03546ntm a22005177i 4500 000568631 CZ-PrVSE 20190720083859.0 m d cr n|||||||||| 190720s2019 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 rda Žemlička, Jan ISIS:126386 dis Význam rizika pro měnovou politiku. Případ malé otevřené ekonomiky eng Does risk matter for Monetary policy? : An evidence from small open economy model / Jan Žemlička 2019 ?? stran : digital, PDF soubor Vedoucí práce: Aleš Maršál Bakalářská práce (Bc.)—Vysoká škola ekonomická v Praze. Národohospodářská fakulta, 2019 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2019 Today, central banks use linearization techniques to solve their workhorse macroeconomic models. Unfortunately, linearization neglects the role of risk in economic decisions with implies, that households and firms in these models behave as if there were no uncertainty about the future. Linearized model hence abstracts from precautionary savings, risk premia and other results of “self-insurance” of economic agents. This thesis presents a study that explores, how the omission of these features in a model solution can distort monetary policy guidance provided by benchmark New Keynesian small open economy DSGE model calibrated to match the Czech macroeconomic data. Evaluation of impulse response functions shows nontrivial differences in short-term dynamics of crucial macroeconomic variables including policy rate. However, this result is contingent on the Calvo pricing mechanism, and alternative pricing assumption may change this outcome up to some degree. Loss function-based experiment indicates that inclusion of risk and other higher order terms leads to changes in optimal policy rule coefficients. Specifically, these results show, that due to the usage of linearized model, monetary policy authority can systematically underweight output gap in its reaction function and overstates the optimal value of interest rate smoothing parameter by a factor of 3. This second result is materially more robust to alternative pricing mechanism. Způsob přístupu: Internet ekonomie [obor bakal. práce] bakalářské práce fd132403 czenas bachelor's theses eczenas Monetary Policy Computable General Equilibrium Models Open Economy Macroeconomics Computational Techniques Maršál, Aleš ISIS:8588 ths Potužák, Pavel vse20231203939 opn Vysoká škola ekonomická v Praze. Národohospodářská fakulta kn20010709401 dgg https://insis.vse.cz/zp/68830/podrobnosti VŠKP v InSIS https://insis.vse.cz/zp/68830 Hlavní práce https://insis.vse.cz/zp/68830/posudek/vedouci Hodnocení vedoucího https://insis.vse.cz/zp/68830/posudek/oponent/62583 Oponentura https://insis.vse.cz/zp/68830/priloha/18674 Přiloha k práci https://insis.vse.cz/zp/68830/podrobnosti dc:identifier NEPOSILAT VSKP vse68830 190611 68830