Acta Oeconomica Pragensia, 2013 (vol. 21), issue 5

Definition, Benefits and Risks of High-Frequency Trading

Jakub Kučera

Acta Oeconomica Pragensia 2013, 21(5):3-30 | DOI: 10.18267/j.aop.413  

The paper deals with high-frequency algorithmic trading (HFT), which has recently come to dominate some financial markets, e.g. the US equity markets. The author first attempts to establish a clear definition of high-frequency trading. With the most important characteristics having been analysed, it is concluded that such a definition would not bring more clarity into the debate over HFT. Strategies pursued by traders should be given consideration instead. On this account, the text proceeds with the examination of the most common strategies. Afterwards, the question is raised whether the rise of high-frequency algorithmic traders has resulted in more...

Estimation of the New Keynesian Phillips Curve in the Czech Environment

Milan Bouda

Acta Oeconomica Pragensia 2013, 21(5):31-46 | DOI: 10.18267/j.aop.414  

The paper deals with the estimation of the New Keynesian Phillips curve (NKPC). First, the history of the Phillips curve and the NKPC is outlined. Next, similar research and papers regarding the NKPC are mentioned. The main goal of the paper is to estimate the parameters of the NKPC using the Bayesian techniques. These techniques are widely used for the DSGE model estimation and this paper contains links to the source foreign literature. The NKPC is estimated as part of a fully calibrated Small Open Economy (SOE) DSGE model. The SOE DSGE model consists of households, firms, the government and the central bank. The estimation is performed on the Czech...

The Use of Finite Mixtures of Probability Distributions for Modelling the Distribution of the Duration of Unemployment in the Czech Republic

Ivana Malá

Acta Oeconomica Pragensia 2013, 21(5):47-63 | DOI: 10.18267/j.aop.415  

Unemployment belongs to the most serious economic and social problems of developed countries. Usually, the rate of unemployment is analysed. Another problem is the duration of unemployment and especially long-term unemployment. The unemployment duration in the Czech Republic in 2010 is analysed in the paper. The model uses data from the Labour Force Sample Survey, which is performed quarterly by the Czech Statistical Office. The probability distribution of unemployment duration is modelled with the use of finite mixtures of lognormal distributions with the observable components of membership, gender and education. The observations are right and interval-censored,...

Economic Value of Cultural Landscape, Non-Production Services of a Territory, and Non-Market Valuation Methods. A Survey Focused on Determining which Landscape Functions are Valuated Most Frequently and which Methods are Used

Hana ©vejdarová, Eva Cudlínová

Acta Oeconomica Pragensia 2013, 21(5):64-81 | DOI: 10.18267/j.aop.416  

Almost every landscape fulfils various important functions for human society. Nevertheless, planning does not always allocate individual functions the significance that they ought to receive in comparison with others. A typical example is undervaluing landscape services that cannot be expressed in market terms. However, there are means to correct this imbalance. A landscape's non-market services can be expressed using non-market evaluation methods. As a basis for assessing the importance of multi-functional land use, a systematic overview of the various functions of a landscape is presented here. Furthermore, there is a brief description of the non-market...

Phraseology of the Professional German Language of Foreign Trade

Věra Höppnerová

Acta Oeconomica Pragensia 2013, 21(5):82-92 | DOI: 10.18267/j.aop.417  

Not only business correspondence, but the language of foreign trade as a whole is rich in various types of phraseological phenomena. The article deals with the most common noun, verbal and adverbial structures, phrases and sentences specific to business correspondence and collocations in the field of professional communication. When studying a certain type of professional language, knowing how terms, specific phrases and whole sentences may be linked is of paramount importance.