Politická ekonomie, 2010 (vol. 58), issue 1

Articles

Monetární politika evropské centrální banky a její teoretická východiska pohledem postkeynesovské ekonomie

Monetary Policy of the European Central Bank and Its Theoretical Resources in the View of Postkeynesian Economy

Milan Sojka

Politická ekonomie 2010, 58(1):3-19 | DOI: 10.18267/j.polek.717

The paper deals with the monetary policy of the European Central Bank and its effects on economic development of the Czech economy and other new members of EU from the perspective of Post-Keynesian monetary economics. In the first part the basic principles of contemporary Post-Keynesian monetary theory of relative endogeneity of money are shortly presented. The second part concentrates on the Post-Keynesian criticism of the institutional arrangement of the ECB and its monetary policy. The closing part treats issues concerning potential effects of the policy of ECB in the given institutional framework on economic development of the Czech economy and...

Růst, stabilita a konvergence české ekonomiky v letech 2001-2008

Growth, Stability and Convergence of the Czech Economy in the Years 2001-2008

Vojtěch Spěváček, Růžena Vintrová

Politická ekonomie 2010, 58(1):20-50 | DOI: 10.18267/j.polek.718

Economic growth of the Czech Republic strongly accelerated in the years 2005-2007. Substantial decline of economic activity took place at the end of 2008 and in the year 2009. On the supply side the main contributing factors were labour and total factor productivity. On the demand side the growth was pulled by domestic demand and the contribution of foreign trade became positive in the years 2004-2008. Macroeconomic stability improved substantially in the field of foreign trade. The process of real convergence accelerated in the years 2001-2007 and was based on the growth of labour productivity. In 2008 the GDP per capita in purchasing power standards...

Evropská fiskální pravidla a jejich účinnost: prvních 15 let

European Fiscal Policy Rules: First 15 Years

David Prušvic

Politická ekonomie 2010, 58(1):51-69 | DOI: 10.18267/j.polek.719

The Stability and Growth Pact has become a primary fiscal policy framework in all European countries since 1997. Together with Maastricht fiscal criteria it determines the fiscal discipline of integration process. The aim of this study is to evaluate ex-post effectiveness of the fiscal rules from the view of a primary structural balance development during 1991-2007. A method taken for the evaluation was a panel-corrected standard errors regression with fixed effects applied on the former euro zone countries (EA12), "old" EU members (EU15) and finally on the EU25. The results of the econometric estimation indicate that all considered rules were effective...

Dlouhodobá reálná apreciace jako fenomén ekonomické konvergence

A Long-Term Real Appreciation as the Phenomenon of Economic Convergence

Luboš Komárek, Kamila Koprnická, Petr Král

Politická ekonomie 2010, 58(1):70-91 | DOI: 10.18267/j.polek.720

The paper discusses the phenomenon of long-term real equilibrium appreciation of the koruna in the context of economic, i.e. nominal and real convergence. The real appreciation can take place either through a nominal exchange rate channel or through inflation differential channel vis-á-vis the reference country, or through a combination of those two channels. However, the choice of monetary policy regime predetermines the occurrence and intensity of those channels. Subsequently, the paper summarizes the sources of equilibrium real appreciation, i.e. Balassa-Samuelson effect, the effect of terms of trade, FDI inflows, the impact of changes in the structure...

Consultations

Komparace nového konsensu jako teoretického rámce cílování inflace s postkeynesovskou ekonomií

A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics

Jan Korda

Politická ekonomie 2010, 58(1):92-104 | DOI: 10.18267/j.polek.721

The article deals with the relationship of post-Keynesian economics to new consensus as a theoretical framework of inflation targeting. First, new consensus with its roots in Wicksell's approach is briefly introduced. In the next parts differences and meeting-points of new consensus and post-Keynesian economics are discussed. Among the main similarities is identified: short term interest rate management, endogeneity of monetary base, endogeneity of money supply. But a lot of basic differences are found (goals of monetary policy, interest rate functions, nature of inflation, shape of Phillips curve and others). As a result, on the general level new...

Ekonomika daru, dar a jeho reflexe v ekonomické teorii

Gifts Economy and Its Reflection in Economics

František Svoboda

Politická ekonomie 2010, 58(1):105-129 | DOI: 10.18267/j.polek.722

This paper inquires into beginnings of a gift economy as well as related contemporary institutions. Gift economy and the gift as a complex phenomenon was a common base for institutions of markets, credits, taxation, alms or social security. Inquires of origins, development and contemporary forms are consequently important contributions to our understanding to contemporary social institutions. We can also inquire with economists into present forms of a gift and look for reply to different questions about efficiency of a gift: Why to give, how to give and what way give a gift.

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