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This bachelor´s thesis analyses changes in marketing costs depending on the stages of the business cycle. Especially a strategy of firms, which have to face an economic crisis in the years 2008-2013. Thesis sets a target how changed the investments of Czech companies to marketing in the period of crisis. Theoretical part engages in economic cycle, marketing environment and marketing in the period of economic crisis. In practical part are specific costs on advertisement in particular mediatypes in price list costs depending on the macroeconomics indicators. Then there are also analysis on turnover of media agencies and B2B market. From the analysis was found that if macroeconomics indicators decreasing, also marketing costs decreasing and vice versa, exception costs to internet advertising which are in expansion in whole period. Differences in marketing costs was not proved at big companies which produce consumer products, this conclusion was found in case study of five selected companies.

The objective of master thesis is the examination of Swedish, Swiss and Polish business cycle in four key areas consisting of internal and external macroeconomic equilibrium, cyclical development indicators and financial stability during 2000-2015 period and analysis of fiscal and monetary policy with respect to anti-crisis measures. The pivotal hypothesis is that Sweden, Switzerland and Poland have managed to deal with Great Recession relatively better than other advanced economies. Theoretical section characterises chosen countries, explains fundamental terms and sets the research framework. The empirical part monitors business cycle by chosen indicators within internal and external equilibrium, cyclical development and financial stability, subsequently evaluates situation before the crisis outbreak and examines anti-crisis measures that have been taken. Empirical section is closed by SWOT which evaluates economic development during 2009-2015 period and serves as tool for main hypothesis verification.

The theoretical part of the thesis introduces Austrian theory of business cycles and analyses equilibrium of savings and investments together with the transmission mechanism between savings, deposits, loans and investments. The practical part of the thesis explores business cycle and credit cycle. It analyses an excessive loan expansion of commercial banks together with a excessively expansive policy of central bank. The thesis deals with a procyclical action of commercial banks and contemporary tools of central bank with their limited effectiveness. Furthermore, the thesis analyses the possible adjustments of monetary policy with the emphasis on the macroprudential policy and its individual credit indicators. The end of the thesis deals with the method of credit rationing and with the imbalance between demand and supply at the credit market of non-financial corporations, which is modelled using the technique of disequilibrium model.

The aim of this thesis is to analyse the impacts of business cycles on individual segments of the automotive industry in the last 23 years in the Czech Republic. The areas analysed are sales and production of cars. Attention is also paid to the downstream industry of parts producers. The theoretical part deals with the theoretical approaches of the business cycle, basic methods of measurement cycles and, furthermore, theories related to the automotive industry. The analysis in the practical part is developed on this theoretical basis. The analytical section is divided in three parts according to three full cycles that went through the analysed time period. What was most apparent was the difference of every cycle. It is from this difference that the different impact of cycle on analysed indicators in each period comes. However, it is evident that the automotive industry is behaving procyclically. Most of the indicators are weakly or moderately cyclical, based on the correlation coefficient.

Bachelor thesis deals with social-pathological phenomenon of suicide. Due to the broad range of the topic, the scope of this work is reduced to the view of high schools and universities students. The main objective of this work is to determine whether young people hold the opinion that a free man who has the right to life should also have the right to die discretionary. Also whether they have ever thought about suicide as a solution of negative economic factors. Finally, compare the difference in opinions on the issue of students from high schools and universities in different years of study and not studying respondents. The theoretical part, which deals mainly with economic factors and the cost of suicide and the practical part where I carry out own research, where I try using the questionnaire to find out the importance of economic factors for respondents. The research says that the economic factors are very important even for students and that there is possibility they would thing about suicide due to these factors.

This thesis deals with influence of the economic cycle in the automotive industry in the Czech Republic in 2003 - 2014. It describes the basic economic theories of economic cycles. It analyzes the impact of the economy growth on the production of automobiles on overall production and also to individual automakers in the Czech Republic, particularly carmakers Škoda Auto, TPCA and Hyundai. It is compared with the situation of the Slovak Republic, Germany and the USA. It was also studied the impact of the economic cycle on the demand for new vehicles according to the number of first registrations of new cars. Also evaluated was the impact of "scrapping" on sales and production.

Bachelor thesis is focused on composite leading indicators of economic cycle. Concretely examines indicators compiled for the United States in the period from 2000 to 2013. The theoretical part provides a comprehensive view of the indicators produced by the Organisation for Economic Cooperation and Development, the Economic Cycle Research Institute, The Conference Board and the Federal Reserve System. In the practical part I analyze these indicators and examine their relationship with the Industrial Production Index. Composite Leading Indicator, Weekly Leading Index and Leading indicator predicted the crisis the best. At the end of the practical part, I create my own composite indicators, based on the metodology used by the Organisation for Economic Cooperation and Development.

