Home

Thursday, 17 September, 2026

Master´s Thesis Defense Presentations September 2026

Defense Committee: Jan Zápal, Teresa Freitas-Monteiro, Ole Jann

10:00

Oganesyan Robert: Comparison of Simple and Advanced ETF Portfolio Allocation Strategies across Major World Regions and Economic Sectors for a Retail Investor

11:00

Kaucký Richard: Fiscal Policy in the Context of an Aging Population: The Case of the Czech Republic

12:00

Yeghoyan Milena: The Effects of COVID-19 on the Global Economy: A Cross-country Comparison

14:00

Orujova Nurana: Macroeconomic Responses to the 2014 - 2016 Oil Price Decline in Oil-Exporting Economies: A Cross-Country Event Study

15:00

Balakishiyeva Elnara: Energy Prices and Macroeconomic Adjustments in European Industrial Sectors, 1995-2011

Kaucký Richard

Abstract:

The trend of aging population presents a significant challenge, affecting sustainable financing of pension systems in most developed countries, including the Czech Republic. To gain better understanding of the impact of projected aging and alternative policies, I calibrated already established macroeconomic model for policy analysis under demographic change with focus on the pension system (McGrattan & Prescott, 2017) for the Czech Republic and used it to quantify the impact of ageing coupled with increase in pension age. The thesis shows the stand-alone impact of aged demography and combined impact of aged demography and raised pension age. Based on the model, aged demography has expected negative welfare impact of -10,5%, which can be offset by increase in pension age by 5 years, however the change in policy doesn’t nullify the impact of ageing across the whole income distribution. In transition path, faster increase in pension age has positive welfare impact for all households younger than 45 years and large negative impact for households near pension age, high income households benefit almost irrespective of age, with only small welfare decrease for cohorts deep in pension.

Full Text: “Fiscal Policy in the Context of an Aging Population: The Case of the Czech Republic"