Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Mihola Author-Name: Petr Wawrosz Title: Alternativní metoda měření extenzivních a intenzivních faktorů změny HDP a její aplikace na vývoj HDP USA a Číny Title: An Alternative Method How to Measure Impact of the Intensive and Extensive Factors on the GDP Change and Its Application on the Us and China GDP Development Abstract: The article presents an alternative method to growth accounting. It makes it possible to express the effect of change in the quantity of inputs as well as the effect of the productivity of inputs (i.e. technological changes) on the change of GDP for all possible typologies of input/output changes. Unlike the growth accounting, this method is universal and also accurate; it may be applied not only to small growth rates. Dynamic parameters of intensity and extensity could be delivered as the output of the method. The first one captures the effect of change in the summary productivity of factors, while the latter captures changes in the input quantity. The dynamic parameters were calculated for the development of GDP in the United States and China for a period of fifty years (1960-2011). In case of the United States, it was also calculated how the development of labor and the development of capital contribute to the change in inputs. The calculated values verify that the method can reliably capture significant changes that took place in the given countries in individual years. The growth rate of the summary productivity of factors calculated on the basis of our method only differs slightly from the growth rate of the summary productivity of factors calculated on the basis of growth accounting. For all the aforementioned reasons, the method appears to be a suitable instrument for analyzing the GDP development. Keywords: economic growth, GDP, economic development, total factor productivity, USA, China, total input factor, dynamic parameters of intensity and extensity Classification-JEL: C22, C43 Pages: 583-604 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=971.pdf File-URL: http://www.vse.cz/polek/971 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:971:p:583-604 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/971 Template-Type: ReDIF-Article 1.0 Author-Name: Lukáš Kučera Author-Name: Karel Brůna Title: Dynamika změny stavu zásob a její synchronizace s cyklem úspor a importu v české republice v letech 1999-2012 Title: A Dynamics of Inventories and Its Synchronization with a Cycle of Savings and Import in the Czech Republic in 1999-2012 Abstract: The article deals with a problem of changes in inventories, its variability and its synchronization with changing savings and import in the Czech Republic in 1999-2012. In theoretical part both macroeconomic and microeconomic aspects of changes in inventories are discussed in the context of expected and unexpected demand shocks. In empirical part sources of GDP variability are analyzed using trend and cyclical data. Trend variability of changes in inventories is less important for trend GDP variability than in case of cyclical variability and vice versa for cyclical GDP and changes in inventories. Parameters of VAR model of cyclical changes in inventories, savings and import are also estimated. The results show that change in savings is a source of unexpected demand shock with impact on inventories. Reaction of import confirms that savings influence more domestic products consumption than imported products which are more driven by exports. Keywords: savings, GDP, import, variability, inventories, VAR Classification-JEL: E21, E22, E32 Pages: 605-629 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=972.pdf File-URL: http://www.vse.cz/polek/972 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:972:p:605-629 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/972 Template-Type: ReDIF-Article 1.0 Author-Name: Oldřich Hájek Author-Name: Lenka Smékalová Author-Name: Jiří Novosák Author-Name: Petr Zahradník Title: Prostorová koherence národní a evropské regionální politiky: poznatky z České republiky a Slovenska Title: Spatial Coherence of National and European Regional Policy: The Insights from the Czech Republic and Slovakia Abstract: This paper deals with the spatial relationship between national and European regional policies. Spatial coherence of these two types of policies in two CEE countries - in the Czech Republic and Slovakia - is discussed. Our findings point at a higher spatial coherence of national and European regional policy in Slovakia. Thus, there is a higher financial allocation per 1 inhabitant in the nationally delimitated areas of special interest in Slovakia compared with the Czech Republic. Three aspects are discussed in this regard. First, different strategies of the delimitation of the areas of special interest in the both countries are emphasised. Second, different strategies of the implementation of the areas of special interest in programming documents in the both countries are upheld. Third, the factor of territorial absorption capacity is mentioned. We claim that the three aspects should be considered in achieving a higher spatial coherence of national and European regional policies. Keywords: European Union, Czech Republic, Slovakia, regional policy, cohesion policy, coherence of policies Classification-JEL: O18, O22, R12, R58 Pages: 630-644 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=973.pdf File-URL: http://www.vse.cz/polek/973 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:973:p:630-644 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/973 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Vlachý Title: Empirická analýza obchodování s opcemi na akcie Škodových závodů 1928-1938 Title: An Empirical Analysis of Škoda Co. Equity Options Trading 1928-1938 Abstract: Recent findings have shown that the Prague Exchange featured a very active and developed stock options market right until its pre-war closure in September 1938. This paper follows up on extensive research into fragmentary archival resources, aggregating a unique collection of options quotations on the shares of Škoda, the dominant industrial firm and stock in Czechoslovakia. A rigorous review of contemporary literature has been complemented with an empirical analysis including implied volatility