Main objective of this diploma thesis is to analyze the business cycle in USA, Germany and Czech Republic in years 2005 -- 2014 and evaluate impacts on each economy and particularly on labor markets. Work contains circumstances of beginning of the world economic downturn, which hit the world economy during those years, impacts of the crisis on each economy and analysis of the stimulus packages passed by both central governments and central banks. Analysis and comparsion is made by monitoring the development of main macroeconomic indicators such as GDP growth, rate of unemployment and employment, public debt or inflation. Conclusion is that German labor market was struck the least of the three countries and it didnt suffer from high rates of unemployment or decrease of employment. That was achieved mostly because optimal labor market reforms which were done before the beginning of the crisis.

The diploma thesis titled Impact of business cycle on manufacturing industry in the Czech Republic deals with the manufacturing industrial production and its dependence on the current economic situation of two crucial trading partners of the Czech Republic, i.e. Federal Republic of Germany and France. At the very beginning the business cycle theory is defined, its evolution in selected countries is presented and the immense importance and great potential of the manufacturing industry in the Czech economy are described. Also, the given data are analysed and compared in order to find the relationship between the variables. Finally, the obtained results and outcomes are supported with a case study introducing a particular company and its figures.

This thesis aims to analyze the development of the Czech mechanical engineering during the trade cycle from 1970 to the present day. The introductory part establishes the theoretical framework in terms of the definition and history of mechanical engineering along with required macroeconomic identities, trade cycles theories and the transformation process. The second part analyzes and assesses the development of the Czech mechanical engineering in the periods before and after November 1989. First of all, an economic--political and technical framework is established. On the basis of the selected macro-economic and statistical indicators examines and illustrates the influence of recession on the given field. The final section focuses on the current condition of the Czech mechanical engineering. This part also examines the nature of the impact present geopolitical conflicts have on the Czech mechanical engineering. Finally, the thesis summarizes the outcomes and draws the conclusion that the Czech mechanical engineering is influenced by the trade cycle to a greater extent than the rest of the Czech economy. However, the influence varies within the two observed periods. The thesis thus offers a new and detailed view on a branch which has not been given sufficient space in other similar papers.

The main topic of my thesis is the problem of monitoring business cycles. Composite leading indicators are one of the options, how to make this monitoring. In my thesis I am going inside of the process of construction of composite leading indicator. I am comparing the methods of OECD, Eurostat and Conference Board. Special attention is dedicated to the methods of czech institutions as well. These methods are still being evolved and improved, which makes the analysis more difficult. Together with all the information about business cycle and economic policy in Czech republic between 1993-2015. I am judgeing the functionality of leading indicators for the monitoring of business cycle. Method of my analysis is SWOT analysis so the result of this thesis is mentioning of the strengths, weaknesses, opportunities and threaths of the making and application of composite leading indicators.

This bachelor's thesis examines the Phillips curve from a few different points of view. It shows the econometric method that was used to construct the Phillips curve and explains why, from Austrian School of economics' point of view, this method isn't a valid approach to examining the nature of human action. It explains the connection between money supply and price level and discusses consequences of monetary expansion. Using the Austrian business cycle theory it explains the true relationship between rate of inflation and rate of unemployment and argues that in the long run, this relationship is positive. This hypothesis is also supported by empiric observation using Niskanen's model of the Phillips curve.

The purpose of this thesis is to evaluate the impact of the global financial crisis on the economies of Ireland and Iceland. The theoretical part is focused on the theory of the business cycle at first and the associated characteristics of the financial crisis. Then a view of various economic schools on creating the budget deficit and public debt is described. In the practical part the pre-crisis period is analyzed, in which both countries have experienced an economic boom. At the same time, however, this period was accompanied by negative effects which amplified the impacts of the crisis. Despite a starting torque, the collapse of US bank Lehman Brothers, the thesis describes the collapse of the banking sector of both countries and their chosen government measures. Furthermore, the text deals with comparison of the impact of the crisis on the economies of Ireland and Iceland using selected economic indicators. The evaluation results are primarily focused on the current state of the economy and its expected future development. Although both countries managed to re-start economic growth, they still have to deal with some problems that the crisis left. In the case of Ireland it is largely of high government debt and unemployment, Iceland is struggling with set capital controls, currency volatility and associated price stability. Both states also trouble high private debt, restore of the banking sector and its confidence. However their prospects are positive and the situation should steadily improve. The hypothesis that Iceland's economy is doing better now and has more growth potential than the economy of Ireland, was refused based on the analysis and comparison of selected economic indicators.

