Template-Type: ReDIF-Article 1.0
Author-Name: Martin Janíčko
Author-Name: Marek Mičúch
Author-Name: Zdeněk Chytil
Title: Possible Impact of the 2008-2009 Economic Crisis on Czech Potential Output Through the Labour Market
Abstract: The paper deals with the possible impact of the 2008-2009 financial and economic crisis on the potential output in the Czech Republic. Given the general difficulty in sketching out all the consequences of the crisis itself, the article is primarily focused on the labour market, which is regarded as an important driving force in terms of potential output fall or its growth slowdown. First, principal reasons why the potential output could have been hit by the 2008-2009 crisis are discussed in detail. The paper then analyzes a number of transmission mechanisms through which potential output could be generally impacted by severe recessions. Further, the output gap of the Czech Republic is estimated and a potential output development is drawn up. Finally, an approximate impact of the crisis on the potential product through the labour market is demonstrated. The results show that the potential output in the Czech Republic has been partially and temporarily affected in volume. This is specifically due to an adverse long-term unemployment and, to a much lesser extent, employment behaviour, in both cases seemingly in relation to the recent crisis. Likewise, Okun´s law has been found to be relatively weak in the case of the Czech economy, thus further supporting the "hysteresis explanation". However, such a drop in potential output will likely not persist in the long run, provided that appropriate economic policies - in particular aiming at re-integration of long-term unemployed/discouraged workers and an increase in the employment and participation rates ? are implemented.
Keywords: financial and economic crisis, potential output, total factor productivity, external economic shocks, labour market hysteresis, human capital investment, discouraged workers
Classification-JEL: E01, E22, E27, E32, F41, J21
Pages: 3-25
Volume: 2012
Issue: 4
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=372.pdf
File-URL: http://www.vse.cz/aop/372
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivana Malá
Title: The Use of Finite Mixtures of Lognormal Distribution for the Modelling of Income Distributions
Abstract: In the text finite mixtures of lognormal distributions are used for the modelling of net annual per capita income of the Czech households in Czech crowns in 2004?2008. All the households are divided into subgroups with observed group membership according to the attained education of the head of a household (a factor with five levels: basic, secondary, complete secondary, bachelor, magister education), the existence of children in the household (a factor with two levels: children yes or no) and the number of children (a factor with five levels: 0?3, more than 3 children). Then, models with incomplete data (unobserved component membership) were used for 2?5 components. All the estimates in the text are maximum likelihood estimates; explicit formulas exist for the complete data models; an EM algorithm for normal mixtures incorporated in the flexmix package in R was used for the incomplete data models. The models are compared with the use of the Akaike criterion. Maximum likelihood estimates of mixing proportions, expected values and standard deviations of the components are given and their development in the five-year period analysed is discussed. The program R was used for all the computations.
Keywords: income distribution, finite mixture of distributions, lognormal distribution
Classification-JEL: C13, C51
Pages: 26-39
Volume: 2012
Issue: 4
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=373.pdf
File-URL: http://www.vse.cz/aop/373
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Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:4:id:373:p:26-39
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Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Cramer
Title: Executive Development Programmes - Requirements and Success Factors
Abstract: The article deals with the requirements placed on Executive Development Programmes (EDPs) and their success factors. Executives belong to the top and upper management of companies who see the organization as a unit and not the individual function areas in the foreground. EDPs seek qualification that goes beyond the skills of their current activities, they offer practical state-of-the-art training to acquire new techniques, and they benefit from the experience of other participants. Further education institutions have to satisfy the demand for teaching technical, conceptual and social skills in compliance with the requirements of the learning process and type of content. Selection criteria for an alternative training or a specific school are, in general, content, target group and existing own resources. Using a practice-induced model, interdependent success factors of EDPs were identified such as provider quality, experiential learning and internationality, applied approach and environmental conditions.
Keywords: executives, executive education, executive education programmes, selection criteria, success factors
Classification-JEL: A29, I21
Pages: 40-61
Volume: 2012
Issue: 4
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=374.pdf
File-URL: http://www.vse.cz/aop/374
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Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:4:id:374:p:40-61
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslav Zbranek
Title: Construction of Symmetric Input-Output Tables Per Hour Worked: Methodological Issues and Approaches
Abstract: The article deals with compilation of symmetric input-output tables per hour worked. The purpose of the paper is to show the process of transformation of classic monetary based input-output tables into physical tables based on hours worked. The paper describes both the possibilities and difficulties of available data sources and used methods. The presented model is based on published product x product symmetric inputoutput tables and data on hours worked from national accounts. Beside symmetric inputoutput tables, supply and use tables are used for obtaining product x industry structures. The model is based on the combination of square matrices of intermediate consumption broken down by products, an output matrix broken down by products x industries, and a vector of hours worked broken down by industries. The two approaches to the output matrix structure are a key issue for obtaining a tool for the transformation of data on hours worked in a specific industry into a specific product. These physical symmetric input-output tables are used as a powerful tool for the analysis of labour productivity and labour intensity.
Keywords: Input-output tables, labour productivity, hours worked, labour intensity
Classification-JEL: E01, O47
Pages: 62-73
Volume: 2012
Issue: 4
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=375.pdf
File-URL: http://www.vse.cz/aop/375
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Template-Type: ReDIF-Article 1.0
Author-Name: Josef Taušer
Author-Name: Pavel Žamberský
Title: Qualitative Criteria in Financing of Public Universities in the Czech Republic and Their Impact on the University of Economics, Prague
Abstract: Public universities in the Czech Republic are financed mainly from the state budget. The number of students is still the main criterion for receiving funds. However, in the last three years, there have been significant changes which refer to qualitative requirements in response to the demographic development in the Czech Republic. In 2012, 20% of the resources from the state budget to cover current expenditures of public universities are allocated according to a set of qualitative indicators; examples include the research outputs of the universities, the qualifi cation profile of their academic staff, the employability of their graduates, and the international mobility of their students. The article discusses the fundamentals of public university financing in the Czech Republic and conducts a comparative analysis with respect to the set of qualitative criteria used in the 2012 methodology. Particular attention has been paid to the comparative position of the University of Economics, Prague, and to the discussion of its strengths and weaknesses in terms of qualitative indicators.
Keywords: financing of public universities, comparative analysis of public universities, qualitative criteria in public university financing
Classification-JEL: H5, I2
Pages: 74-88
Volume: 2012
Issue: 4
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=376.pdf
File-URL: http://www.vse.cz/aop/376
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Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:4:id:376:p:74-88
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