Template-Type: ReDIF-Article 1.0 Author-Name: Richard Hindls Author-Name: Stanislava Hronová Author-Name: Jaroslav Sixta Author-Name: Kristýna Vltavská Title: Struktura spotřeby českých domácností 1970-2012 Title: Household Consumption Expenditures between 1970 and 2012 Abstract: The paper describes the development of household consumption expenditures from a longer perspective. Currently, there are available data for more than forty years and it means that lots of information about changes in structure and main tendencies can be studied. Since the emphasis is put on the comparable time series, it was necessary to prepare transformation of original data into national accounts. Historical figures on private consumption were published in line with the Material Product System that is not fully comparable with the System of National Accounts. Data on private consumption reflecting only material part of consumption had to be transformed into household consumption expenditures covering both expenditures for material and non-material products. The process of transformation of original data reflecting socialist statistical system is briefly described, as well as main differences. Key points of transformation are illustrated on selected years. Finally, original data are compared with reconstructed ones and differences are explained. The analysis provides useful information about main changes in consumption expenditures by CZ-COICOP. Finally, some often discussed issues like the relative increase of expenditures connected with housing, decrease of the share of foodstuff etc. can be proven now. Keywords: Material product system, household consumption expenditures, system of national accounts Classification-JEL: C02, E01, N01 Pages: 725-748 Volume: 2014 Issue: 6 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=979.pdf File-URL: http://www.vse.cz/polek/979 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:6:id:979:p:725-748 Template-Type: ReDIF-Article 1.0 Author-Name: Libor Dušek Author-Name: Klára Kalíšková Author-Name: Daniel Münich Title: Dopady reformy přímých daní k roku 2015: vyhodnocení pomocí modelu TAXBEN Title: The Impacts of the 2015 Reform of Direct Taxation: Evaluation with a TAXBEN Model Abstract: The Czech Parliament approved a wide-ranging reform of direct taxes in 2011. Absent other legislative changes, the reform will come into force on January 1, 2015. We evaluate its impacts on the tax burdens and the average and marginal tax rates in a representative sample of Czech individuals and households. The main impact of the reform is a reduction in the average tax rates for the self-employed in the 5th through 10th income deciles, most frequently by 4.4 percentage points. The variation in the change in the average tax rates among the self-employed in low incomes deciles is large and varies between minus 5 to plus 5 percentage points. The reform would reduce the taxes for most employees only slightly but it would increase the average tax rate by up to 5 percentage points for employees with earnings exceeding four times the average wage. The effective marginal tax rates faced by the self-employed would drop most commonly by either 4.4 or 10-11 percentage points, while the effective marginal tax rates faced by employees would remain unchanged. The impacts on the households are highly heterogeneous depending on the share of income from self-employment in the household’s total income. The reform would reduce the budget revenues by approximately CZK 19 billion. Keywords: Czech Republic, tax reform, impact evaluation, TAXBEN model Classification-JEL: D31, H22, H24 Pages: 749-768 Volume: 2014 Issue: 6 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=980.pdf File-URL: http://www.vse.cz/polek/980 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:6:id:980:p:749-768 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Zbranek Author-Name: Jakub Fischer Title: Konstrukce a využití časových input-output tabulek pro hodnocení produktivity práce v podmínkách České republiky Title: Construction of the Time Input-Output Tables under Conditions of the Czech Republic Abstract: The article deals with the method of construction of symmetric time input-output tables under conditions of the Czech Republic. It is completely new approach to the description and evaluation of the Czech economy even though the effort to include the factor of time in this evaluation is abroad for quite long. In the Czech Republic are these efforts at the beginning. The method used to achieve the goal is based on the Supply and use tables expressed in time units, which is compiled using relevant data sources. The described results inform about the achieving of this goal. The method leads to the compilation of the symmetric time input-output tables. Some problems are discussed and have to be solved before the derivation of the input-output models from the time input-output tables. Keywords: time input-output tables, supply and use tables, labour intensity of production, hours worked, national accounting Classification-JEL: E01, O47 Pages: 769-784 Volume: 2014 Issue: 6 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=981.pdf File-URL: http://www.vse.cz/polek/981 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:6:id:981:p:769-784 