Makroekonomické dopady kurzu dolaru ve vyspělých ekonomikách

Abstract

The aim of the dissertation is to try, with the assistance of an econometric apparatus, to assess macroeconomic impacts of the dollar’s exchange rate in developed economies. That means to find out how macroeconomic variables will respond when the so-called foreign-exchange rate shock occurs (in the form of foreign-exchange rate depreciation). The tool used to achieve this goal is the vector autoregression method (VAR), which makes it possible to analyze relevant impulse reactions. An empirical analysis has been conducted for three periods of time in order to assess a potential impact of the 2008–2011 financial crisis on the results of the analysis. The author concludes that the macroeconomic impact of foreign-exchange rate shocks on developed economies is significant and that financial, or as the case may be, the real-economy and debt crisis has a significant impact on the results of the analysis.