This diploma thesis deals with the theme of fiscal policy and its importance on Czech economy from 2005 to 2015. In some parts, according to data availability, the author is trying to bring the latest information from year 2016 and predict the development of the economy in the near future. The thesis is divided into two parts, theoretical and practical part. The theoretical part is focused more broadly on economic policy, formulates its wearers, determines its goals and tools, which are used for achieving the goals. It distinguishes between different types of economic policy. In the next chapter the phases, types and causes of the economic cycle are defined. The implementation of economic policies from two different points of view is also clarified. In the following chapter the author focuses on the main topic of fiscal policy and analogically defines its objectives, instruments and types. Subsequently, the budgetary system of the Czech Republic is analyzed. Separate chapter is devoted to the state budget. The main revenues, expenditures and overall balance are described. Lastly, the process of drawing up the state budget is explained in detail. The analytical part follows the development of macroeconomic indicators such as gross domestic product, inflation and unemployment in the Czech Republic in the previously mentioned period. Then the development and structure of revenues and expenditures of the state budget are analyzed. Based on the final balance, a resolution for the problematics of Czech state debt is solved. In each chapter of the practical part is an attempt to analyse fiscal policy and its importance on certain developments. The results are compared with selected countries of EU 28.

This thesis deals with the financial crisis and specifically analyze the impact on the Czech economy. The work is divided into two parts - theoretical part and self analysis. Each part is divided further into two parts. The first part deals with the theory of macroeconomic indicators that describe the performance of the national economy. Described here is the gross domestic product, inflation, employment and unemployment, further indebtedness, foreign trade and balance of payments. The second part deals with the theory of the business cycle, its different types and phases. The end of the theoretical part is devoted to the definition of the word crisis, its historical development and, ultimately, the notion of financial crisis. Own part of the thesis is dedicated to the financial crisis that hit the world in 2008. The first half own work is concerned with the emergence of the crisis in the United States and its gradual relocation to Europe The second part is devoted to the economy of the Czech Republic. Individual performance indicators of the national economy are analyzed in detail and to better illustrate the use of graphs and tables.

The aim of this thesis is to evaluate the economic importance of energy in the country. Along with this theme are reviewed macroeconomic indicators, which are compared with some of the attributes of the energy sector, so that they can assess their significance and coherence. Impact on GDP is reviewed in terms of electricity production, and also by means of the export of electricity. Impact of energy on the unemployment rate is evaluated from the perspective of people employed in the field of energy. The overall trade balance is evaluated in terms of import and export of electricity and natural gas. Finally, assessment of inflation through the development of prices of both commodities in the wholesale market. To evaluate these indicators are used statistical methods such as regression and correlation analysis. In conclusion, the thesis explains predetermined hypothesis and comprehensive assessment of the actual importance.

The thesis Fiscal and monetary policies of Czech Republic consists of two parts, theoretical and practical. Theoretical part describes economic policy in Czech Republic and its features, fiscal and monetary policy, in terms of theory taken mainly from economic literature and web portal of Ministry of Finance of Czech Republic and National bank of Czech Republic. Practical part contains analyses of application of individual policies, certain government and central bank precautions due to economic development in different years. Then observance of predetermined objectives of concrete policy is analyzed. In the next section econometric models are conducted with fiscal and separately monetary policy for determining if it corresponds to the economic theory and finding the greatest influence to the fiscal policy on gross domestic product and to monetary policy on inflation. The final part summarizes the results of all exploration issues and evaluation of fiscal and monetary policy

By monetary policy decisions, central banks use output gap to keep macroeconomic variables at their natural levels. A substantial disadvantage of this variable is the fact that it is an unobservable variable which is very problematic to measure, although it is possible to estimate it with various methods of estimation. This thesis aims to find the most suitable method of estimation for Czech economy. Thirteen methods have been chosen for this aim: linear trend, quadratic trend, HP filter, band-pass filters, robust trend, univariate unobserved component model, two types of production function, two SVAR models, multivariate HP filter and multivariate unobserved component model. Own estimations have shown that estimated trajectories of unobservable states were not identical. For own selection of the most suitable method of estimation, quantitative (ability to forecast inflation ,a growth of product and data revisions by selected national and international organisations) and qualitative criterions (qualities of methods of estimation, transparency and easy application) have been selected, where emphasis was put on quantitative criterions. Results of this thesis will show that the most suitable method of estimation output gap for Czech economy is multivariate unobserved component model.

