Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kodera Author-Name: Václava Pánková Title: Makroekonomické veličiny a ceny akcií Title: Macroeconomic variables and stock prices Abstract: A theoretical model describing a dependence of stock index on relevant macroeconomic variables is derived. Starting by two possible approaches, portfolio theory and heterogeneous agent hypothesis, the same model formulation resulted. An application was performed, using empirical data of the Prague Stock Exchange and of the Czech Republic economy. Working with the whole sample of observations, a significant relation of stock index and explanatory variables as for industrial production, exchange rate, interest rate, was hardly to be found. Studying an indication of three structural change points, this hypothesis was confirmed by a test and relating re-estimation was performed. A basic information about the problem of structural breaks is given. Keywords: portfolio theory, stock demand, stock index, heterogeneous agents hypothesis, structural break points Classification-JEL: C51, G10 Volume: 2003 Issue: 6 Year: 2003 File-URL: http://www.vse.cz/polek/440 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:440 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Cahlík Author-Name: Adam Geršl Author-Name: Michal Hlaváček Author-Name: Michael Berlemann Title: Predikce využívající experimentální trhy Title: Predictions using experimental markets Abstract: According to the effective market theory, the stock prize on an effective market is the best estimate of the stock's current value. This is the basic assumption for predictions using experimental markets. This article describes the first experimental market organised in the Czech Republic, the experimental political market for Czech parliamentary elections in June 2002. In the beginning we briefly describe the methodology of the predictions via electronic markets. Than we give some description of our market- number of traders, their individual results, development of the market activity in time, etc. Finally we compare the result of our election market with the traditional opinion polls. On the basis of his comparison we discuss the advantages and the limitations of the prediction using the experimental markets. Keywords: experimental economics, experimental political markets, predictions, simulations Classification-JEL: C90, D80, G14 Volume: 2003 Issue: 6 Year: 2003 File-URL: http://www.vse.cz/polek/441 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:441 Template-Type: ReDIF-Article 1.0 Author-Name: Renáta Vokorokosová Title: Komparatívne výhody zahraničného obchodu - indikátor konkurenčnej schopnosti Slovenskej republiky? Title: Comparative advantages of foreign trade - an indicator of SR competitiveness? Abstract: This article highlights the diagnosis of selected determinants decisive for evaluation of comparative advantages in a commodity group under corresponding theoretical research of doctrines on comparative advantage, international trade, and competitiveness with view to their contribution to the present pace. However, we put our attention just for selected postulates from their vast hierarchy reflecting the topic most complex. The contents of this article is divided into two parts, the first being more theoretical, followed by a detailed analyses of trade and payment figures of Slovakia since 1995 - 2002. Based on their evaluation we present the RCA index measures within a selected commodity structure. Conclusions are made in form of some proponenments for the future improvement of SR competitive ability within EU. Keywords: competitiveness, commodity group, theories of comparative advantage, international trade Classification-JEL: F40, H60 Volume: 2003 Issue: 6 Year: 2003 File-URL: http://www.vse.cz/polek/442 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:442 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Kvasnička Title: Vypovídací schopnost makroagregátů při hodnocení výsledků hospodářské politiky Title: Possibilities of macroeconomic policy evaluation on the basis of macroaggregates Abstract: Macroeconomic policy is often evaluated solely on the basis of empirical evidence, such as observing the behavior of macroaggregates. This paper argues that this approach bears a shortcoming: "improvement" of macroaggregates can be socially undesirable under certain circumstances. Thus the sole exploration of macroaggregates is not sufficient to evaluate the macroeconomic policy —axiomatic economic theory must be used as well to determine whether the outcomes of macroeconomic policy are beneficial to society or not. The paper first offers a precise definition of a social welfare function (based as much as possible on microfoundations). Then it considers the possibility that macroaggregates might not always correlate with society's welfare. Some illustrations are covered too. Keywords: macroeconomic policy evaluation, social welfare Classification-JEL: D10, D60, E00, E13, E52, E62, H30 Volume: 2003 Issue: 6 Year: 2003 File-URL: http://www.vse.cz/polek/443 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:443 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Krabec Title: Ordoliberalismus a sociální tržní hospodářství Title: Ordoliberalism and social market economy Abstract: Freiburg school of ordoliberalism contributions to the modern economic thinking and some of its implications for post-war economic and social policy in West Germany are discussed in this paper. After explaining some elementary terms there is a short excursion in the economic history and external conditions. Part four discusses the importance of competition for both a dynamic and stabile economic growth performance and long-lasting balance in society, followed by a description of the basic premises of the competitive order - the constitutive principles and the regulatory principles preserving the competition and balance in long-run period. The role of state, science and the churches in creating and influencing both the order of economy and society is the theme of part five. Social market economy arising from the ordoliberal theoretical conception is discussed in part six. Keywords: competition, social market economy, ordoliberalism, economic order, regulative policy Classification-JEL: B20, E61 Volume: 2003 Issue: 6 Year: 2003 File-URL: http://www.vse.cz/polek/444 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:444 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Brůna Title: Nedokonalá konkurence, náklady cenových změn a neúplná racionalita jako zdroje nominální cenové rigidity v nové keynesovské makroekonomii Title: Imperfect competition, menu costs and near rationality as a source of the nominal price rigidity in the new keynesian macroeconomics Abstract: This study stress attention to the effects of imperfect competitive markets, menu costs and firm near rationality upon nominal price rigidity and non-neutrality of money in works of new keynesian economists. New keynesians consider the price rigidity as a direct expression of the firm price decisions in the context of the nominal aggregate demand shock initiated by change in the central bank money supply. But such case of nominal price stability is the result of firm price decision only when it meets combination of "right" parametres of firm demand and supply function, it means "right" slope of marginal revenue and marginal costs function and their stability (anti-cyclical movements of the mark-ups) that is based above all on high firm monopoly power and high elasticity of labor supply. Explanation of the price rigidity should therefore put together the influence of menu costs and near rationality with real price and wage rigidities. Keywords: inflation, unemployment, Phillips curve, real growth, menu costs, near rationality Classification-JEL: B52, E31, E50 Volume: 2003 Issue: 6 Year: 2003 File-URL: http://www.vse.cz/polek/445 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:445 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Řezník Title: Historie časopisu politická ekonomie (část vi: 1979 - 1989) Title: History of the politická ekonomie journal - period vi: 1979 - 1989 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. 6 is focused on the period 1979 - 1989. Keywords: history of journal Classification-JEL: A11 Volume: 2003 Issue: 6 Year: 2003 File-URL: http://www.vse.cz/polek/439 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:6:id:439