This dissertation explores four big topics in the Austrian economic theory. Chapter 1 elucidates the Austrian theory of capital. It introduces basic tools that are further used in the analysis of the business cycle. It also clarifies some misunderstandings in this theory. Chapter 2 investigates the evolution of the interest rate over the business cycle that is predicted by the Austrian theory of economic fluctuations. Chapter 3 examines the pure time preference theory. It shows with the help of a simple neoclassical graphical and mathematical apparatus that there is a fundamental flaw in this theory. It suggests that the notions of want and good must be explicitly separated, and it concludes that the time preference as well as the subjective exchange ratio between present goods and future goods may take on any value. Chapter 4 explores the business cycle dynamics in the economy with permanently rising natural output. Simple monetary policy rule that was designed to eliminate economic fluctuations is discussed in detail.

This thesis deals with analysis and comparison of the business cycles of the Visegrad Group countries in the period 2004--2014. The subjects of the theoretical part are the phases, length and theoretical perspectives of economics schools to the business cycle. In next part of the theoretical part are descriptions of the macroeconomic indicators, by which the individual countries are analyzed and compared. The theoretical part is dedicated to the Visegrad Group itself. In line with the objective of the thesis, the practical part revealed that the highest and the most stable economic growth is reached by the Polish economy. In contrast, the Hungarian economy scored the worst economic performance during said period. Common problems of economies with high deficit in the current account balances (in which the Hungarian economy, which faced bankruptcy in 2008, is the worst) arise from the data findings. Another common feature of these compared the economics are the public budget deficits, which it negative is reflected in the mount of total public debt. The practical part contains closed prediction of development of each country for the years 2015 and 2016.

The thesis is focused on verifying the pro-cyclical relationship of sales of new passenger cars in the Czech Republic and Slovakia and the subsequent evaluation of the impact of macroeconomic variables in the period from the first quarter of 2005 to the third quarter of 2015. In total, there are four different models estimated of multiple linear regressions of car sales, where for the Czech R. the estimation of different sectors of households and firms is available as well. By comparing the Czech R. and Slovakia regarding aggregate sales, fuel prices and gross domestic products are especially crucial and the pro-cyclical relationship is successfully verified. The economic crisis at the turn of 2008-2009 hit especially Slovakia, while the effect in the Czech R. was offset by a positive shock to fuel prices. For the model of households the procyclical relationship is denied unlike from the model of firms, shock to GDP therefore only deviate sales to firms. For Czech R. is also confirmed a significant relationship of the sales with interest rate or population growth.

The basic question of this thesis was the relationship between the business cycle and the cinema attendance in the Czech Republic. Other questions are the effect of technological advances, household income and the impact of substitutes and complements to attendance. Similar questions have already examined several papers in different countries, but the results are not identical. The benefit of this work is examining the Czech industry, which from an economic point of view is not analyzed too often. The first part describes the relevant theories: the theory of the business cycle theory, theory of the consumer and demand. Another part contains a description of the analyzed sector, its historical development and an overview of studies that have worked on this issue. Following are two models: the first examining a total annual cinema attendance (1993 - 2013) and the second model focused on the average attendance per projection). In both models was studied cinema attendance dependence on the cyclical component of the unemployment rate and other variables. In both cases, the results suggest that attendance is procyclical. The amount of real wages has a positive impact on attendance. The impact of technological advances on the contrary negative.

The bachelor thesis treats the synchronization of the business cycle of Slovakia and the eurozone through the industrial production between the years 1999-2014. The aim of the thesis is to verify or to falsify the hypothesis whether there is a synchronization of the business cycles of chosen economies and subsequently characterize this synchronization. The thesis is divided into several parts that intersect themselves. The first one summarizes the actual state of knowledge in the area of the economic cycles. The second chapter offers summary analysis of the respective phases of the business cycle that the Slovak republic and the eurozone noted in their modern history. In the next part the mutual synchronization is empirically evaluated by the correlation coefficient of the cyclical component of time series of the industrial production index of the two selected economies and then the time series are divided into three periods which record the development of the synchronization of the cyclic fluctuations in time. Related to this, the delays of the Slovak economic cycle are tested in comparison with the European cycle. To check the synchronization, the suitable vector autoregressive model is selected and confirms the defined hypothesis and shows that not only does the Slovak economic cycle depend on the economic cycle of the eurozone, but it is developing in the same way and the Slovak economy is adjusting to the European one. At the end of the thesis the theoretical and simulated outputs are summed up in the short discussion.