This work is focused on econometric analysis of inflation in the Czech Republic, there is also reported an analysis of inflation in Austria and continuity of both countries to the dominant German economy. The inflation with its forms and possibilities of measuring is described in the first part of this work. There is also mentioned the influence of Czech national bank on the inflation. Next, there is shown the impact of foreign exchange rates and inflation. Consequently there are described characteristics of time series, which are important from viewpoint of construction of econometric models. Next, there is described theory of econometrics analysis, focused on ordinary least squares method and method of instrumental variables. The empirical part contains econometric analysis of inflation itself, using models described in theoretical part. Moreover, this work includes other models, coming out of economic hypothesis. Firstly, it analyses inflation in Germany as the reference country. Secondly, further analysis performs inflation in the Czech Republic and Austria. Finally, an analysis based on ERPT (exchange rate pass-through) models is given. In conclusion, the results are well summarized and compared.

Tato práce mapuje vývoj hospodářské politiky USA od 80. let 20. století do roku 2004. Cílem je zhodnotit jak tzv. konzervativní obrat změnil přístup k hospodářské politice v reakci na stagflační vývoj 70. let a ovlivnil tak další ekonomický a hospodářský vývoj Spojených států a jak následující vlády přistupovaly k principům přijatým na začátku 80. let 20. století v souvislosti s měnícím se hospodářsko-politickým prostředím. Značný důraz je kladen na vývoj měnové politiky a její vliv na ekonomické a hospodářsko-politické výsledky v obdobích působení jednotlivých prezidentů. V neposlední řadě je pozornost věnována příčinám a dopadům vývoje obchodní bilance a běžného účtu platební bilance a možné budoucí hrozbě související s narůstajícím vnitřním a vnějším zadlužením.

Diplomová práce se snaží o co možná nejobjektivnější ucelený přehled měnové politiky České národní banky v časovém úseku od jejího vzniku po současnost s prognózou dalšího vývoje v případě vstupu do Evropské měnové unie. Mimo jiné se zaměřuje na finanční stabilitu jako na jeden z aktuálních cílů ČNB.

Diplomová práce hledá odpověď na otázku: jakou povahu má v současné době ? charakterizované určitým typem měnové politiky ? peněžní nabídka. Nejprve je provedeno odlišení pojmů endogenní a exogenní nabídka peněz. Dále jsou diskutovány různé přístupy k nabídce peněz. Zvláštní pozornost je věnována postkeynesovské teorii. Současná měnová politika je v práci reprezentována cílováním inflace. Endogenní přístup k nabídce peněz je poté porovnán s touto měnovou politikou. Odpověď na otázku se pokouší nalézt také ekonometrická analýza založená na Grangerových testech kauzality.

The degree work is focused on analysis of inflation with help of suitable econometric models. Inflation with it's forms and possibilities of measuring is described at the beginning of the paper. There is mentioned an importance of monitoring and analysing inflation in view of Czech national bank. Consequently there are described characteristics of time series, which are important from viewpoint of construction of econometric models. Next part of this paper is focused on characterization of econometrics models. At first there is vector autoregression model, in this connection there is discussed the essence of Granger causality and impulse reaction. There are also noticed both error correction model and vector error correction model. The empirical part of degree work involves the use of these models on selected macroeconomic time series of the Czech republic. The objective is to analyze the relationship between inflation and other individual macroeconomic quantities. There is established the optimal vector autoregressive model and the results of Granger causality and impulse reaction are interpretated. Both error correction model and vector error correction model examining cointegration are also applied.