Template-Type: ReDIF-Article 1.0 Author-Name: Oldřich Dědek Title: Čtyři zamyšlení nad cílováním inflace v České republice Title: Four reflections on practising inflation targeting in the Czech Republic Abstract: The paper consists of four parts each of them devoted to a practical aspect of inflation targeting as conducted by the Czech National Bank. The first part outlines the reasons that led to the adoption of this monetary regime and summarises other advantages for effective and transparent decision-making. The second part addresses the issue of missing inflation targets. It is argued that simple confrontation of targets with actual behaviour of inflation may give a distorted view about the actual performance of monetary policy. The third part discusses a subtle methodological controversy about the difference between so-called escape clauses on the one hand and net inflation on the other. In the last section the author presents his critical view about the role of unconditional forecast in its capacity to indicate future interest rate decisions and to provide a realistic description of transmission mechanism in a small open economy. Keywords: monetary policy, inflation targeting, inflation forecast Classification-JEL: E31, E37, E43, E47, E52, E58 Volume: 2004 Issue: 2 Year: 2004 File-URL: http://www.vse.cz/polek/454 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:454 Template-Type: ReDIF-Article 1.0 Author-Name: Jarko Fidrmuc Author-Name: Eduard Hagara Title: Podobnosť ponukových a dopytových šokov v Európskej Únii a v pristupujúcich krajinách (implikácie pre Českú republiku a Slovensko) Title: Similarity of supply and demand shocks in the European Union and acceding countries (implications for the Czech republic and Slovakia) Abstract: In this contribution, we compare the correlation of supply and demand shocks for the countries of the euro zone and the acceding countries in Central Europe. Demand and supply shocks are recovered from estimated structural VAR models of output growth and inflation in individual countries. We find that Poland and Hungary face already a comparably high similarity with the countries of the current euro zone. However, the remaining countries show still significant differences in business cycles as compared to the euro zone. This is likely to indicate that the loss of monetary sovereignty may be costly. In turn, the integration is expected to align the business cycles of these countries in the medium run. We document a similar development for the countries of the European Union in the 1990s. Keywords: optimum currency area, EU enlargement, structural VAR Classification-JEL: E32, F42 Volume: 2004 Issue: 2 Year: 2004 File-URL: http://www.vse.cz/polek/455 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:455 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Arlt Author-Name: Milan Guba Author-Name: Štěpán Radkovský Title: Využití metody peněžního převisu/deficitu k indikaci inflačních rizik (přístup Evropské centrální banky) Title: Implementation of monetary overhang/shortfall measure for indication of inflation risks (the approach of the European Central Bank) Abstract: The ECB concept of analysis of deviation of actual money stock development from its long run equilibrium development is based on the assumption that bigger deviation signalizes risks for the price stability. The ECB considers three measures of this deviation: nominal money gap, real money gap and monetary overhang/shortfall. The calculation of gap between the actual and the equilibrium development of money stock in nominal and real expression is not reasonable at the present time in Czech Republic. The calculation of monetary overhang/shortfall, which is based on the long run equilibrium value of money stock given by model of money demand, seems to be more employable. Keywords: inflation, money demand, cointegration, monetary overhang/shortfall Classification-JEL: C32, E41, E58 Volume: 2004 Issue: 2 Year: 2004 File-URL: http://www.vse.cz/polek/456 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:456 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Sedmihradská-Nitschová Title: Analýza koncepčních a institucionálních opatření v návrhu reformy veřejných rozpočtů Title: Institutional measures in the concept of the public budgets reform Abstract: This article deals with institutional measures proposed in the concept of the public budgets reform presented by the Czech Ministry of finance in December 2002 and it analyses its capability to improve the budget performance of the Czech Republic. First the performance budgeting and preconditions for its functioning are characterized. In the second part the multi-annual expenditure framework is discussed including analysis of its role in the budgetary process. A simple model shows that introduction of various steps in the budgetary process can alter the final budget. This model has proven that the multi-annual expenditure framework can limit the impact of the fiscal illusion. In the last part a new budget calendar that includes the new measures is proposed. Keywords: public budget, performance budgeting, budgetary policy, budgetary rules, budgetary process, fiscal reform, multi-annual budgetary framework Classification-JEL: H61 Volume: 2004 Issue: 2 Year: 2004 File-URL: http://www.vse.cz/polek/457 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:457 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Jablonský Title: Modely hodnocení efektivnosti produkčních jednotek Title: Models for efficiency evaluation of decision making units Abstract: The paper deals with models and methods for evaluation of efficiency and performance of production units. Especially, it aims at data envelopment analysis (DEA) models, which are based on the definition of efficiency as the ratio of outputs produced by the unit on the one hand and inputs spent in the production process on the other hand. Standard data envelopment analysis models divide the units into inefficient and efficient ones but they make it not possible to classify the efficient units. That is why the paper deals with several definitions of super efficiency that are bases for classification of efficient units. The models are illustrated on a numerical example. The proposed approaches are applied in assessing the efficiency of branches of a Czech bank. Computer solution of DEA models and future research is discussed in conclusions. Keywords: efficiency, data envelopment analysis, super efficiency, multiple criteria decision making Classification-JEL: C44, C60, C88, D24 Volume: 2004 Issue: 2 Year: 2004 File-URL: http://www.vse.cz/polek/458 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:458 Template-Type: ReDIF-Article 1.0 Author-Name: Milan ŘÍKOVSKÝ Title: Podnikatelství a konkurenční tržní proces v Rakouské škole a v díle J. A. Schumpetera Title: Entrepreneurship and the competitive market process in the Austrian school of economics and in the work of J. A. Schumpeter Abstract: The aim of this paper is to introduce the market process as a central concept of Austrian economics as opposed to the general-equilibrium approach of the neoclassical school. In the first part the author shortly reviews the theme of entrepreneur and understanding of entrepreneurial function in the history of economic thought. In the second chapter the formation of the Austrian view of the market as an entrepreneurially driven process and simultaneous emergence of criticism of mainstream theory is explained. The chapter three describes the Austrian understanding of the market process based upon twin concepts of sheer ignorance and entrepreneurial discovery. The last chapter introduces the entrepreneurial market process theory of Schumpeter. Schumpeter's theory is subsequently compared with Kirzner's approach. The author also surveys and compares modern discussions about market process within the Austrian school of economics. Keywords: competition, Austrian school, knowledge, equilibrium, disequilibrium, entrepreneur, information, market process, discovery Classification-JEL: B21, B53, D50 Volume: 2004 Issue: 2 Year: 2004 File-URL: http://www.vse.cz/polek/459 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:459 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Skořepa Title: Daniel Kahneman a psychologické základy ekonomie Title: Daniel Kahneman and psychological principles of economics Abstract: One of the two laureates of the Nobel Prize for economics in 2002 is Daniel Kahneman. After taking a brief look at Kahneman's life, the present article surveys his contributions to our understanding of three aspects of human decision making: judgment, comparison of alternatives and types of utility. In all three areas, interesting economic applications of Kahneman"s results are possible. Some of these applications are sketched. Keywords: utility, heuristics, judgment, prospect theory, reference point, decision making Classification-JEL: B31 Volume: 2004 Issue: 2 Year: 2004 File-URL: http://www.vse.cz/polek/460 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:2:id:460