Bachelor theses examine the impact of economic factors on suicides in the Czech republic. Economic factors were included a gross domestic product per capita and an unemployment. The gross domestic product showed an indirect dependence on a suicide rate. On the contrary, the unemployment showed a direct dependence on the suicide rate. Other variables affected suicides were a birth rate and a divorce rate. The divorce rate and the birth rate showed the same dependence as the unemployment. The birth rate showed opossite values than was assumption. The relationship between a consumption of alcohol and the suicide rate was not proved and the relationship between a migration rate and the suicide rate was also not proved. This bachelor theses confirmed the influence of economic factors on the suicide rate. The results can be specified by extending of time series.

The subject of this bachelor thesis is the investigation of media influence on Behavioral Aspects of Individuals in the time of economic growth and decrease. The theoretical part deals with related economic issues, functioning of mass media and a methods of interfernce used by mass media institutes. The practical part continues into the findings of the theoretical part, its goal is, by distributing a questionnaire, finding the level of mass media influence and how the individuals percieve mass media. In the last part of this bachelor thesis are summerized practical recommendations for increasing the public awareness on this very topic.

The aim of this diploma thesis is to verify a connection between macroeconomic development and energy sector. This connection is examined with the data from the Czech Republic and with the data from Austria, both in the years 2000 - 2012. The theoretical part describes energetics as a natural monopoly and a resource of externalities. It includes the theory of monitoring the business cycle and financial analysis of companies. The first half of the practical part compares macroeconomic development of the Czech Republic and the ČEZ group. The similar comparison is made with Austria and the Verbund company. Second half of the practical part explains how economic policies influence the Czech energetics. This impact is being studied in terms of legislation, regulations, monetary and fiscal policy. The practical part ends with rating and valuation of costs that arise from the main energy resources. The link between energetics and macroeconomic development was discovered and proved thanks to the doubled analysis used in the thesis.

This thesis deals with the determinants of youth unemployment It uses the panel data regression analysis of EU countries. The work assembled models with the dependent variable the unemployment rate and the model is estimated for each demographic group. The models are represented by institutional variables, the macro-economic variables, demographic variables and variables representing education. The goal is to prove or disprove the hypothesis that individual determinants affect differently to the youth unemployment rate and unemployment rate of main age group. Partial task is to answer the question whether more significant determinants of unemployment rate are institutional or macro-economic determinants. The result of the analysis work is that institutional factors are not important determinants of unemployment rate. Conversely, macro-economic variables, GDP growth and inflation are significant determinants. Significant determinants are also variables representing education. The estimated coefficients of these significant determinants and variables employment labor protection and the tax rate are higher for young people than for the main age group. However, there was not found determinant that would be robustly more significant for youth than for main age group.

The goal of this thesis is to empirically test connection between diaper consumption and business cycle. The analysis is based on real sell out data from period 2004-2013. Procyclical evolution of diapers consumption and procyclical evolution of household expenditures on diapers has been proved in the thesis. Substitution of branded products with cheaper variants of private label has not been proved in the Czech Republic. It has been proved that private label market share behaves procyclically, probably due to lower price difference between branded products and private label in times of recession and vice versa

The aim of thesis is to analyze the development of the national economy of Iceland in the period 1994-2013. In addition to the reasons for the collapse of the banking sector thesis examines the way the state handled the situation. The theoretical part deals with the theory of the national economy, the characteristics of the main macroeconomic aggregates, the current banking system and selected theories of the business cycle. The practical part presents economic and political characteristics of Iceland. It is followed by main analysis divided into two periods, each of which contains an analysis of the legal framework, institutional provision, development of key macroeconomic aggregates and a separate chapter devoted to the development of the banking sector. Research suggests that the overheating of the economy occurred due to the extreme expansion of the banking sector, expansionary fiscal policy and inappropriate monetary policy of the central bank. The State had to seek the help of the International Monetary Fund during the crisis. There has been introduction of capital controls to stabilize the exchange rate. The state let the banking sector go bankrupt and created new domestic banks. Subsequently fiscal indicators were stabilized, but not at the expense of the needy and households. The business cycle in Iceland is best described by the Financial instability hypothesis.