Template-Type: ReDIF-Article 1.0 Author-Name: Sára Bíza Bisová Author-Name: Roman Hušek Title: Srovnání měnových transmisních mechanismů České republiky a Polska pomocí funkcí odezvy Title: Comparison of the Monetary Transmission Mechanisms of Czech Republic and Poland Using Impulse Response Functions Abstract: For the purpose of monetary policy analyses dynamic multivariate models are usually applied. The reason is the presence of significant lags between an action and the appropriate effects in the economy. We use the concept of structural VAR models, widely used approach next to the DSGE and simultaneous equations models. We estimate four and five variable VAR containing the key macroeconomic indicators and identify monetary transmission mechanism using SVAR. Using different identification schemes and impulse response functions we compare the effect of a restrictive monetary policy shock on the set of analysed variables, especially price level. We also compare the results of defined models for the Czech and Polish economies, that both intend to enter EMU. To avoid the possibility of a price puzzle effect, as a result of mixing policy regimes in the sample period, we use data from single monetary policy regime starting 1998, when the Czech central bank switched to the inflation targeting regime. The results indicate high sensitivity to the identification schemes in SVAR and not significant differences between responses to monetary policy shock in CR and Poland. Keywords: monetary policy, transmission mechanism, impulse response functions, Cholesky decomposition, exogenous shock, identification, SVAR Classification-JEL: C32, C51, E52, E58 Pages: 785-807 Volume: 2014 Issue: 6 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=982.pdf File-URL: http://www.vse.cz/polek/982 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:6:id:982:p:785-807 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Vejmělek Title: Dopad intervence ČNB do finančních trhů Title: CNB FX Intervention and Its Impact on Financial Markets Abstract: The paper is discussing CNB FX intervention and its impact on all segments of Czech financial markets from process and volumes of transactions point of view and possible consequences. The focus is on foreign exchange, bond and stock market. Although the impact of FX intervention was evident on all markets under discussion, it was not so significant having macroeconomic effects. The only exception is the FX market. The Czech National Bank contributed to the widening gap between market and equilibrium exchange rate. The undervalued Czech currency will have a temporal positive impact on the macroeconomic external balance. Keywords: external balance, FX intervention, financial markets Classification-JEL: E44, E52, E58, F31 Pages: 808-823 Volume: 2014 Issue: 6 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=983.pdf File-URL: http://www.vse.cz/polek/983 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:6:id:983:p:808-823 Template-Type: ReDIF-Article 1.0 Author-Name: Patrik Sieber Author-Name: Jan Melichar Title: Ekonomické hodnocení hluku ze silniční dopravy: studie podmíněného hodnocení Title: The Economic Valuation of Road Traffic Noise: The Contingent Valuation Study Abstract: Our study investigates the benefits that the Czech inhabitants could gain from the reduction of road traffic noise. We applied contingent valuation study in order to estimate willingness-to-pay (WTP) for the reduction of traffic noise by 10 dB (from 70 dB up 60 dB). Using data from 2010 Czech representative survey (n=2,104), we estimated mean WTP by nonparametric method which was based on the Kaplan-Meier estimate. Further, we explained the variability of WTP using Double-Hurdle model. In the first step, the Probit model explained the choice of individuals that are willing to participate on the program decreasing the road noise. In the second step, the log-normal regression model explained the variability of WTP on the socio-economic characteristics of individuals and characteristics of noise in the area where people live. Keywords: contingent valuation, noise, road traffic, willingness-to-pay, compensating surplus Classification-JEL: C14, C34, Q51, Q53 Pages: 824-849 Volume: 2014 Issue: 6 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=984.pdf File-URL: http://www.vse.cz/polek/984 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:6:id:984:p:824-849 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Ekonomická teorie Garyho Beckera Title: The Economic Theory of Gary Becker Abstract: The purpose of the paper is to map the economic theory of Gary Becker. The first part outlines the life of Gary Becker. The second part analyses his economic approach to human behaviour. The third part covers the economics of discrimination. The fourth part examines the human capital theory. The fifth part is concerned with crime and punishment. The sixth part deals with economics of the family. The seventh part outlines economics of life. Keywords: Chicago School of Economics, Gary Becker Classification-JEL: A12, B31, D01, D10 Pages: 850-864 Volume: 2014 Issue: 6 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=985.pdf File-URL: http://www.vse.cz/polek/985 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:6:id:985:p:850-864