Rašínova deflační politika a stávající hrozba deflace v ČR

The main topic of this bachelor thesis is deflation, which is threat (after many decades of inflation) in contemporary market economies. The thesis is divided into three parts. First part describes the deflation as a phenomenon from a theoretical point of view and concentrates on its impacts on market economy. Second part analyses consequences of the deflation policy which was practised by Alois Rašín, the first Czechoslovakian minister of finance. The third part explains real anti-deflationary policy, which performs Czech national bank in situation of the ongoing deflationary pressures in the Czech Republic. These pressures escalated in the autumn of 2013, when the predictive model of CNB presumed deflation for following terms. The risk of deflation has not been completely prevented yet (May 2015). The general goal of this thesis is -- according to the basis of research -- to answer if the CNB's fear of deflation is justified and whether the use of another tool of monetary policy is reasonable.