This thesis tries to describe origin of Icelandic crisis from 2008 and tries to explain whether it was caused by liberalisation of Icelandic market or by excessive monetary and fiscal interventions. Analysis of behaviour of free market subjects and analysis of policy of central bank and government couldn't clearly accept or reject the hypotheses that the crisis was caused by liberalisation. On the other hand the thesis sees chosen policy of government and central bank as a main contributor to the break out of the crisis. This assumption is in accordance with theoretical and practical study of most important monetary and fiscal interventions implemented in Iceland

Potential output is used as the indicator of the business cycle. The aim of this study is to compare the results of different methods used for estimating potential output and verify the hypothesis that potential output or rather the output gap can serve as a reliable indicator to determine the phase of the business cycle in the Czech Republic in the years 1996-2012. 6 different methods - linear trend, Hodrick-Prescott filter, Baxter-King filter, Butterworth filter, Kalman filter and the production function have been used to estimate potential output. The output gap was determined based on the estimated potential output. The comparison of the results of all methods has confirmed the same development trend of potential output. All the methods for estimating potential output, except Butterworth filter, have showed that their results are good indicators of the business cycle in the Czech Republic.

stract Abstract The aim of this thesis is to compare the responses of the two largest economies in the world - the U.S. and the EU -- to economic, debt and financial crisis that began in 2007 on U.S. mortgage markets, respectively, confirm or disprove the hypothesis that the United States deal with the crisis better. For this purpose the thesis describes the causes and consequences of the crisis on which was applied measures at EU level and at the level of the USA. The list of these measures is also presented in the thesis. To decide whether the hypothesis is correct or not is at the thesis analyzed the impact of the measures implemented to both economics. This analysis is based on monitoring the development of statistical indicators of major macroeconomic aggregates - especially the GDP, unemployment and public debt, and quantification of bailouts for the financial sector. Based on the above analysis, the present work confirmed the hypothesis.

The aim of the diploma thesis is to analyze the economic cycle in the Czech republic since 2000. Theoretical-methododological part of this thesis is consist of the theories of economic cycle, kinds of economic policy and indicators of external and internal policy, which will be used later in the analysis. In the practical part I focuse on the cause of the crisis, its expansion to the Europe and as well on Germany as the economics which influences the cycle of Czech republic, which is the fact I prove statisticaly in my thesis. The analysis of indicators of czech economics is carried out trend indicators included. The conclusion and the aim which have been fulfilled is identification and evaluation of business policy of Czech republic and the suggestion of next steps leading to the improvement of the state of the economics.

In accordance with its main goal, the main thesis shows which published data and indicators contemporary financial markets use to assess the state of major economies and forecast their short-term future development. Using Bloomberg as the primary source, the thesis provides a detailed analysis of the indicators and surveys sought by finance professionals when assessing the performance of the economy in the United States, the euro-zone (with emphasis on Germany) and, in the context of the impact on the global economy and markets, in China and Japan. A preliminary hypothesis about the similarity or closeness between the theoretical view and the practical approach of financial markets has been refuted. Instead, after close scrutiny and detailed analysis, we have established that financial markets put great emphasis on forward-looking indicators and monetary policy. This emphasis was confirmed by a survey of local investors. Using expert opinion and analysis, the thesis charts an overview of select economic indicators and their over- (payrolls, consumer sentiment) or undervaluation (regional Fed activity indexes, CFNAI).

The thesis focuses on the issue of individuals' preferences regarding the acquisition of a child during the business cycle expressed in unemployment rates for men and women. Fixed effects model involving robust estimates of standard deviations on a panel dataset tested for the period 1980-2012 confirmed the significance of the relationship between sex-specific unemployment rates and fertility rate of the United States of America. The results of the analysis show a negative relationship documenting pro-cyclical nature of the fertility. There is a less willingness of couples to conceive a child with the growth in unemployment. It does not show the prevalence of substitution effect of reducing opprtunity costs for women during the recession over the effect of reduction in income. Among other statistically significant variables that affect fertility belong the degree of attainment of university education, the poverty rate and abortion rate.

This thesis deals with short-term relationship between fiscal policy and the real economy. Thesis is divided into three thematic units. In the first part through the analysis of studies examining the size of fiscal multipliers concludes, that depending on the assumptions and selected time period is the size of the multipliers greater in economic recessions, at zero interest rates of central banks or bigger taciturnity of the economy. The multipliers for the Czech Republic are low and did not exceed the value of one. The thesis also analyzes the development of public finances in the years 1997 - 2013 and identifies as their basic problem the structural nature of deficits. As a possible tool to improve the inclination of public finance to the budget deficits are identified fiscal rules limiting public spending. This rule is fully compatible with the Stability and Growth Pact and meets the basic requirements - the clarity and flexibility.

