Template-Type: ReDIF-Article 1.0 Author-Name: Roman Hušek Author-Name: Tomáš Formánek Title: Srovnání konvergence ekonomik ČR a vybraných zemí eurozóny na základě analýzy funkcí odezvy a nabídkových či poptávkových šoků Title: Comparing the Convergence of Czech Economy with Selected Euro Zone Members Using Impulse-Response Functions and Supply and Demand Shocks Abstract: Our paper focuses on the analysis of supply and demand shocks and on the estimation of expected costs of introducing Euro currency into Czech Republic (CR). The analysis is based on the theory of optimal currency areas by Mundell (1961, 1973) and uses a macroeconomic approach formalized by Bayoumi (1994). VAR models and the Blanchard-Quah decomposition (Blanchard and Quah, 1989) are used in order to simulate aggregated macroeconomic impulse response dynamics and to isolate supply and demand shocks for further inspection. Based on the analysis performed we conclude that given current circumstances and persistent differences in symmetry of economic shocks in CR and selected Euro zone countries, the costs from introducing the Euro to CR (as measured by fluctuations of real macroeconomic variables) would be nonzero, however presumably not significantly different from equivalent costs experienced in Austria or Slovakia (i.e. not prohibitive or signifi cantly damaging). Keywords: impulse-response analysis, optimum currency area, VAR model, macroeconomic convergence, supply and demand shocks, Blanchard-Quah decomposition Classification-JEL: C32, C65, E17, F36 Pages: 291-309 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=792.pdf File-URL: http://www.vse.cz/polek/792 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:792:p:291-309 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/792 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Evžen Kočenda Title: Vazba korupce a hospodářské svobody na veřejné finance a investice nových členů EU Title: Corruption and Economic Freedom Links to Public Finance and Investment in New EU Members Abstract: We analyze corruption and economic freedom links to public finance and investment in new EU members. In terms of the public investment our results show that improvement in economic freedom is linked to increases in public investment while lowering of corruption is linked with increase or decrease with respect to public investment. As a complementary finding we show that increases in public investment are also linked with the ambiguous effect. In case of public finance our estimates suggest that debt usually decreases as economic regulation goes down while the effect on budget deficit goes both ways. On other hand, as corruption declines both budget deficit and debt decrease. Based on our results we generalize that measures taken to lower corruption and economic regulation should lead to improvements in fiscal position in most of the new EU member states. Keywords: macroeconomic policy, economic freedom, corruption, public finance, public investment, convergence and integration in the EU, fiscal reforms, new EU members Classification-JEL: E61, E62, F42, H50, H60, O11 Pages: 310-328 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=793.pdf File-URL: http://www.vse.cz/polek/793 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:793:p:310-328 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/793 Template-Type: ReDIF-Article 1.0 Author-Name: Ondřej Horký Title: Falešná neutralita neoklasické teorie: feministická, antropologická, evoluční a ekologická kritika Title: The False Neutrality of the Neoclassical Theory: Feminist, Anthropological, Evolutionary and Ecological Critiques Abstract: The article argues that many failures of economic policies, especially in the developing world, are accountable to the methodological biases of the underlying mainstream economic science. While the new institutional and development economics have substantially improved economic models, they still rely on the neoclassical assumptions of methodological individualism and utilitarism. Therefore, they cannot fully grasp the gender and cultural aspects of the societies living in developing countries, the dynamic character of their economies and their embedment in the natural, social and institutional environment. These scientific biases are analysed from the standpoint of four heterodox economic schools: those of feminist economics, evolutionary economics, ecological economics, and economic anthropology. The subsequent failure of the economic policies is documented by the cross-cutting example of the Structural Adjustment Programmes of the Bretton Woods institutions. The article concludes by emphasizing the common points of the heterodox schools and advocating for a methodological plurality in the Czech economic research and education. Keywords: economic development, Economic methodology, heterodox economics, feminist economics, economic anthropology, evolutionary economics, Structural Adjustment Programmes Classification-JEL: B41, B52, B54, O19, Q57 Pages: 329-344 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=794.pdf File-URL: http://www.vse.cz/polek/794 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:794:p:329-344 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/794 Template-Type: ReDIF-Article 1.0 Author-Name: Ondřej Vojáček Title: K pojetí preferencí v ekonomickém myšlení Title: Preference Dilemma in Economics Abstract: The paper deals with the different concepts of the human economic preferences in the point of view of the different economic schools, which deals with this topic. The paper begins with the description of the neoclassical concept of the preferences theory, followed by the critical analysis of Samuelsson´s concept of the revealed preferences. Further the attention is being paid to the Rothbard´s concept of the demonstrated preferences and unprecedented Becker´s concept of the stable preferences. The paper concludes with the alternative concepts of preferences of behavioral economics, Lancaster approach and evolutional theory. Keywords: preferences, revealed preferences, demonstrated preferences, stable preferences, weak axiom Classification-JEL: B21, B23, D01 Pages: 345-358 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=795.pdf File-URL: http://www.vse.cz/polek/795 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:795:p:345-358 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/795 Template-Type: ReDIF-Article 1.0 Author-Name: Stela Rubínová Title: Reakce poptávky domácností po energii na zvyšování energetické účinnosti: teorie a její důsledky pro konstrukci empiricky ověřitelných modelů Title: Reaction of