Template-Type: ReDIF-Article 1.0
Author-Name: Milan Sojka
Title: Monetární politika evropské centrální banky a její teoretická východiska pohledem postkeynesovské ekonomie
Title: Monetary Policy of the European Central Bank and Its Theoretical Resources in the View of Postkeynesian Economy
Abstract: The paper deals with the monetary policy of the European Central Bank and its effects on economic development of the Czech economy and other new members of EU from the perspective of Post-Keynesian monetary economics. In the first part the basic principles of contemporary Post-Keynesian monetary theory of relative endogeneity of money are shortly presented. The second part concentrates on the Post-Keynesian criticism of the institutional arrangement of the ECB and its monetary policy.  The closing part treats issues concerning potential effects of the policy of ECB in the given institutional framework on economic development of the Czech economy and economies of other less developed members of EU after joining the Eurozone. Possible adverse effects on the process of real convergence are discussed and alternative policies eliminating this danger are presented.
Keywords: real convergence, Economic and Monetary Union, Post-Keynesian monetary economics, endogeneous money supply, monetary policy of ECB, small open economies
Classification-JEL: E42, E50, F33
Pages: 3-19
Volume: 2010
Issue: 1
Year: 2010
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=717.pdf
File-URL: http://www.vse.cz/polek/717
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Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:717:p:3-19
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Template-Type: ReDIF-Article 1.0
Author-Name: Vojtěch Spěváček
Author-Name: Růžena Vintrová
Title: Růst, stabilita a konvergence české ekonomiky v letech 2001-2008
Title: Growth, Stability and Convergence of the Czech Economy in the Years 2001-2008
Abstract: Economic growth of the Czech Republic strongly accelerated in the years 2005-2007. Substantial decline of economic activity took place at the end of 2008 and in the year 2009. On the supply side the main contributing factors were labour and total factor productivity. On the demand side the growth was pulled by domestic demand and the contribution of foreign trade became positive in the years 2004-2008. Macroeconomic stability improved substantially in the field of foreign trade. The process of real convergence accelerated in the years 2001-2007 and was based on the growth of labour productivity. In 2008 the GDP per capita in purchasing power standards reached 80 % of the EU-27 average. The comparative price level grew quickly from the low starting level, but was far below the relative economic level compared with EU-15. In 2008 a great jump in CPL took place (from  59 % in 2007 to 67 % in 2008 in relation to EU-15).
Keywords: economic growth, inflation, gross domestic product, total factor productivity, real gross domestic income, domestic demand, foreign trade and trade balance, national savings, gross capital formation, general government budget
Classification-JEL: E22, E24, J30, O11, P24
Pages: 20-50
Volume: 2010
Issue: 1
Year: 2010
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=718.pdf
File-URL: http://www.vse.cz/polek/718
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Template-Type: ReDIF-Article 1.0
Author-Name: David Prušvic
Title: Evropská fiskální pravidla a jejich účinnost: prvních 15 let
Title: European Fiscal Policy Rules: First 15 Years
Abstract: The Stability and Growth Pact has become a primary fiscal policy framework in all European countries since 1997. Together with Maastricht fiscal criteria it determines the fiscal discipline of integration process. The aim of this study is to evaluate ex-post effectiveness of the fiscal rules from the view of a primary structural balance development during 1991-2007. A method taken for the evaluation was a panel-corrected standard errors regression with fixed effects applied on the former euro zone countries (EA12), "old" EU members (EU15) and finally on the EU25. The results of the econometric estimation indicate that all considered rules were effective even though with different impacts. Furthermore, the analysis suggests that electoral cycle, among others, has strong impact on the primary structural component of public balance. However against theoretical assumptions, there is not a conclusive statistical significance of the government behaviour on the current state in the business cycle.