This thesis tries to describe government help to economy during the period of crisis in years 2006 -- 2013 in USA and Iceland with regard to Austrian business cycle theory. This thesis stands critical toward connection of fiscal and monetary policy and their activist policy because this policy was one of the causes of economical fluctuation in last years. Help of fiscal policy connected with monetary policy took primarily form of providing liquidity to financial sector and granting government guarantees to financial institutions and bailing out their risky assets. Regulatory measures are subjected to closer analysis and are commented according to data analysis.

The magister thesis makes comparison of monetary causes of the crises in 1970s and the current crises in the United States of America. On the basis of theoretical part that analyzes the Austrian theory of the business cycle derives work in analytical part the consequences of monetary policy on the economy in both of observed periods. Through the use of history of monetary policy finds the thesis advice for solution to current crises. The thesis analyzes monetary instruments of American central bank and explains the mechanism of transfer of money into the economy. In the terms of current economic debates the thesis conclusion answers the question if or on what condition can actual situation of the economy of the United States of America leads in stagflation development.

The theme of this thesis is to analyze the development of the investment cycle in the Czech Republic in the years 2000-2012 and clarify the impact of defined development determinants of the investment. In the thesis, the investment environment in, which investors make decisions, is described and which the economic policy of the state affects. After the contribution analysis of individual growth components of GDP, the following statistically oriented section examines the level of investment, investment determinants and their mutual connection with GFCF. The work also contains an alternative view on the investment in the production sector, with the help of G. Reisman's GDR indicator. Finally, there are introduced others, not so well quantifiable factors that may also influence the formation and development of the investment cycle.

The aim of this thesis is to test the validity of The Austrian Business Cycle Theory (ABCT) for The Czech Republic between years 1996 and 2013 on quarterly data. In the first part, I concentrated on the definition of business cycle and theoretical premises of The Austrian Business Cycle Theory. In application part, I translated the first sector of hypothesis into dynamic models which were then estimated by method called Granger causality. The results show that monetary expansion in any of four previous quarters leads to decrease in monetary interest rate. Concerning mechanism of monetary expansion effect, the crucial are changes of the monetary interest rate in relation to the natural interest rate. I affirmed conformity of the ABCT: monetary expansion changes structure of interest rates and as a result of such shock there is an increase in roundabout productions. The difference between decrease in monetary interest rate and increase in roundabout productions is half a year. Other results were weaker. I have found statistically significant correlation, not a relation of determination, between decrease in monetary interest rate and increase in investments' expenditures. Quantitative methods did not show confirmation of predictions of the ABCT for structure of inflation. Second sector of hypothesis was incorporated into static model which I estimated by ordinary least squares. Results confirmed predictions of the ABCT that at the beginning of economic expansion there is increase in roundabout productions. Additionally, another prediction of the ABCT was confirmed: at the beginning of expansion there is an increase in producers' prices and there is a relative increase in consumers' prices from the second half of expansion. On average, an increase in investment expenditures during expansion was not confirmed. In summary, there is an excessive consumption and there is an excessive increase in production at the peak of economic fluctuation, the economy is pushed beyond its production possibilities frontier. Explanation of the ABCT was not invalidated for Czech economy.

This diploma thesis deals with countercyclical measures of Basel III which will come into force in future. Thesis outlines the issue of cyclical effects which appeared in connection with application of Basel II and provides basic information about new treatment of this issue in Basel III. Further the thesis discusses preparedness of the czech banking sector for the introduction of countercyclical buffers and possibility of Tier I capital formation which should be the main part of the new bank capital adequacy including the capital buffers in future. Subsequently this thesis informs about conditions of using the countercyclical buffers and examines possible appropriate timing for their application. In the other parts of the thesis three selected foreign banking sectors and czech banking sector are examinated with the main focus on their weak spots and their possible development in the case of application of Basel III before the beginning of the world economic crisis in 2007 . In the end the stability of the czech banking sector is examined in detail by using the crisis scenarios and also the impact of application of Basel III before 2007 is discussed.

The aim of this thesis is to estimate monthly probability that the Czech economy is in a recession. For this purpose, I construct indexes of coincident and leading variables from multiple time series by Maximum Likelihood. Changes in coincident index are preceded by changes in the leading index by almost one year for peaks and about one month for troughs on average. To assess the probability of recession, I estimate multiple mixture models for growth rates of coincident index focusing on Markov-Switching specification for the latent business cycle process. I found that the two-state Markov-Switching AR (1) is superior to other models based on information criteria. Lagged values of leading index further improve the model fit but the model provides less clear signals of recessions compared to models based solely on coincident index.