measurements, resulting in a detailed appraisal of the market. Even though statistical option-valuation models have already been available and generally known, these were not used by practitioners. Instead, a heuristic approach based on perfect familiarity with intrinsic valuation and hedging as well as time-value drivers, effectively used since the 19th century, has resulted in surprisingly efficient pricing, constrained - rather than by information assymmetries - primarily by transaction costs and, over a relatively brief period in 1932-33, by crisis-related liquidity issues in the market. Keywords: Prague exchange, financial history, option trading, implied volatility Classification-JEL: B16, G13, N24 Pages: 645-661 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=974.pdf File-URL: http://www.vse.cz/polek/974 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:974:p:645-661 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/974 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Picka Title: Problém „public-private pay gap“ v České republice Title: The Public-Private Pay Gap in the Czech Republic Abstract: This article analyzes the public-private pay gap in the Czech Republic. To prove the existence of this pay gap and measure for its decomposition, we used Mincer wage equations and Blinder-Oaxaca-based decomposition techniques. Using data from the IV/2012 Quarterly Survey of Average Earnings, an econometrical model intended for regression and decomposition analyses was set. The most important part of the model is the dummy variable representing pertinence to the public sector of the national economy. We found that this dummy was statistically significant throughout the wage distribution, and that the value of its coefficient was negative and rising. This means that public sector employees up from the lowest deciles can be discriminated against in their salaries, and that this potential for discrimination increases as we look at the higher deciles. This finding was further examined by decomposition analysis which showed that on average, public sector employees are better equipped (have better characteristics) but have worse return on them (lower regression coefficients). Keywords: public sector, discrimination, public-private pay gap, wage equations, Blinder-Oaxaca, decomposition Classification-JEL: C12, J31, J45, J70 Pages: 662-682 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=975.pdf File-URL: http://www.vse.cz/polek/975 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:975:p:662-682 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/975 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Žofková Author-Name: Dominik Stroukal Title: Odhad mzdové srážky za mateřství v České republice Title: Estimating the Motherhood Wage Penalty in the Czech Republic Abstract: Using cross-sectional data from WageIndicator web survey for Czech Republic, this paper shows that motherhood has a negative effect on women’s wages. The penalty is between 1-13%, depending on personal characteristics. Results of auxiliary regressions suggest that behind the negative effect is loss of human capital caused by maternity and parental leave as well as lower work effort of mothers at work and self-selection of mothers into more mother-friendly jobs. We have found a significant motherhood wage penalty in the private sector. However, in the public sector mothers receive a 1% wage premium. In contrast with theory, results show that low educated women yield a 4% premium for motherhood. In conclusion, the motherhood wage penalty in Czech Republic exhibits properties similar to those found in other European and US studies. Keywords: wages, human capital, motherhood wage penalty, wage gap, children, work effort Classification-JEL: D10, J13, J24, J30 Pages: 683-700 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=976.pdf File-URL: http://www.vse.cz/polek/976 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:976:p:683-700 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/976 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Titze Title: Menová politika Federálneho rezervného systému v rokoch 1929-1933 Title: The Federal Reserve Monetary Policy 1929-1933 Abstract: The paper discusses Federal reserve´s monetary policy during banking crisis interim 1929 - 1933. Main goal of the paper is to discuss the monetary policy implementation problems during 1930s based on Real-bills and Riefler-Burgess doctrine. First part of the paper reveals possible conflict between FED´s monetary tools and targets arising from gold exchange standard. Expansionary monetary policy during banking crisis was potentially strongly limited by conflict among U.S. financial stability and sustainability of the gold standard. The second part describes monetary policy implementation during 1920s. The third part discusses FED´s open market operations during the banking crisis and the fourth part explains the behavior of the interest rates. Finally, the work concludes that FED managed liquidity of U.S. banking system inappropriately and caused many bank deposit suspensions. FED considered monetary condition to be easy and sufficient to cover needs of production. Money interest rates responded very moderately to shortage of banking system´s liquidity. We can find the origin of quantitative easing in 1932 when FED first bought large quantities of government securities. This policy was insufficient because of short term duration and the gold outflow neutralizations. Keywords: interest rates, open market operations, monetary policy implementation, FED, banking crisis Classification-JEL: E44, E52, E58 Pages: 701-719 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=977.pdf File-URL: http://www.vse.cz/polek/977 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:977:p:701-719 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/977 Template-Type: ReDIF-Article 1.0 Author-Name: Christiana Kliková Author-Name: Milan Žák Title: Trochu jiná kniha o nadnárodních společnostech Title: A Slightly Different Book on Multinational Corporations Keywords: - Pages: 720-722 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=978.pdf File-URL: http://www.vse.cz/polek/978 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:5:id:978:p:720-722 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/978