Politická ekonomie, 2011 (vol. 59), issue 4

Articles

Vliv cílování inflace na povahu peněžní nabídky a finanční nerovnováhy

Inflation Targeting and Its Impact on the Nature of the Money Supply and the Financial Imbalances

Tomáš Munzi, Petr Hlaváč

Politická ekonomie 2011, 59(4):435-453 | DOI: 10.18267/j.polek.798  

This paper provides a theoretical framework for a thesis that the transition to the inflation targeting regime, either explicit or implicit, may be one of the causes of the long-term latent accumulations of the financial and structural imbalances, materializing much later and with more dire consequences. Due to the long-term systematic manipulation of interest rates, within the operational framework of the stabilization of consumer prices and the output gap, as well as of anti-deflationary fundamentalism, the economy can transform itself into a kind of "black box", gradually and over time causing an "escape" of credit and monetary aggregates. Money...

Empirická analýza průběhu cenové konvergence ČR a nových členských zemí EU k eurozóně

An Empirical Analysis of Price Convergence of the Czech Republic and the New EU Member States towards the Euro Area

Václav Žďárek

Politická ekonomie 2011, 59(4):454-474 | DOI: 10.18267/j.polek.799  

The main goal of this paper is to analyse the process of price convergence (beta and sigma convergence) in new EU Member States towards the Euro area (EU-12). The theoretical part of the paper consists of a brief overview of methods that are employed for analyses of the process of price convergence. Both main concepts - sigma and beta convergence are covered including various tests that are described in greater detail. The empirical part of the paper is focused on testing hypotheses of sigma and beta convergence using macroeconomic data (comparative price levels for GDP) for twelve new EU Member States in the period 1995-2008. Various econometrical...

Identifikace a kvantifikace daňových úlev v ČR v roce 2008

Identification and Quantification of Tax Reliefs in the Czech Republic in the Year 2008

Květa Kubátová, Martin Jareš

Politická ekonomie 2011, 59(4):475-489 | DOI: 10.18267/j.polek.800  

Tax reliefs (tax expenditures) in the Czech Republic, as well as in other countries, are frequent topic of political and public finance discussion. Sometimes they are presented in a positive spirit as administratively inexpensive tool for promoting desirable public policies. More often, however, they are presented negatively, as an exception, which complicates the tax system and causes distortions. This article aims to identify and quantify the tax reliefs (tax expenditures) of the three major taxes in the Czech Republic in 2008: personal income tax, corporation tax and value added tax. Unlike in many other OECD member countries, in the Czech Republic,...

Potenciální produkt, mezera výstupu a míra nejistoty spojená s jejich určením při použití Hodrick-Prescottova filtru

Potential Product, Output Gap and Uncertainty Rate Associated with Their Determination while Using the Hodrick-Prescott Filter

Miroslav Plašil

Politická ekonomie 2011, 59(4):490-507 | DOI: 10.18267/j.polek.801  

In various fields of macroeconomic modelling, researchers often face the problem of decomposing time series into trend component and cycle fluctuations. While there are several potentially useful methods to perform the task in question, Hodrick-Prescott (HP) fi lter seems to have remained (despite some serious criticism) the most popular approach over the past decade. In this article I propose a straightforward and easy-to-implement bootstrap procedure for building pointwise and simultaneous confidence intervals around "point estimates" produced by HP filter. The principle of proposed method can be described as follows: first, we use maximum entropy...

Analýza ukazatele NAIRU na sektorové úrovni

Analysis of the Indicator NAIRU on the Sector Level

Božena Kadeřábková, Emilie Jašová

Politická ekonomie 2011, 59(4):508-525 | DOI: 10.18267/j.polek.802  

The economic development points out the importance of the development study of sectors and branches of economics, because they can deepen or moderate volatility of the economic cycle. The article aims at mapping the rate of unemployment in the primary, secondary and tertiary sector in the Czech Republic. With using the HP filter we estimate NAIRU. The comparison of the actual rate of unemployment with the average value NAIRU was used for the specification of the economic cycle. We compare the rate of unemployment, NAIRU and unemployment gaps in sectors with the average value on the national level too.

Consultations

Dosahování a narušování institucionální rovnováhy v redistribučních systémech

Creation and Violation of Institutional Equilibrium in Redistribution Systems

Petr Wawrosz

Politická ekonomie 2011, 59(4):526-546 | DOI: 10.18267/j.polek.803  

Institutional economics is one of the most developing fields of economics. However, many its issues still need to be solved. For instance the theory does not give exact answer to why particular institutions (formal and informal norms) occur, change and cease to exist. The paper tries to solve the topic through the model of establishing and disrupting institutional equilibrium in redistribution systems. People live their whole lives in redistribution systems and they can be members of a winning coalition and receive some redistribution or they are out of coalition and the redistribution is made to their detriment. The members of a winning coalition...

From economic literature

Opus Magnum profesora Sojky

Prof. M. Sojka and his Opus Magnum

Jitka Koderová

Politická ekonomie 2011, 59(4):547-554 | DOI: 10.18267/j.polek.804  

Nové, inspirující učebnice ekonomie

New and Inspiring Textbooks of Economics

Tomáš Pavelka, Milan Žák

Politická ekonomie 2011, 59(4):554-561 | DOI: 10.18267/j.polek.805  

Komplexní teoretický a praktický pohled na mezinárodní podnikání

A Comprehensive Theoretical and Practical Look at the International Entrepreneurship

Ludmila Štěrbová, Hana Machková

Politická ekonomie 2011, 59(4):561-564 | DOI: 10.18267/j.polek.806  

Pozoruhodná kniha o osobních financích

A Remarkable Book about Personal Finances

Marek Loužek

Politická ekonomie 2011, 59(4):564-568 | DOI: 10.18267/j.polek.807  

Dvě nové publikace o euru

Two New Publications on the Euro

Christiana Kliková

Politická ekonomie 2011, 59(4):569-572 | DOI: 10.18267/j.polek.808