This work deals with stabilization policy of central Government and also local governments in the Czech republic, which is in present time very important question. There was made an analysis of available data on the central Government and local Government Levels. The analysis was made on time period 2001-2011. The data were compared with GDP growth for the central Government level or tax revenue from personal income for local governments. On the basis of this data, the conclusion has been made. Central and also local governments work as a stabilizator of business cycle and the hypothesis, that state and local governments work against business cycle, was confirmed.

Excessive lending activity of banks is considered to be one of the causes of the recent financial and economic crisis. The theme of this thesis is to evaluate the relation of credit and the business cycle in the euro area countries and explore the differences which have been among these countries recorded. The primary objective of this work is the analysis of the credit cycle in these countries and its develoment from 2000 to the present. The paper will address further the question of whether financial markets can create for themselves economic imbalances through endogenous credit "booms". First part will deal with the theory off business cycles, then with alternative approaches, namely the Financial Instability Hypothesis of Hyman Minsky and followed by the latest theoretical knowledge on the issue of credit cycles. The next part will focus on identifying and analysing factors playing the significant role in the development of the economy in the pre-crisis period. The following section will be devoted to the international comparison of the credit and business cycles in the euro area (selection of those states that were more resistant to crisis and those sensitive to the crisis). The conclusion will address some recommendations for the policies of central banks, which may in turn reduce the pro-cyclical effects of developing leverage.

This bachelor thesis deals with state budgets of the interwar Czechoslovak Republic between the years 1919 and 1936. The preamble presents historical and economic context. The second part analyses the budgetary process and presents the most important ideas of the then economists associated with the state budget. Great attention is additionally paid to spendings and revenues of the state budget. The third part contains an analysis of the revenues and spendings of the budget in the specific years 1919, 1920, 1923, 1928, 1933 and 1936. These years were chosen with regard to the economic cycle of the Czechoslovak Republic. This thesis uses available information about national income to create ratios and their annual comparison.

The master thesis analyses potential impacts of introduction of the quantitative easing by the Czech National Bank as a new monetary instrument in the Czech Republic, which would be used as a means of fight against the economic cycle. Instruments which a central bank can use in the area of monetary policy become limited in the era of major interest rates inclining to zero. Power of conventional means becomes insufficient. As a result, more and more central banks consider introduction of a relatively new instrument -- quantitative easing which is applied e.g. by the FED or the ECB at present. The main goal of the thesis is to assess advantages and disadvantages of introduction of quantitative easing by the Czech National Bank and its ability to influence the economic cycle when basic principles of quantitative easing are applied on a real small opened economy. The output should present analysis and assessment of costs and benefits arising from introduction of quantitative easing. Actual data from the economies, where the quantitative easing has been applied, are analyzed in the thesis. The results of the analysis are used as a basis for creation of a simple universal model of functioning of quantitative easing which is after customizing according to specifics of the Czech economy, applied to the Czech Republic. Three possible scenarios of development of economy after introduction of quantitative easing by the CNB were developed on the basis of the model which differs from each other as they relate to a different phase of economic cycle.

This work tries to describe and compare causes of the dot-com crisis and the subprime crisis with regard to Austrian business cycle theory. This work stands critical towards activistic monetary policy of the US Federal Reserve System, which was one of the causes of the dot-com crisis in the year 2001 and the Subprime crisi in the year 2008, which lead into economic recession of recent years. Above mentioned economic fluctuations are subjected to closer analysis and are commented on the basis of studying press releases of the committee of the Federal Reserve System.

The thesis analyzes the impact of the business cycle (represented by unemployment rate) on health (represented by mortality rates). Regression analysis has been done on panel data for 20 European countries from 2000 to 2007. Using fixed effects method with inclusion of robust errors, confirms a statistically significant effect of business cycle on 3 specific mortality rates. I reveal, that increase in growth rate of unemployment by 1% point is associated with 1,4% decrease in growth rate of mortality due to liver disease, 1,4 decrease in growth rate of mortality due to traffic accident and 1,7 increase in growth rate of mortality due to suicide. This confirms the hypothesis about the short-term positive impact of economic downturn on human health, with suicide as an important exception.

This work makes an effort to find main causes of recent crisis in the countries of Eurozone with regard to Austrian Business Cycle Theory. This work stands critical towards integrated monetary policy of the European Central Bank which through unitary interest rate for heterogenous economics facilitated excessive amount of loans for countries like Spain or Irleand, which according to Austrian theory led into economic recession. Chosen countries are subjected to closer analysis of economic indicators for entire period in the monetary union.

