Monetary Policy and its Stabilization Role

Mgr. Jan Vlček, Ph.D.

Doctoral thesis

Abstract:

The thesis evaluates stabilization role of central bank in terms of robustness and sensitivity of optimal rules with respect to features of macroeconomic environment. To assess optimal rule properties consistently with current mainstream of monetary policy, it was necessary to develop and calibrate structural model and derive second order approximation of welfare loss. Based on these results the robustness and sensitivity of optimal rules was evaluated with respect to structural parameter changes and shock types.

Keywords

small open economy model, optimal rules, robustness of optimal rules, second order approximation of welfare function

Jazyk práce: English

Datum vytvoření / odevzdání či podání práce: 14. 5. 2007

Obhajoba závěrečné práce

• Obhajoba proběhla 14. 5. 2007
• Vedúci: prof. Ing. Osvald Vašíček, CSc.
• Oponent: Michal Andrle, Martin Fukac

Masaryk University

Faculty of Economics and Administration

Doctoral programme / odbor:
Economic Policy and Administration / Economic Policy