Keywords: fiscal policy, fiscal policy rule, Stability and growth pact, enforceability, cross-section panel data analysis
Classification-JEL: C23, E62, H6
Pages: 51-69
Volume: 2010
Issue: 1
Year: 2010
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=719.pdf
File-URL: http://www.vse.cz/polek/719
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Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:719:p:51-69
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Template-Type: ReDIF-Article 1.0
Author-Name: Luboš Komárek
Author-Name: Kamila Koprnická
Author-Name: Petr Král
Title: Dlouhodobá reálná apreciace jako fenomén ekonomické konvergence
Title: A Long-Term Real Appreciation as the Phenomenon of Economic Convergence
Abstract: The paper discusses the phenomenon of long-term real equilibrium appreciation of the koruna in the context of economic, i.e. nominal and real convergence. The real appreciation can take place either through a nominal exchange rate channel or through inflation differential channel vis-á-vis the reference country, or through a combination of those two channels. However, the choice of monetary policy regime predetermines the occurrence and intensity of those channels. Subsequently, the paper summarizes the sources of equilibrium real appreciation, i.e. Balassa-Samuelson effect, the effect of terms of trade, FDI inflows, the impact of changes in the structure of domestic consumption and the effect of state administrative prices. It also presents range of models which are applicable for estimation of equilibrium (real) exchange rate. Finally, the paper presents and discusses trajectory of equilibrium real appreciation resulting from models of the CNB (QPM, g3 and others).
Keywords: monetary policy, Czech Republic, real appreciation, Equilibrium exchange rate, Czech National Bank
Classification-JEL: E58, F31
Pages: 70-91
Volume: 2010
Issue: 1
Year: 2010
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=720.pdf
File-URL: http://www.vse.cz/polek/720
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Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:720:p:70-91
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Korda
Title: Komparace nového konsensu jako teoretického rámce cílování inflace s postkeynesovskou ekonomií
Title: A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics
Abstract: The article deals with the relationship of post-Keynesian economics to new consensus as a theoretical framework of inflation targeting. First, new consensus with its roots in Wicksell´s approach is briefly introduced. In the next parts differences and meeting-points of new consensus and post-Keynesian economics are discussed. Among the main similarities is identified: short term interest rate management, endogeneity of monetary base, endogeneity of money supply. But a lot of basic differences are found (goals of monetary policy, interest rate functions, nature of inflation, shape of Phillips curve and others). As a result, on the general level new consensus and post-Keynesian economics seem to be rather incompatible.
Keywords: inflation targeting, Post-Keynesian economics, new consensus, endogenous money
Classification-JEL: E31, E51, E52, E58
Pages: 92-104
Volume: 2010
Issue: 1
Year: 2010
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=721.pdf
File-URL: http://www.vse.cz/polek/721
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Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:721:p:92-104
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Template-Type: ReDIF-Article 1.0
Author-Name: František Svoboda
Title: Ekonomika daru, dar a jeho reflexe v ekonomické teorii
Title: Gifts Economy and Its Reflection in Economics
Abstract: This paper inquires into beginnings of a gift economy as well as related contemporary institutions. Gift economy and the gift as a complex phenomenon was a common base for institutions of markets, credits, taxation, alms or social security. Inquires of origins, development and contemporary forms are consequently important contributions to our understanding to contemporary social institutions. We can also inquire with economists into present forms of a gift and look for reply to different questions about efficiency of a gift: Why to give, how to give and what way give a gift.
Keywords: gifts economy, gifts, exchange, crowding-out, Samaritan´s dilemma, signals
Classification-JEL: A12, D02, D64, H20
Pages: 105-129
Volume: 2010
Issue: 1
Year: 2010
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=722.pdf
File-URL: http://www.vse.cz/polek/722
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Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:722:p:105-129
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Nositelé nobelovy ceny za ekonomii pro rok 2009
Title: Nobel Prize in Economics 2009 Winners
Pages: 130-136
Volume: 2010
Issue: 1
Year: 2010
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=723.pdf
File-URL: http://www.vse.cz/polek/723
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:723:p:130-136