Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Munzi Author-Name: Petr Hlaváč Title: Vliv cílování inflace na povahu peněžní nabídky a finanční nerovnováhy Title: Inflation Targeting and Its Impact on the Nature of the Money Supply and the Financial Imbalances Abstract: This paper provides a theoretical framework for a thesis that the transition to the inflation targeting regime, either explicit or implicit, may be one of the causes of the long-term latent accumulations of the financial and structural imbalances, materializing much later and with more dire consequences. Due to the long-term systematic manipulation of interest rates, within the operational framework of the stabilization of consumer prices and the output gap, as well as of anti-deflationary fundamentalism, the economy can transform itself into a kind of "black box", gradually and over time causing an "escape" of credit and monetary aggregates. Money supply tends to be more endogenous and elastic, changing the causality within a link between the money supply and its effective economic materialization, both in production processes of the real economy as well as in banking and financial services. Thereby, the economy lacks a needful defensive mechanism that would pull the overheating economy back through more exogenous and inelastic money supply, automatically adjusting market interest rates. In the empirical part we employed VECM tests to show that the money supply was exogenous before the implicit adoption of inflation targeting in the USA (1985), but endogenous after it. Keywords: monetary policy, inflation targeting, endogenous money supply, asset-price bubbles, financial imbalances, VECM Classification-JEL: C32, E44, E52, E58, G01 Pages: 435-453 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=798.pdf File-URL: http://www.vse.cz/polek/798 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:798:p:435-453 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/798 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Žďárek Title: Empirická analýza průběhu cenové konvergence ČR a nových členských zemí EU k eurozóně Title: An Empirical Analysis of Price Convergence of the Czech Republic and the New EU Member States towards the Euro Area Abstract: The main goal of this paper is to analyse the process of price convergence (beta and sigma convergence) in new EU Member States towards the Euro area (EU-12). The theoretical part of the paper consists of a brief overview of methods that are employed for analyses of the process of price convergence. Both main concepts - sigma and beta convergence are covered including various tests that are described in greater detail. The empirical part of the paper is focused on testing hypotheses of sigma and beta convergence using macroeconomic data (comparative price levels for GDP) for twelve new EU Member States in the period 1995-2008. Various econometrical methods (OLS, 2SLS, and two dynamic methods) are utilised in order to deal with problems associated with this particular type of analyses. Our results show that both hypotheses (sigma and beta price convergence) do hold for the new EU Member States. The estimated time to close a half of the remaining gap of comparative price levels towards the Euro area average for the group consisting of all new EU Member States (NMS12) is estimated to be approximately 9.6 years, for the group of more advanced countries (NMS5) is approximately 7.1 years. Keywords: international comparisons, comparative price level, new EU Member States, beta and sigma convergence Classification-JEL: E31, F15, P22 Pages: 454-474 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=799.pdf File-URL: http://www.vse.cz/polek/799 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:799:p:454-474 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/799 Template-Type: ReDIF-Article 1.0 Author-Name: Květa Kubátová Author-Name: Martin Jareš Title: Identifikace a kvantifikace daňových úlev v ČR v roce 2008 Title: Identification and Quantification of Tax Reliefs in the Czech Republic in the Year 2008 Abstract: Tax reliefs (tax expenditures) in the Czech Republic, as well as in other countries, are frequent topic of political and public finance discussion. Sometimes they are presented in a positive spirit as administratively inexpensive tool for promoting desirable public policies. More often, however, they are presented negatively, as an exception, which complicates the tax system and causes distortions. This article aims to identify and quantify the tax reliefs (tax expenditures) of the three major taxes in the Czech Republic in 2008: personal income tax, corporation tax and value added tax. Unlike in many other OECD member countries, in the Czech Republic, tax expenditures have not been quantified and published yet; this contributions is therefore a first attempt to quantify them. For calculation we used the reference law approach and the revenue forgone method. Keywords: tax preference, tax relief, tax expenditure, structural tax relief, taxes in Czech Republic, reference law approach, revenue forgone method Classification-JEL: H, H2 Pages: 475-489 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=800.pdf File-URL: http://www.vse.cz/polek/800 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:800:p:475-489 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/800 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Plašil Title: Potenciální produkt, mezera výstupu a míra nejistoty spojená s jejich určením při použití Hodrick-Prescottova filtru Title: Potential Product, Output Gap and Uncertainty Rate Associated with Their Determination while Using the Hodrick-Prescott Filter Abstract: In various fields of macroeconomic modelling, researchers often face the problem of decomposing time series into trend component and cycle fluctuations. While there are several potentially useful methods to perform the task in question, Hodrick-Prescott (HP) fi lter seems to have remained (despite some serious criticism) the most popular approach over the past decade. In this article I propose a straightforward and easy-to-implement bootstrap procedure for building pointwise and simultaneous confidence intervals around "point estimates" produced by HP filter. The principle of proposed method can be described as follows: first, we use maximum entropy bootstrap (Vinod, 2004, 2006) to approximate ensemble from which original time series is drawn and