Template-Type: ReDIF-Article 1.0 Author-Name: Jan Frait Author-Name: Luboš Komárek Title: Půlstoletí vývoje světových peněz Title: Half a century of the world money development Abstract: The article provides a general description of the world money development in both developed and developing countries during the second half of 20th century. We were primarily focusing on the long run trends in dollar gold prices, monetary aggregates (broad and narrow money), foreign exchange reserves, inflation and interest rates. We found that after relatively tranquil periods of fifties and sixties, next three decades witnessed dramatic changes in the world economy. The emphasis that was given to the analysis of the relation of the dollar gold prices to the world reserve currencies (EUR, CHF, GBP and JPY) by means of state-space model confirmed negative correlation between these variables. Subsequently we discussed a concept of neutrality and superneutrality of money in the light of GDP dynamics during monitored period and practical aspects of monetary policy. In spite of some recent empirical findings, we express our belief in the long-run neutrality and superneutrality of money and in relative non-activistic monetary policy with price stability as its primary goal. Keywords: inflation, money, interest rate, developing countries, long-run trends, developed countries, neutrality of money, state-space model Classification-JEL: E40, E50, N10 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=560.pdf File-URL: http://www.vse.cz/polek/560 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:560 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Arlt Author-Name: Jan Kodera Author-Name: Martin Mandel Author-Name: Vladimír Tomšík Title: Monetární přístup k inflaci - střednědobý strukturální model v otevřené ekonomice (příklad České Republiky v letech 1996-2004) Title: Monetary approach to inflation: A medium-term structural model in a small open economy (the case of the Czech Republic in 1996-2004) Abstract: The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy are discussed in more details in the paper. Authors have developed a medium-term structural model using for an empirical verification of the relationship between monetary aggregate M2 and price development in tradable and non-tradable goods and services in the Czech Republic in the period 1996-2004. The empirical results of the model indicate that money has a significant impact on the price development of non-tradables. On the other hand, a statistically significant relationship between money and tradables inflation in the case of the Czech small open economy is not found. The conclusions presented in the paper suggest that the monetary aggregate should not be ignored in practical policy-making. Keywords: monetary policy, inflation, exchange rate, export, import, medium-term monetary model, VAR analysis Classification-JEL: C32, E52, F31, F41 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=561.pdf File-URL: http://www.vse.cz/polek/561 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:561 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kodera Author-Name: Miloslav Vošvrda Title: Produkt, kapitál a cenový pohyb v jednoduchém modelu uzavřené ekonomiky Title: Product, capital stock and price dynamics in a simple model of closed economy Abstract: A purpose of this paper is to formulate a continuous dynamical model for a small closed economy with a simple structure and with a minimum number of non-linearities. A basis of this model is developed from dynamical Kaldorian model. Variables in the modified dynamical Kaldorian model are in a logarithm scale. A form of the logistic function is used for non-linear connections in this model. The model is formed by four differential equations. First two equations create relatively closed sub-model generating both production and capital stock trajectories. Two other equations describe the price level dynamics as a consequence of money market disequilibrium and continuously adaptive expectation of inflation. Our investigation is firstly aimed to investigate a dynamics of the production and capital stock. Secondly to compute Ljapunov exponents for a simple model of closed economy showing its a chaotic behavior. Simulation studies are performed on numerical calibrated model. Keywords: propensity to save, investment ratio, expected inflation, nonlinear system, and price dynamics Classification-JEL: E44 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=562.pdf File-URL: http://www.vse.cz/polek/562 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:562 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Sojka Title: Teorie peněz Josefa Macka a jeho názory na monetární politiku Title: Theory of money of Josef Macek and his monetary policy view Abstract: During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and G. Cassel he elaborated the concept of managed fiat money. He critisized and disapproved the quantity theory of money. In his monetary theory and his monetary policy conclusions he was a forerunner of contemporary post-keynesian monetary theories. Money supply is in his monetary theory highely endogenous and he expressed certain doubts about effeciency of monetary policy measures as antirecessionary remedy. Keywords: monetary policy, Czech Keynesians, history of the Czech economic thought, Josef Macek, theory of money, anti-recessionary policy Classification-JEL: B130, B220, B290, E310, E420, E500, E520, E590 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=563.pdf File-URL: http://www.vse.cz/polek/563 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:563 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Foltýnová Author-Name: Jan Brůha Title: Příspěvek k problematice optimálního zdanění Title: A note on the optimal taxation theory Abstract: This paper is focused on the theory of optimal taxation applied to environmental regulation. The first part summarizes the current state of knowledge in this field, especially it concentrates on the so called double dividend hypothesis. The second part of the paper defines the concept of triple dividend in transport, which is modelled in the normative neoclassical framework. Based on econometric estimation, we calibrate a model and empirically investigate this hypothesis on the Czech data. Keywords: optimal taxation, environmental taxation, passenger transport, double dividend hypothesis, environmental regulation Classification-JEL: D62, H23, R48 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=564.pdf File-URL: http://www.vse.cz/polek/564 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:564 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Ducháčková Author-Name: Jaroslav Daňhel Title: Nové prvky v architektuře pojistných trhů v současné globalizační éře Title: New elements in global architecture of isurance markets Abstract: This article is dealed about the requirements on new architecture of financial markets, namely for banking and insurance market. The principles of Basel II and Solvency II are discussed. The second part of article concerned with quality changes in comercial insurable risk and financial decesion of enormous natural catastrophes in last decade. The traditional way - insurance, reinsurance and public finance is completed by insurance derivates (CAT bondes) in present. This solution takes partial place by financing hurricanes Katrina and Rita claims. Keywords: Basel II, Solvency II, quality changes in comercial insurable risk, financial decesion of natural disasters, insurance and reinsurance, alternative transfer of risk, CAT bondes Classification-JEL: D740, D810, D820, G22 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=565.pdf File-URL: http://www.vse.cz/polek/565 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:565 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Gregor Title: Hodnocení ekonomických pracovišť a ekonomů: Koho, proč, čím a jak Title: A survey of rankings of economic departments: Global, american, european and national Abstract: We survey the state-of-the-art methods of how to rank economic departments and economists on the basis of 14 studies conducted in years 1995-2005. We cover a diversity of rankings: U.S., worldwide, E.U., those of developed academic nations and those of developing academic nations. Each method rests on a specific goal: while some identify top-notch research, others reflect quantity and thus are able to discriminate down the ranking. We also document novelties in ranking-construction such as sensitivity analysis, parallel rankings, instant updates and journal weights based on impact-adjusted impact factors. Keywords: citation analysis, ranking economic departments, journal ranking Classification-JEL: A11, D29, I29 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=566.pdf File-URL: http://www.vse.cz/polek/566 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:566 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klaus Author-Name: Dušan Tříska Title: Polemika se svetozarem pejovichem o transformační, tedy neklasické privatizaci Title: A polemic with svetozar pejovich on the transformational, i.e. non-classical privatization Abstract: The authors critically discuss some of the theses of Svetozar Pejovich from his article On the Privatization of "Stolen Goods" in Central and Eastern Europe. The Independent Review, v. X, N. 2, Fall 2005, s. 209-229. ISSN 1086- 653. Their polemic can be summarized as follows: (1) According to Pejovich, the "carriers of the institutional restructuring" relied solely on the neo-classical ("text-book") economics. The authors reply that at least in their country also the New Institutional School, Austrian Economics and Public Choice were well known and broadly applied. (2) Pejovich seems to confuse privatization of an individual enterprise with the privatization of the society as a whole, i.e. the actual task of the governments. While the former may seek for an optimal owner, the latter is assigned "only" to launch the initial market for ownership rights. (3) Pejovich seems to believe that governments could have controlled the exact sequencing of their transformation steps and measures. By contrast, the authors stress the extreme spontaneity of the real-life developments and absurdity of the attempts to postpone, e.g., privatization - freeze it till some optimal legal frame emerges and-or is installed. (4) As to the Pejovich's de-communisation, the authors speculate that he may have generalized the Yugoslav experience, where the communists could have shared their Party's titoistic ideology. Contrariwise, the membership of a typical Czech communist was never based on the ideology and thus represented nothing about his/her post-communist concepts. (5) As to the Pejovich's own proposal "how to do it", the authors stress, again, its unrealistic nature, as what the proposal requires in fact is nothing less than to (a) accurately valuate thousands of state-owned enterprises, (b) rationally restructure them physically and financially, (c) offer and sell them at a correct price and (d) fairly divide the proceeds among its citizens. To the authors of this polemic, a task of this magnitude is beyond capacity of anybody, not to mention governments, least of all the post-communist ones. Keywords: privatization, property rights, transformation, communism, institutional restructuring, main-stream economics, public-choice Classification-JEL: P2, P20, P26, P31 Volume: 2006 Issue: 3 Year: 2006 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=559.pdf File-URL: http://www.vse.cz/polek/559 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:559