Hospodářský cyklus a měnová politika: moderní rakouský pohled

Informace o vysokoškolské kvalifikační práci

Název práce:
Hospodářský cyklus a měnová politika: moderní rakouský pohled
Autor práce:
Komrska, Martin
Typ práce:
Disertační práce / info:eu-repo/semantics/doctoralThesis
Vedoucí práce:
Chytil, Zdeněk
Osoba oponující práci:
Zamrazilová, Eva; Kadrmas, Tomáš
Jazyk práce:
This dissertation presents the results of research focused on the Austrian business cycle theory (ABCT). The main part of the thesis is an econometrical test of five predictions based on ABCT. I used data on the US economy for period 1967 - 2016, which is the longest time period covered in the Austrian empirical literature so far. Since one of the most important variables for ABCT is so called interest rate gap (the difference between market interest rate and natural interest rate), I use three alternative models of this variable. The results of my empirical tests predominantly confirm theoretical predictions of ABCT. It can be shown that the interest rate gap influenced the relative structure of economic activity and resource allocation in a way predicted by ABCT. I also investigate whether the interest rate gap does have a significant impact on stock market valuations (in terms of aggregate level or relative structure), although the results are mostly statistically insignificant. In addition I also described several possible new distortions which may emerge due to unconventional monetary policy. I argue that these distortions should be of primary interest for researchers engaged in the Austrian research program. I devoted special attention to the specifics of monetary policy regime in Japan, where the Bank of Japan regularly intervenes on the stock market. Another theoretical contribution can be found in the second chapter where I respond to the White's (1999) claim that Hayek implicitly repudiated his own version of ABCT in later part of his career, when proposing free competition in money production. I attempt to show that White's conclusion stems from an inadequate interpretation of Hayek's writings. Finally I provide an alternative interpretation of Hayek's work that reveals the compatibility of his early and late theoretical contributions.
Klíčová slova:
Austrian Business Cycle Theory; deflation; F. A. Hayek; quantitative easing; natural rate of interest

Informace o studiu

Studijní program a Studijní obor:
Ekonomie a hospodářská správa/Ekonomická teorie
Typ studijního programu:
Doktorský studijní program
Jméno přidělované hodnosti:
Instituce přidělující hodnost:
University of Economics, Prague
Název fakulty:
Faculty of Economics
Název katedry:
Department of Economics
Instituce archivující a zpřístupňující VŠKP:
University of Economics, Prague

Informace o odevzdání a obhajobě

Datum zadání práce:
24. 5. 2013
Datum podání práce:
25. 11. 2016
Datum obhajoby:

Soubory ke stažení

Hlavní práce:
53140_xkomm13.pdf [3,19 MB]
51598_qzame00.pdf [67,32 kB]
51599_Kadrmas.pdf [41,29 kB]

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