The role of monetary policy is discussed in context of the government "packages" in spring 1997 which were aimed at maintaining the balanced government budget. The exchange rate crisis is viewed as a dramatic episode which showed how easy it is for speculators to shatter the fragile equilibrium of an economy in transition. The restrictionary policy of central bank is criticized as the main cause of the economic recession which followed. Keywords: economic transformation, exchange rate crisis, monetary restriction, external disequilibrium, speculative bubble Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/169 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:169 Template-Type: ReDIF-Article 1.0 Author-Name: Oldřich Dědek Title: Příčiny a průběh měnových turbulencí v České republice v roce 1997 Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/170 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:170 Template-Type: ReDIF-Article 1.0 Author-Name: Vratislav Izák Title: česká dezinflace a hrubý domácí produkt Title: Czech disinflation and gross domestic product Abstract: The first part of the paper characterizes the main features of the czech macroeconomic development in the time period 1995:I - 1999:III. Cross-correlograms of net inflation, adjusted inflation and producer price index on the one side and explanatory variables: wage gap, broad money, nominal rate of exchange and index of world prices of raw materials and foodstaffs on the other side show the correlations with different time lags.
In the second part the dynamic model for an open economy with government sector has been constructed and several simulation exercises imitating Czech macroeconomic development have been made. The role of the slope of the short term Phillips curve (3 different coefficients) and that of expectations formation including direct inflation targeting has been analysed. The impact of favourable supply shocks and the response of extinguishing, neutral and accommodating aggregate demand policies has concluded the paper. Keywords: adjustment path, Czech macroeconomic development, direct inflation targeting, favourable supply shocks Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/171 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:171 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Kvasnička Title: Cílování inflace: teorie a praxe Title: Inflation targeting: theory and practice Abstract: The paper describes inflation targeting, and tries to emphasize a difference between the theory and the practice. The strategy is highly demanding of information, and thus hard to implement reasonably in practice. Flexible inflation targeting doesn't fix inflation expectations. Its global application is dubious too. Inflation targeting is not suitable for transitive economies since there cannot be satisfactory long-run prediction model at the disposal of the central bank. Keywords: monetary policy, inflation, inflation targeting, central bank Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/172 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:172 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Holub Author-Name: Martin Čihák Title: Cenová konvergence k evropské unii - problém relativních cen Title: Price convergence to the european union - a problem of relative prices Abstract: The article analyses the process of price convergence of the Czech economy to the EU. The authors stress, that the problem consists primarily in the convergence of relative prices in the Czech Republic, not in the convergence of average price levels. The authors define a "coefficient of relative price differences" to measure the scale of the relative price convergence problem. They conclude that this coefficient is still much larger in the Czech Republic than even in the least developed countries of the EU. If prices are downward sticky, relative price convergence can come about more easily at a higher inflation rate than is prevailing in advanced EU economies. Using the extreme assumption of downward price rigidity, the authors estimate the "natural" inflation rate in the Czech Republic to be 3 - 6 % on average over the next ten years. Keywords: monetary policy, inflation targeting, price convergence, relative prices Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/173 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:173 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Hábová Title: Sektor bydlení a evropský přizpůsobovací proces Title: Housing sector and the european adjustment process Abstract: This paper try to move the discussion on housing/real estate sector effects on economies, and their adjustment, upwards from the national to the international level. The recent discussion on the single currency implementation in the process of creating the EMU has de-emphasized, or often ignored, the role of production factors, consumption, facilities or assets which are characterized by a fixed spatial location. But spatially fixed factor markets play a key role in how European economies adjust after their integration in EMU and in the process of changing their status of "nations" to "regions", as well. Housing arrangements in Europe are likely to hinder effective labour market adjustments among European countries. Ignoring the facts related to the effective labour mobility in theoretical discussion is a little short-sighted. Keywords: housing, fixed factor, integration, European Union, single currency Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/174 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:174 Template-Type: ReDIF-Article 1.0 Author-Name: Lucius Chudý Author-Name: Igor Farkaš Title: Regionálna analýza pomocou samoorganizujúcich sa máp Title: Regional analysis using self-organizing maps Abstract: Exploratory analysis of financial and economic data is being accepted as a very valuable and important stage of solving of majority of financial and economic tasks. We introduce a short overview of neural network approaches and applications in the financial and economic domain. Self-organizing map (SOM) used provides a unique and integrating neural network approach for proper and effective initial analysis of multidimensional financial and economic data. We provide a brief sketch of the basic types of analysis by means of SOM and illustrate their use on analysis of Slovak regions in terms of their budget income and expenditure data. Keywords: income, neural networks, self-organizing maps, finance, regional analysis, tax, expenditure Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/175 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:175 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Jílek Author-Name: Bibiana Jílková Title: Schodky veřejných rozpočtů a změny jmění sektoru vládních institucí Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/176 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:176 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Sojka Title: Postkeynesovská ekonomie Title: Post-keynesian economics Abstract: This article concentrates on the development of Post-Keynesian economics since 1950s, which is one of contemporary streams of keynesian thought. Post-Keynesian economics aims at building a new paradigma in economics on the bases of the original theories of J. M. Keynes and its perfecting by an alternative theory of distribution and price formation, and the theory of endogenous money supply. This work was begun by Italian-Cambridge school, and continues by their followers in the USA. Fundamental to this approach is the belief that we live in a monetary production economy where production takes time and uncertainty is pervasive. Economic events develop in historical time. Markets do not clear, and there is no automatic mechanism that assures a tendency towards full employment of labor and other economic resources over time. Man is considered to be a social being not an optimizing machine. As the monetary production economy is inherently unstable, most Post-Keynesians propose state interventionist policies to stabilize it. At macroecfonomic level they propose keynesian type fiscal and monetary policies supplemented by an incomes policy. Many Post-Keynesians propose supply-side microeconomic policies, as well. Keywords: Post-Keynesian economics, critical realism, Italian-Cambridge school, antimarginalist revolution, mark-up pricing, endogenous money supply, tax-based incomes policy Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/177 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:177 Template-Type: ReDIF-Article 1.0 Author-Name: Mojmír Helísek Author-Name: Lubomíra Breňová Title: Ekonomie: proč učit, co učit, jak učit Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/178 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:178 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Title: Zdařilá publikace ze slovenské nabídky Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/179 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:179 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Boučková Title: Nejucelenější práce o marketingu Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/180 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:180 Template-Type: ReDIF-Article 1.0 Author-Name: Eduard Stehlík Title: Kniha o marketingu pro manažery Volume: 2000 Issue: 5 Year: 2000 File-URL: http://www.vse.cz/polek/181 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2000:y:2000:i:5:id:181