This paper investigates how aggregate fertility responds to business cycle fluctuations and attempts to quantify this effect. The results of a first differences regression analysis on a 2003 to 2010 panel data sample of 31 member states of the Organization for Economic Co-operation and Development indicate procyclical fertility behavior over the business cycle. Ceteris paribus, a one percentage point increase in the general unemployment rate decreases the crude birth rate by 0.054. Tertiary educational attainment of the labor force, the average wage, the female-to-male wage ratio and the marriage and divorce rates are all positively related to fertility, while the employment rate of women exerts a fertility-depressing effect.

The target of this bachelor's thesis is comparison of current measurement of inflation, a measurement by consumer price index, with alternative attitudes of measuring of inflation including an identification of their vallue added. Nowadays the maintenance of a stable inflation rate is one of the dominant targets of all central banks in developed countries. The central banks use various instruments of monetary policy to ensure this target. One of the regime of monetary policy that central banks use the most is inflation targeting, more precisely targeting of consumer price index. Unfortunately, this price index carries an amount of disadvantages. At first, I mention predominant discussion about technical imperfections that are caused by the method of it's calculation. Then I focus on monetary - political imperfections of the consumer price index that are caused by the fact that this index ilustrates development of only relatively stable consumer prices, so it's reactions on changes of monetary policy are very weak. After that I carry out an comparative analysis of representative alternative attitudes of measurement of inflation, including a comparison of developement of inflation rate according to these attitudes in USA in last few years.

This diploma thesis investigates the relationship between the business cycle and the alcohol consumption by using aggregate data for Czech Republic and constituent regions of Czech Republic in the period 1994-2011. The key question of this study is whether alcohol consumption is pro-cyclical or counter-cyclical. This question was asked in many works (Ruhm, Black, 2002). Unlike American studies, in which alcohol consumption is pro-cyclical, my study shows that the decrease of economic conditions has resulted in increased alcohol consumption in society and therefore indicates to me counter-cyclical. I also found that the divorce has a positive effect on alcohol consumption, while the real price has a negative effect.

The goal of this diploma thesis is analysis impacts of business cycle on automotive industry in the Czech Republic in 2006-2011 with exclusive focusing on passenger cars. Impacts of business cycle on automotive industry in the Czech Republic are researched on domestic demand development for new passenger cars and on production, domestic sales and export of the three biggest czech automobile producers. Impacts of business cycle on domestic demand for new passenger cars are analyzed with helping numbers of first registrations in the concrete car segments. Development of czech demand for new cars and automotive production in 2006-2011 is compared to demand and passenger cars production development in Germany, Japan and in the USA. The analysis shows that czech demand for new cars was influenced by economic situation in the Czech Republic in 2006-2011. Influence of czech business cycle on automotive production in the Czech Republic was much smaller than influence of business cycle on czech demand for new passenger cars in 2006-2011. This fact is due to significant pro-export orientation of czech automotive production.

The paper is dedicated to analysis of factors having direct influence on the business cycle of the Czech economy in the previous decade. Indicators for surveillance were chosen not only to inform about current development of the economy but were also chosen such indicators that provide direct news about the status. These both groups were matched and analysed and interlinked in order to get a complex review. The paper comprises a benchmark of the central European region of Visegrad Four -- Czech Republic, Poland, Slovakia, and Hungary which enables to assess Czech economy in a broader context.

The goal of this thesis is to analyze the current status of the Czech real estate market and to assess the outlook of the Czech real estate market to year 2016. The analysis will be performed using a strategic outlook as well as a competition benchmark. The prognosis of the future development of the Czech real estate market will be assessed by developing a comprehensive model capturing the development of revenues on the real estate market. From the public policy's point of view, this is a very up-to-date topic to analyze, as the real estate market is an important barometer of economic outlook in any country. The troubles that were brought by the US mortgage crisis have undoubtedly affected the situation on the real estate market in the Czech republic. The theoretical part of this work will characterize used definitions, such as public policy, economic cycle, economic crisis, real estate market, real estate market bubble, mortgage crisis etc. In the analytical part of this work I shall develop a model that captures the development of the Czech real estate market with focus on parameters of realized transactions in the given year and the development of prices. To evaluate the current situation of the market I shall conduct a strategic analysis and the estimated future development will be captured by conducting a regression analysis using historic data to estimate the development to year 2016.