The paper examines the hypothesis that the devaluation of the domestic currency leads to the higher exchange rate pass-through at the zero lower bound since the interest rate channel cannot offset effects of the depreciation in that situation. Time-varying vector autoregression with stochastic volatility is used to identify the development of the pass-through. The hypothesis is tested on the Czech dataset because the Czech Republic is considered as the prototypical small open economy with inflation targeting. The assumption of higher pass-through to consumer prices at the zero lower bound is rejected. Obtained results confirm that the deprecation stimulates output growth slightly more when the interest rate is close to zero. Our estimations imply that the exchange rate commitment of the Czech National Bank increased the price level by 0.116 % and contributed to the output growth by 0.781 %.

Financial derivatives have been constituting one of the most dynamic fields in the mathematical finance. The main task is represented by the valuation or pricing of these instruments. This theses deals with standard models and their limits, tries to explore advanced methods of continuous martingale measures and on their bases proposes numerical methods applicable to derivatives valuation. Some procedures leading to elimination of certain simplifying assumptions are presented as well.

The objective of the thesis is to acquaint readers with field of structured product valuation. It is a relatively complex issue which is, however, based on general valuation foundations. The opening chapter is dedicated to these general fundamentals of valuation. Emphasis is placed mainly on present value principle, a specific variant of comparison, and its related aspects. The second section describes key elements of structured product valuation. Greater part of this chapter is devoted to the Monte Carlo simulation, the most employed tool in valuation of these products in practice. An important part of Monte Carlo simulation is an option spread, which arises as by-product of the simulation and reflects value of an option contained in the evaluated instrument. Third chapter is focused on interest rate and prepayment models. Level of prepayment is dependent on interest rates development which both are the most critical factors that affect value of structured products. Description of models includes theoretical and mathematical formulation as well as mentioning their advantages and disadvantages. Valuation model is illustrated in the last part, which is demonstrated on valuation of hypothetical structured products example. Based on the model, the development of cash flows from underlying asset portfolio is forecasted which in turn determines the value of evaluated instruments. The final section deals with advantages of structured products and, hence, why banks and other institutions use them in practice.

This diploma thesis describes the Quantitative easing as an unconvetional tool of the monetary policy. In the first chapter of this thesis there is theoretical analysis of the zero lower bound and also of specific phenomenon that might occur in this situation (the liquidity trap). The second chapter deals with the quantitative easing as a monetary policy with focus on the United States. It summarizes its development during three so called rounds, during which the quantitative easing has been used. This chapter also contains analysis of the entrance and exit strategy of the quantitative easing. In the third chapter, there is an econometric model estimated by ordinary least squares method with robust errors. This model is being used to verify the hypothesis whether the quantitative easing lowered long-term interest rates. The hypothesis has been rejected as the quantitative easing does not have statistically significant effect on any selected long-term bonds.

The main contribution of the diploma thesis is to give a comprehensive picture of the switch from LIBOR to OIS discounting. Prior to the global financial crisis, LIBOR (London Interbank Offered Rate) represented an approximation of the risk-free rate in the valuation of interest rate derivatives. The collapse of Lehman Brothers in 2008 resulted in sharp widening of the LIBOR-OIS spread, an indicator of the interbank market stress. Many derivative practitioners have become concerned about the choice of an appropriate risk-free rate. Traditional valuation approaches using LIBOR discounting have been reviewed. Meanwhile, the OIS (Overnight Indexed Swap) rate has become a better proxy for the risk-free rate, at least for collateralized or centrally cleared transactions. Firstly, the research aims to discover the divergences between LIBOR rates, popular pre-crisis proxies for the riskfree rate, and OIS rates, their post-crisis alternatives. Secondly, it covers the interbank lending market, and analyzes individual LIBOR-OIS spreads for the USD, EUR, GBP and CZK currency. Thirdly, it explores the transition to OIS discounting in connection with an influence on a wide spectrum of interest rate derivatives. Therefore, any potential effects are demonstrated on numerical valuation examples of interest rate swaps in the USD, EUR, and GBP currency. Finally, the diploma thesis addresses a topic of collateral management and clarifies different approaches using LIBOR or OIS rates for collateralized or non-collateralized transactions.

