03360ntm a22005417i 4500 000701576 CZ-PrVSE 20230909171012.0 m d cr n|||||||||| 230909s2023 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 rda Nasenko, Nikolaj ISIS:133617 dis Inflation targeting : A fossil-fuel-driven supply-side shock effect on inflation and inflation expectations eng Inflation Targeting : A Fossil-Fuel-Driven Supply-Side Shock Effect on Inflation and Inflation Expectations Nikolaj Nasenko 2023 ?? stran : digital, PDF soubor Vedoucí práce: Ondřej Šíma Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví, 2023 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2023 A fossil-fuel-driven supply-side shock has the potential for a serious and widespread effect on inflation. The historical and the most recent events provide us with great evidence. Fossil fuel market drivers are a notable example of events that are beyond the control of inflation-targeting central banks. The threat of unanchoring inflation expectations may under such circumstances be of special concern. In this regard, this thesis examines what is the appropriate monetary policy response from theoretical and practical perspectives. The most recent energy shock of 2021–2022 in the context of the Czech economy and the CNB’s monetary policy reaction was of primary interest. Our analysis suggests that the CNB Bank Board’s decision to initiate monetary tightening was required due to both, strong demand and the risk of second-round effects over the monetary policy horizon. According to our findings, dampening the aggregate demand may have suppressed incentives for further price increases and may have avoided prolonging the highly inflationary period. In addition, we find evidence that suppressing second-round effects, in particular the wage-price spiral, through changes in the policy rate (ceteris paribus) is rather ineffective. Způsob přístupu: Internet finance [obor dipl. práce] diplomové práce fd132022 czenas master's theses eczenas wage-price spiral monetary policy supply-side shock inflation inflation expectations second-round effects fossil fuel Šíma, Ondřej ISIS:41743 ths Pour, Jiří opn Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví kn20010709398 dgg https://insis.vse.cz/zp/81175/podrobnosti VŠKP v InSIS https://insis.vse.cz/zp/81175 Hlavní práce https://insis.vse.cz/zp/81175/posudek/vedouci Hodnocení vedoucího https://insis.vse.cz/zp/81175/posudek/oponent/80163 Oponentura https://insis.vse.cz/zp/81175/podrobnosti dc:identifier NEPOSILAT VSKP vse81175 230907 81175