This thesis deals with the realization of inflation targeting in the Slovak and the Czech Republic, and compares successfulness in fulfilling of inflation target. It is divided into three chapters. The first chapter characterizes monetary policy in general and two transmission mechanisms used in both countries. The next chapter is concerned with the practical application of monetary transmission mechanism after the monetary separation. Problems connected with the realization of this monetary policy regime that led to the change in the transmission mechanism in both central banks are also mentioned. In the last chapter there is the comparison of conditions in Slovakia and the Czech Republic during the implementation and application inflation targeting. We also compare trend in the actual and target inflation rate, and describe changes in the key interest rates of both national banks as a result of it.

This thesis compares monetary policies, institutional status and different approaches to the selection of monetary policy and setting goals of central banks in the case of Czech National Bank, the European Central Bank and the Federal Reserve System. The first chapter deals with the characteristics of the central bank, legislative regulation of the Czech National Bank is analysed there and it mentions the Czech peculiarities in the adjustment of the central bank. In addition, this chapter deals with the possibilities for the name of the central bank and there are examples of different solutions from the world. The second chapter focuses on the analysis of the central bank's position in the state. It emphasise independence as it is the core value for the central bank. This chapter also describes the regulatory and supervisory powers of the central bank and briefly discuss the composition of assets and financing of the central bank and its basic financial statements. The third chapter deals with the theory of monetary policy. Particular attention is paid to the monetary policy of inflation targeting. Furthermore, this chapter provides an overview of transmission mechanisms and describes various monetary policy instruments which central banks have. At the end of this part of the thesis there is a...

The main thesis of this paper is to identify and describe the common and different aspects of the monetary policies of Austria and Czechoslovakia in the years 1918-1929, as one of the possible determinants of post-war economic development of both countries. As the successor states to the Austro-Hungarian monarchy both countries faced the same currency problems, although Czechoslovakia was on the winning side and Austria on the losing side, which determined the economic conditions in both countries in their beginnings. To address monetary issues each country had a different approach, while for example Austria experienced post-war hyperinflation Czechoslovakia executed the first wave of deflation. Despite the successes of the Czechoslovak economy in the period under review, only by comparing them to Austria showed that against all odds the economic performance of Austria was better. One of the possible causes was a different implementation of monetary policy, which is the central theme of this paper. Although the two countries are once again "reunited" in the European Union, their mutual relations are still impeded by specific problems whose origins can also be traced to the interwar period.

This diploma thesis is focused on the description of Inflation Targeting regime in the Czech Republic. The paper is divided into three parts. The first part deals with inflation and its targeting and with the economical circumstances that led to the launch of this monetary policy regime in the Czech Republic. The next part concerns the central bank reaction function, transmission channels, evaluation of the inflation target sets and the description of prognostic models that the central bank uses for forecasting. Then main stress is laid on the new structural dynamic model "g3". The last part describes my own inflation prognosis, which is based on the time series analysis.

The thesis "Inflation targeting in circumstances of low interest rates" describes the monetary policy of the Czech National Bank with main aim on its current problems. The target of the thesis is to analytically prove the disruption of a section of the transmission mechanism when the repo rate should determine the interest rates on the czech interbank market. This disruption should have been caused by the recent financial crisis.

Práce vysvětluje mechanismy, pomocí nichž se opatření měnové politiky Evropské centrální banky dostávají do reálné ekonomiky a cenové hladiny. Objasňuje hlavní příčiny heterogenity působení jednotné měnové politiky v zemích Evropské měnové unie. Zaměřuje se na úrokový kanál transmisního mechanismu a vysvětluje jeho asymetrické působení v zemích eurozóny na základě odlišných strukturálních charakteristik národních finančních trhů a reálných ekonomik.

Má diplomová práce by měla mít ve větší míře analytický charakter. Rozdělila jsem ji na dvě hlavní kapitoly: hospodářský vývoj USA ve 20. letech 20. století a pokusy o obnovu bankovního systému. V první kapitole se věnuji analýze situace, v jaké se Spojené státy nacházely ve dvacátých letech, kdy můžeme pozorovat známky nastupující recese. Spojené státy změnily své postavení a staly se světovou mocností a hlavním vítězem první světové války. Hospodářskou politiku výrazně ovlivňovala válečná zkušenost tohoto konfliktu. S tím však přicházely i nové hospodářské, sociální a politické důsledky. Ze světového dlužníka se staly světovým věřitelem. Narůstala investiční aktivita, lidé si zvykli žít svůj ,,život na půjčku? a stále více se zadlužovali. Měnila se také politická situace, kde vládu demokratů vyměnila na dlouhé období vláda republikánů. V hospodářské politice to znamenalo zejména nižší daně, vyšší cla, omezení přímé regulace a decentralizace rozhodování. Rozpočtová politika se přizpůsobila zejména splácení válečných půjček, což znamenalo po celé období dvacátých let přebytkové rozpočty.

Despite considerable research on the monetary policy rules, little is known about internal relation between policy rules targets. Research approach frequently consists in estimating parameters or identifying variables to make the rule operate accurately. The overall image that emerges from the literature is that there is no contradiction in attaining the targets once set properly. Dissertation switches attention to mutual feasibility of incorporated targets. To contribute to this strikingly overlooked fact hypothesis is tested. Analyzed are variances of inflation and output representing policy rule targets. Time regression processed throughout OLS technique, gap analysis and calculation of variances are applied as principal analytical tools. Examined are data for 14 countries. Countries are divided into two groups according to size of their economy: small economies (Austria, Belgium, Czech Republic, Hungary, Ireland, The Nederlands and Slovak Republic); large economies (Euro zone, France, Germany, Italy, Spain, Sweden and USA). Results of the analysis show that once monetary authority follows policy rule with multiple targets it faces restriction. Rather than achieving both targets at one time it must respect trade off between them. According to data for selected countries hypothesis is accepted. Variances of output consistently proved to be higher than variances of inflation. Whence it follows that authority need to solve constrained optimization problem. It needs to pick out combination of differently large variances contrary to wining with all reaching low levels.

Measurement of price level with consumer price indices forms some gap between measured inflation and perceived inflation. The graduation theses is concerned with quantification of gap in particular group of individuals and shows on measuring data, how this gap influents individuals, if growth of cost of living according to consumer price index copies price perception. It illustrates influence the incorrect construction of indices as important orientation point in economy, which redistribution of recourses, in context with usage of indices for income indexation and suggests more appropriate approach for constructing aggregate price index. It investigates what factors influence price perception and comes into gain and loses calculation which people are confronted. Price perception is influenced both socio-economic and political environment. The end of theses overlaps into political vote and investigates if there is causal of relationship between price perception and political vote.

Pouchlá, K., Price bubble in the global bond markets. Diploma thesis. Brno: Mendel University in Brno, 2014 This diploma thesis is focused on the issue of price bubbles in the bond markets, namely the market for Japanese, German and U.S. government bonds with maturities of 2, 5, 10 and 30 years in the observed trend over the last fifteen years. The goal of the thesis is identification of price bubble in selected markets after taking into account various criteria. Then will be determined investment recommendation for upcoming period within government bonds of chosen markets.