then apply the HP filter directly to each bootstrap replication. If necessary, the proposed method can be adapted to allow for uncertainty in the smoothing parameter. Practical usefulness of our approach is demonstrated with an application to the GDP data. Results are encouraging - obtained confi dence intervals for the trend and cyclical component are overall plausible thus supplying a researcher with some measure of uncertainty related to HP filtering. Finally, we demonstrate that a former approach to build confidence intervals for HP filter (Gallego and Johnson, 2005) leads to erratic inference for cycle due to the shape-destroying block bootstrap sampling. Keywords: output gap, r, Hodrick-Prescott filter, confidence intervals, bootstrap, potential product Classification-JEL: C13, C14, C22, E32 Pages: 490-507 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=801.pdf File-URL: http://www.vse.cz/polek/801 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:801:p:490-507 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/801 Template-Type: ReDIF-Article 1.0 Author-Name: Božena Kadeřábková Author-Name: Emilie Jašová Title: Analýza ukazatele NAIRU na sektorové úrovni Title: Analysis of the Indicator NAIRU on the Sector Level Abstract: The economic development points out the importance of the development study of sectors and branches of economics, because they can deepen or moderate volatility of the economic cycle. The article aims at mapping the rate of unemployment in the primary, secondary and tertiary sector in the Czech Republic. With using the HP filter we estimate NAIRU. The comparison of the actual rate of unemployment with the average value NAIRU was used for the specification of the economic cycle. We compare the rate of unemployment, NAIRU and unemployment gaps in sectors with the average value on the national level too. Keywords: rate of unemployment in the national economy, NAIRU, HP filter and business cycle Classification-JEL: E24, E32, E37 Pages: 508-525 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=802.pdf File-URL: http://www.vse.cz/polek/802 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:802:p:508-525 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/802 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Wawrosz Title: Dosahování a narušování institucionální rovnováhy v redistribučních systémech Title: Creation and Violation of Institutional Equilibrium in Redistribution Systems Abstract: Institutional economics is one of the most developing fields of economics. However, many its issues still need to be solved. For instance the theory does not give exact answer to why particular institutions (formal and informal norms) occur, change and cease to exist. The paper tries to solve the topic through the model of establishing and disrupting institutional equilibrium in redistribution systems. People live their whole lives in redistribution systems and they can be members of a winning coalition and receive some redistribution or they are out of coalition and the redistribution is made to their detriment. The members of a winning coalition are not, however, automatically guaranteed ongoing membership. So they have interest to establish a structure of institutions (institutional equilibrium) helping them to protect their position. The paper divides redistribution into two kinds: necessary and unnecessary redistribution. The process of creating a winning coalition in a redistribution system is described and it is shown how institutions help to facilitate the process. Then the paper defines the institutional equilibrium (IEQ) and its conditions. They are explained the connections between IEQ and redistribution systems, the conditions when is convenient for some players endeavour to create a equilibrium, the reasons why IEQ does not occur. The theory of institutional change is hereto used - if somebody endeavours to create a IEQ, (s)he also realizes a institutional change. Keywords: game theory, institutions, coalition, redistribution systems, desirable and undesirable redistribution, institutional equilibrium, institutional change Classification-JEL: D02, D30, D50, D74 Pages: 526-546 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=803.pdf File-URL: http://www.vse.cz/polek/803 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:803:p:526-546 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/803 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Koderová Title: Opus Magnum profesora Sojky Title: Prof. M. Sojka and his Opus Magnum Pages: 547-554 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=804.pdf File-URL: http://www.vse.cz/polek/804 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:804:p:547-554 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/804 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Pavelka Author-Name: Milan Žák Title: Nové, inspirující učebnice ekonomie Title: New and Inspiring Textbooks of Economics Pages: 554-561 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=805.pdf File-URL: http://www.vse.cz/polek/805 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:805:p:554-561 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/805 Template-Type: ReDIF-Article 1.0 Author-Name: Ludmila Štěrbová Author-Name: Hana Machková Title: Komplexní teoretický a praktický pohled na mezinárodní podnikání Title: A Comprehensive Theoretical and Practical Look at the International Entrepreneurship Pages: 561-564 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=806.pdf File-URL: http://www.vse.cz/polek/806 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:806:p:561-564 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/806 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Pozoruhodná kniha o osobních financích Title: A Remarkable Book about Personal Finances Pages: 564-568 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=807.pdf File-URL: http://www.vse.cz/polek/807 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:807:p:564-568 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/807 Template-Type: ReDIF-Article 1.0 Author-Name: Christiana Kliková Title: Dvě nové publikace o euru Title: Two New Publications on the Euro Pages: 569-572 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=808.pdf File-URL: http://www.vse.cz/polek/808 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:4:id:808:p:569-572 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/808