Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Řezník Title: Historie časopisu Politická ekonomie (část IV: 1967 - 1970) Title: History of the Politická ekonomie journal - period IV: 1967-1970 Abstract: Executive Board intends to commemorate the fiftieth anniversary of the foundation of a Czech professional economic journal by publishing in Volume 2003 articles that will deal with the history, development, peripeteias, twists and turns of Politická ekonomie. Issue No 4 is focused on the period 1967 - 1970. Keywords: history of journal Classification-JEL: A11 Volume: 2003 Issue: 4 Year: 2003 File-URL: http://www.vse.cz/polek/412 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:4:id:412 Template-Type: ReDIF-Article 1.0 Author-Name: Oldřich Dědek Title: Převzetí eura: brzda nebo motor reálné konvergence? Title: Adoption of euro: obstacle or engine of real convergence? Abstract: The article arrives to the following conclusions. First, the optimal currency area theory cannot deliver critical (objective) values of tests, whose passing would guarantee that costs of adoption of euro would be lower than the benefits. Second, several empirical observations strongly support the hypothesis that early adoption of euro by the Czech Republic would not incur any substantial losses. Third, several recent studies focused on testing the synchronisation of Czech business cycle vis-ŕ-vis Eurozone do apply analytical techniques inappropriately, which implies biased results. Fourth, the Czech economy has enough experience with excessively volatile exchange rate. The greatest advantage of adoption of euro will consist in a replacement of exchange rate fluctuations and substantially higher stability of inflation. In quantitative terms, the weight of accession countries in Eurozone will be too small to influence the overall inflation and thus co-determine the European Central Bank monetary policy. Keywords: optimum currency area, real convergence, adoption of euro, cost-benefit analysis, real appreciation Classification-JEL: F31, F32, F33, F41 Volume: 2003 Issue: 4 Year: 2003 File-URL: http://www.vse.cz/polek/413 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:4:id:413 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Author-Name: Vladimír Tomšík Title: Spotřební funkce a princip Ricardovské ekvivalence v malé otevřené ekonomice Title: The consumption function and Ricardian equivalence in a small open economy Abstract: The paper provides a comprehensive survey of the theories of consumption functions. The Keynesian consumption function is examined in more detail under a condition of a small open economy. The paper explains the variety of consumption expenditures in the Czech Republic between 1993 - 2001. In this paper an enlarged version of the Czech consumption function, also tests Ricardian equivalence. Empirical results imply that consumer behaviour reacts rationally to an external imbalance and the economy heads to equilibrium by itself. However, the consumption reaction seems to be irrational under an internal balance. Consumers do not voluntarily reduce their consumption when deficit of public finance appears but they are forced to do so when interest rates increase as a result of the internal imbalance. Keywords: monetary policy, convergence, fiscal policy, consumption, Ricardian equivalence, terms of trades, balance of income Classification-JEL: E21, F15, F32, F43 Volume: 2003 Issue: 4 Year: 2003 File-URL: http://www.vse.cz/polek/414 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:4:id:414 Template-Type: ReDIF-Article 1.0 Author-Name: Václava Pánková Title: Analýza vlivu cenových relací na objem exportu v České republice Title: Price relations analysis of export in the Czech republic Abstract: A common export equation is used to describe the Czech export of machinery, tradable goods, agricultural and food products, and income from the tourist industry. Four important export regions are distinguished: Slovakia, Poland, Germany and USA. The problem of small data sample, which is a characteristic one for most time series of the Czech economy, is solved here by using the seemingly unrelated regression. The results confirm the theoretical expectation of more efficient estimates in comparison with the OLS variant. The basic characteristics of export are given with regard to the commodities and to the regions in question. Keywords: econometric models and methods, export equations, seemingly unrelated regression Classification-JEL: C51 Volume: 2003 Issue: 4 Year: 2003 File-URL: http://www.vse.cz/polek/415 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:4:id:415 Template-Type: ReDIF-Article 1.0 Author-Name: Jaromír Gottvald Title: Determinanty mezd zaměstnanců v podnicích v České republice a Slovenské republice Title: Determinants of individual wages in the Czech republic and Slovak republic firms Abstract: The paper investigates individual wage determinants in context of classic human capital methodology. Paper tries to confront economic assumptions with empirical findings for the Czech Republic and presents that in view of labour market during late-transition period. Czech labour force is relatively well educated and trained, price of labour is low to be competitive to developed economies. Education of employee plays very important role in wage determination and there are significant increase in returns to human capital during all transition process. But working in some occupation has major individual intensity of influence on wage level than level of education. Education and occupation are strongly correlated each other but nevertheless occupation plays major role in wage determination process. Comparing other results with hypothesis, paper concludes that main assumptions are confirmed by derived findings. Paper supports that wage-age profile, regional differences or gender wage gap are becoming similar to other developed countries. Keywords: wage determinants, transition, wage function, returns to human capital Classification-JEL: J24, J31, P21 Volume: 2003 Issue: 4 Year: 2003 File-URL: http://www.vse.cz/polek/416 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:4:id:416 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Sojka Author-Name: Zdeněk Chytil Title: České ekonomické myšlení v letech 1948 - 1969 (od stalinského teroru k Pražskému jaru) Title: Czech economic thought during 1948 - 1969 (from the Stalinist terror to the Prague spring) Abstract: Czech economic thought during the 1948 - 1969 was full of sudden turns. Its development was determined by political conditions and spiritual climate that were result of Stalinist soviet type socialism. During the first half of the 1950s the plurality of economic ideas was substituted by the Stalinist version of marxist-leninist political economy using violent methods. Low efficiency of the command system and emerging reform climate in the USSR under N. S. Khrushchev opened the door to the reform thinking of the second half of 1950s and the 1960s in Czechoslovakia. During the 1960s the development of the reform thinking together with renaissance of the theoretical economic thinking culminated in the economic reform of Otto Šik and his team, and democratization process of the Prague Spring of 1968. Promising developments ended as a consequence of the Warsaw Treaty troops invasion in August 1968. Keywords: history of the Czech economic thought, marxian political economy, economic reform, soviet-type socialism, market socialism, central planning, plan and market Classification-JEL: A11, P21 Volume: 2003 Issue: 4 Year: 2003 File-URL: http://www.vse.cz/polek/417 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:4:id:417