Household Energy Demand to Improvements in Energy Efficiency: Theory and Its Implications for the Construction of Empirically Tested Models Abstract: Energy efficiency improvements have become a major hope for decoupling the energy demand from economic growth and for achieving environmental goals. Nevertheless, the effectiveness of policies based on promoting energy efficiency may be undermined by behavioral responses. A more efficiently produced energy service becomes cheaper and economic theory then suggests that consumers should demand more of it, which will cause a loss of the potential technological saving. The phenomenon is called the rebound effect and it has become a focus of energy economists since early 80s. However, even today there is no clear consensus on its importance. Quantification of the rebound effect is mainly hampered by poor data availability and the comparison of results is not straightforward due to methodological differences. Our study concentrates right on the economic theory of the demand for energy services, definitions and their applicability to empirical estimation. It summarizes the state of knowledge and elaborates on plausible models for empirical quantification of the rebound effect which should bear consistent results. Keywords: rebound effect, energy efficiency, energy demand, household demand Classification-JEL: D11, P48, Q01, Q41 Pages: 359-378 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=796.pdf File-URL: http://www.vse.cz/polek/796 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:796:p:359-378 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/796 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Fiala Author-Name: Petr Šauer Title: Aplikace kombinatorických aukcí na alokaci veřejných podpor v oblasti životního prostředí: ekonomický laboratorní experiment Title: Application of Combinatorial Auctions on Allocation of Public Financial Support in the Area of Environmental Protection: Economic Laboratory Experiment Abstract: This paper presents results of repeated economic lab experiments. They were designed to test a model of combinatorial auctions on the case of providing financial support (capital investment subsidies) to polluters. Combinatorial auctions are those auctions in which bidders can place bids on combinations of items. The advantage of combinatorial auctions is that the bidder can more fully express his preferences. This is particular important when items are complements. In the experiment presented in the paper, the polluters have two options: (i) to invest individually or (ii) create coalitions, i.e. to prepare and realize common capital investment projects. The common model of combinatorial auctions is described first in the paper. The design of the laboratory experiment is presented in the next section and the results are shown in the last section. Keywords: combinatorial auctions, environmental policy, economic laboratory experiments, environmental subsidies Classification-JEL: C61, C91, C92, D44, H29 Pages: 379-392 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=797.pdf File-URL: http://www.vse.cz/polek/797 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:797:p:379-392 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/797 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Chalupecký Author-Name: Ladislav Tajovský Title: Vývoj, struktura a osud československého státního dluhu v letech 1945-1953 Title: Development, Structure and Resolution of Czechoslovak State Debt from 1945 to 1953 Abstract: This article focuses on the development and resolution of Czechoslovak state debt from 1945 to 1953. It describes two distinct periods. Between 1945 and 1948, the budget followed a prewar structure where debt constituted a separate part. These times were characterized by an increase of state debt as a result of a postwar economic reconstruction. From 1949 to 1953 the structure of the state budget was adapting to its new function in the economy and the amount of the debt appeared to stabilize. The most important subject of controversy is the solution chosen in 1953. The monetary reform imposed in that year brought an overall nullification of internal state liabilities. There were two reasons for this decision: to substantively break away from the past and to substantially reduce the value of financial assets held by the wealthier segment of society. Keywords: public finance, state debt, monetary reform, Czechoslovakia Classification-JEL: H63, N14, N44 Pages: 393-406 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=789.pdf File-URL: http://www.vse.cz/polek/789 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:789:p:393-406 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/789 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: George Stigler - sto let od narození Title: 100 Years Since the Birth of George Stigler Abstract: The paper is concerned with the economic theory of George Stigler. First part outlines the life of George Stigler. Second part examines his dissertation "Production and Distribution Theories" (1941). Third part discusses his textbook "The Theory of Price" (1946). Forth part is devoted to his "Essays in the History of Economics" (1965). Fifth part analyzes the work "The Organization of Industry" (1968). Sixth part explains "The Theory of Economic Regulation" (1971). Seventh part discusses Stigler´s book "The Citizen and the State" (1975). Eighth part presents his autobiography "Memoirs of an Unregulated Economist" (1988). Stigler has become famous thanks to articles "Economics of Information" (1961) and "Theory of Economic Regulation" (1971), which says that interest groups and other political participants will use the regulatory and coercive powers of government to shape laws and regulations in a way that is beneficial to them. Keywords: Chicago School of Economics, George Stigler, theory of economic regulation Classification-JEL: B21, B31, D21, L10, L51 Pages: 407-424 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=790.pdf File-URL: http://www.vse.cz/polek/790 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:790:p:407-424 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/790 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Popesko Title: Manažerské účetnictví - komplexní průvodce ve třetím vydání Title: Managerial Accounting - 3rd Edition of a Comprehensive Guide Pages: 425-430 Volume: 2011 Issue: 3 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=791.pdf File-URL: http://www.vse.cz/polek/791 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:3:id:791:p:425-430 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/791