Při hodnocení vstupu ČR do Eurozóny práce vychází z teorie optimálních měnových oblastí a z konceptu přínosů a nákladů. Samotný vstup je posuzován ze dvou hledisek. První je hledisko Eurozóny, je tedy analyzováno plnění maastrichtských kritérií. Cílem je nalézt odpověď na otázku, kdy bude možné do Eurozóny vstoupit. Na druhou stranu je také třeba posoudit přijetí eura z hlediska ekonomických zájmů České republiky, tedy zjistit, kdy bude vhodné vstoupit. Je tedy provedena bilance přínosů a nákladů přijetí eura s přihlédnutím ke zkušenostem členských zemí Eurozóny. Zvláštní pozornost je věnována vhodnosti společné monetární politiky pro ČR, především pravděpodobnosti vzniku asymetrického šoku.

Diplomová práce se věnuje přirozené míře nezaměstnanosti a hysterezi nezaměstnanosti. V kapitolách věnovaných přirozené míře rozebírá dynamický model, Phillipsovu křivku a koncept NAIRU. Práce porovnává hypotézu přirozené míry a NAIRU. Analýza hystereze nezaměstnanosti představuje jádro práce. Po úvodním vymezení se práce soustředí zejména příčinám ? modelu insider-outsider, roli dlouhodobě nezaměstnaných a efektu poklesu kapitálové zásoby a investic. Vyústěním hystereze jsou hospodářsko politické implikace s důrazem na měnovou politiku. Závěr práce se věnuje evropské nezaměstnanosti a snahou je zasadit do praktického kontextu probírané teoretické koncepty. Práce vyúsťuje do domněnky, že jedním z hlavních důvodů pomalého růstu evropské ekonomiky může být hystereze.

Dizertační práce identifikuje a klasifikuje možná rizika měnové konvergence v procesu přistoupení k eurozóně u nových členských zemí Evropské unie, tj. včetně České republiky. Propojením výsledků komplexního rozboru institucionálního rámce Hospodářské a měnové unie a analýzy vývoje inflace a měnového kurzu u stávajících členů eurozóny v konvergenčním období identifikuje možné alternativy měnového přiblížení k euru. Závěry přispívají do diskuse o dilematech hospodářské politiky, které čekají nové členské země EU v dalších fázích integrace do evropských měnových struktur.

The purpose of this diploma thesis is to examine the efficiency of monetary policy -- impact of monetary policy upon price stability - in relation to main target of Czech National Bank (CNB). The research approach is the analysis of monetary indicators -- price level, interest rates, money supply and exchange rate. In the context of the financial stability the thesis also analyzes another important function of CNB - supervision of Czech financial market using indicators of capital adequacy, banking sector liquidity, profitability of banks and volume of non-performing loans. Theoretical part of the thesis explores quantity theory of money, business (particularly monetary) cycle theories and further describes practical use of monetary policy with respect to the effect of central bank rates on market rates and further on output. Application of monetary rules, use of modern macroeconomic models and predictive apparatus are also topics which are theoretically held forth. The empirical part of the thesis researches monetary policy and supervision of CNB in every single year since 1995. In particular with emphasis on uniqueness Czech monetary policy, resulting from the transformational collision of the settings of exchange rate and monetary policy framework, and related influences remaining up to now.

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This thesis examines the sensitivity of bank interest rates to changes in in-terest rates CNB's monetary policy in the context of interest rate transmission mechanism. For this reason, emphasis was focused on the functioning of a basic form of transmission mechanism and theoretical approaches to economic trends . Further determinants of bank interest rates were indetified and further described the issue of heterogeneity in the transmission of interest rates. In the practical part the author of the work focused on examining the sensitivity with which bank in adjusting their interest rates on newly granted mortgage loans to changes in short-term interest rates in the interbank market. The observed heterogeneity was further examined in relation to the factors of concentration, market power, liquidity, capital adequacy and credit risks that have been identified on the basis of empirical studies Sorenson and Werner (2006 ). With the help of correlation analysis it was concluded that banks react heterogeneous manner even within homogeneous groups where banks have a large degree of simi-larity.

The submitted thesis focuses on the Economic and Monetary Union and its stability or instability with respect to theory of optimal currency areas. The aim of the thesis is to evaluate whether the current euro area is the optimal currency area, what possible ways of reducing the costs of the common currency exist and what are the economic consequences of a potential breakdown of the Economic and Monetary Union. The analysis of the theory of optimal currency areas is the subject of the first part of this thesis and its criteria are evaluated in the second part. The second part then deals with the economic implications of this theory in practice.

Topical issues of the financial independence of the European Central Bank The thesis aims to introduce the role of the European central bank during the financial crisis, including the legal aspects and risks related to conduct of non-standard measures of monetary policy, and to analyse concerned case law of the European court of Justice. Accordingly, this thesis attempts to point to the shortcomings and uncertainty of the interpretation of the primary law and to summarize the historic development of this legal issue. For this purpose the author draws on the historic context of the conduct of monetary policy of the European central bank and in particular on European court of Justice decisions. The thesis attempts to link the legal aspect with the economic aspect, which the author perceives as an essential attribute for a correct understanding of the whole issue. Key words: monetary policy, ECB, financial independence

This study focuses on describing and analyzing monetary policy in Czechoslovakia between 1919 and 1929. Initially devoted to theoretical definition of monetary policy and approaches to the nature of money. The analytical part describes the most important events of the decade in terms of monetary policy. Particular emphasis is placed primarily on monetary reform, which made Alois Rašín in 1919. The work also describes a change in direction from the deflationary policy to monetary stabilization, on which has the largest merit Engliš, second significant figure in the Czechoslovak monetary policy in those years. As Rašín and Engliš contributed significantly to successful monetary developments in postwar Czechoslovakia. Rašin deal with strong inflationary pressures and gave rise to solid and credible crown. Engliš is behind the most significant economic boom in the history of republic.

The monetary policy of the Fed and the ECB has greatly change as a result of the global crisis. The goal of the thesis is to analyse the evolution of unconventional monetary instruments in the USA and the EU after the outbreak of the global crisis and nowadays with the help of pivotal economic models; namely, the IS-LM-BP model and the quantity theory of money. In addition, the paper should assess the impacts of adopted instruments and programs and draw conclusions about their success. The theoretical part explains the IS-LM-BP framework and the quantity theory of money and describes the unconventional monetary tools that the central banks can use when the interest rates reach the zero lower bound. The practical part analyses EU and US economy with the explained models. Furthermore, the implemented instruments of the Fed and the ECB are described and compared. The thesis should be concluded with the claim that the transmission mechanism was restored with the help of the non-standard measures, however, the desirable price level stabilization has not been reached.