the assumptions that were presented before the analysis has begun. This suggests that methods are not suitable for multi-step inflation prediction.

No description available.

In this thesis, we examine the exchange rate pass-through phenomenon in the Czech Re- public over 1998:1-2014:1 period. As our vector autoregression results indicate, short-term pass-through effect slowed down and prolongated its duration substantially. Consequently, the accumulated value to be transmitted increased compared to previous findings. In the case of exchange rate pass-through effect to CPI, the accumulated response after 18 months accounts for about 40-60 per cent. In this regard, our time-varying results using unique Chebyshev Time Polynomials points to period 2008-2014 to be the leading cause. It seems that during macroeconomically less stable periods the exchange rate pass-through in the Czech Republic tends to increase. Even though the consensus on the pass-through lev- els and its development over time is rather scarce, we find support for our conclusions. More interestingly, having in mind November's currency interventions of the Czech Na- tional Bank to weaken koruna (and thus avoiding deflation), our results reveal that this measure has become much more effective in the latest years (as consequence of the crisis) than previous literature suggested. Following up on that, it seems that exchange rate regained some of its rather historical importance while conducting monetary policy...

Hereby presented Master Thesis deals with an analysis of preparedness of the Russian monetary policy for adoption of inflation-targeting regime. We define the impact of different factors on the level of inflation and consequently their importance in the process of predicting inflation in the period from January 2006 to September 2012 in the Russian Federation. The selection of the factors is based on theory and on the examination of the Russian monetary policy environment, taking into account the credibility, transparency and accountability of the monetary institutions and the financial sector and real economy specifications. The analysis of interconnections among the factors is based on a vector autoregressive regression model VAR(4) as well as on Granger causality test and impulse-response analysis. Our results indicate that the major role in inflation formation among the chosen variables, the exchange rate prevailed in the observed period and the interest rate gained in importance to certain extent. Thus the Russian Central Bank has proceeded to prepare the monetary policy rule for the adoption of inflation-targeting regime. Nevertheless, building more sound monetary and financial institutions, successful implementation of flexible exchange rate and abandoning exchange rate targeting, as...

This paper focuses on analysing and modelling inflation and its dynamics in Czech Republic applying a special kind of econometric models. Firstly economic theory of inflation is mentioned - fundamental terms, measuring methods of inflation, the way Czech national bank is monitoring the inflation and obviously a short summary of historical evolution of inflation in Czech economy. In the second part of this paper two econometric concepts of modelling time series are introduced - vector autoregression models (VAR models) and volatility models, concretely ARCH and GARCH models. In connection with the VAR models, Granger causality, impulse response functions, cointegration and error correction models are described. The empirical part includes application of selected models on real time series of chosen macroeconomic indicators. The estimation outputs are interpreted and forecasts are implemented. The quality of chosen econometric models for modelling inflation in Czech Republic is discussed.

The diploma thesis "Possible impact of euro introduction on the Czech economy". The first part of the thesis deal with common problems euro introduction in the Czech Republic. It attend to filling of the convergent criteria, nominal, real and others, then the choice of the scenario and schedule euro introduction. Main part of the thesis deal with the influence analysis of the single currency on the inflation, citizens, international trade and foreign direct investments. Second part focus on the way of the inflation measuring, factors which influence inflation or possible scenarios of the inflation development after euro introductoin, third part on the problems of the conversion coefficient and influences on the price relation and buing power a the fourth part on the expected effects of the euro introduction in international trade, concretely on the balance of goods and services, foreign direct investments and competitiveness. The last fifth part is focused on the future of the euro, how it sees significant world's economists.

The aim of this graduation theses is an evaluation of the economic advancement of the last five euro area countries, i.e. Slovenia, Cyprus, Malta, Slovakia and Estonia, in the context of the decaying world's economic crisis and adumbration the possible perspectives of their next economic advancement. The thesis is structured into five chapters (according to countries), whereas the structure is always the same - introductory subchapter evaluates the way to euro area by convergence reports of EC and ECB, the second one predicates current economic advancement by chosen economic indicators from Eurostat and the last one implies expected advancement by EC Autumn forecast 2010.

Thesis called "Monetary policy of Czech National Bank and the perspectives of acceptance of euro" is mainly focused on convergence process in Czech Republic. First part of the work consists of current monetary policy of Czech National Bank and characteristics of monetary cooperation development needed for Economic and monetary union establishment. Real convergence state evaluation and maastricht criteria discharging in Czech Republic are the main goals of the thesis. Current global financial crisis is shown in readiness of Czech Republic of EMU entering conclusions.