Towards School Inclusion Abstract Since September 2016, the so-called inclusive amendment, i.e. Decree No. 27/2016 Coll., on the education of pupils with special educational needs, has been in force in Czech schools. The multiple-case study of three schools describes the process of change in different contexts prior to 2016. Three inclusive schools were selected based on measuring the level of inclusion and their public declaration of striving for inclusion. The data research sources were narrative interviews with current and former principals of the selected schools, their deputies, some teachers, assistants, parents and/or representatives of the municipality. IPA was used to analyze the data. The inclusive school is a product of a principal's vision and their transformative leadership. The key for a successful transformation was to change not only processes and structures but mainly the culture, thus common understanding of the goals. The central concept was communication and collaboration. The respondents perceived themselves as pioneers and communities sharing the same values. Creating conditions for respecting the needs and differences of each child and gaining community trust were the necessary steps for this transformation. It was important to raise sufficient funds, to work hard and to improve...

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Association rules mining is one of several ways of knowledge discovery in databases. Paradoxically, data mining itself can produce such great amounts of association rules that there is a new knowledge management problem: there can easily be thousands or even more association rules holding in a data set. The goal of this work is to design a new method for association rules post-processing. The method should be software and domain independent. The output of the new method should be structured description of the whole set of discovered association rules. The output should help user to work with discovered rules. The path to reach the goal I used is: to split association rules into clusters. Each cluster should contain rules, which are more similar each other than to rules from another cluster. The output of the method is such cluster definition and description. The main contribution of this Ph.D. thesis is the described new Multicriterial clustering association rules method. Secondary contribution is the discussion of already published association rules post-processing methods. The output of the introduced new method are clusters of rules, which cannot be reached by any of former post-processing methods. According user expectations clusters are more relevant and more effective than any former association rules clustering results. The method is based on two orthogonal clustering of the same set of association rules. One clustering is based on interestingness measures (confidence, support, interest, etc.). Second clustering is inspired by document clustering in information retrieval. The representation of rules in vectors like documents is fontal in this thesis. The thesis is organized as follows. Chapter 2 identify the role of association rules in the KDD (knowledge discovery in databases) process, using KDD methodologies (CRISP-DM, SEMMA, GUHA, RAMSYS). Chapter 3 define association rule and introduce characteristics of association rules (including interestingness measuress). Chapter 4 introduce current association rules post-processing methods. Chapter 5 is the introduction to cluster analysis. Chapter 6 is the description of the new Multicriterial clustering association rules method. Chapter 7 consists of several experiments. Chapter 8 discuss possibilities of usage and development of the new method.

This thesis covers detailed analysis of bond pricing function. It focuses on connections between mathematical definitions and financial practice and it points out advantages and drawbacks of currently used function. Well known properties of this function are extended to negative internal rate of return values. This topic is further discussed with internal rate of return polynomial equations solving. Taylor series approximation is also shown regarding duration and convexity of bonds.

This diploma thesis deals with the mathematical models in general insurance. The aim of this thesis is to analyse selected mathematical models that are widely used in general insurance for the estimation of insurance portfolio statistics, pricing and the regulatory capital requirement calculation. Claim frequency models, claim severity models, aggregate loss models and generalized linear models are analysed. This thesis consists of a theoretical and a practical part. The theoretical part contains description of selected models. Described models are then applied to a real dataset in the practical part. The real dataset modelling was performed using the statistical software R. It has been proved that maximum likelihood parameter estimations are of better quality than the method of moments or quantile method estimations. The results of aggregate loss distribution computational methods are comparable. This comparability is mostly caused by a large number of observations. In the context of tariff analysis it was found that the most significant factors are driver's age and the driver's area of residence.