Politická ekonomie, 2011 (vol. 59), issue 1

Articles

Měnová politika: staré lekce, nové výzvy

Monetary Policy: Old Lessons and New Challenges

Eva Zamrazilová

Politická ekonomie 2011, 59(1):3-21 | DOI: 10.18267/j.polek.769  

The relatively long term period of stability before the present crises called even "Great Moderation" or "Golden Age of Central Banking" indicated that the infl ation targeting was a success story. As of 2008 a lot has changed and the debate over "Leaning against the wind or Clean afterwards?" is being revisited among central bankers and academicians. At the same time the question "Does money matter in monetary policy" is on the table again. This paper focuses on the discussion of these issues; moreover, some new challenges that emerged in previous three years are discussed. The crisis has highlighted an urgent need to incorporate banks and financial...

Měnová politika a cena ropy

Monetary Policy and Price of Oil

Jan Hošek, Luboš Komárek, Martin Motl

Politická ekonomie 2011, 59(1):22-46 | DOI: 10.18267/j.polek.770  

The article discusses the relationship between monetary policy and price of oil, in broader sense price of commodities. Firstly it focuses on describing the relationship of key macroeconomic variables, gas prices and other commodities against oil prices. Subsequently, it discusses the existence of a "transmission channels" through which monetary policy can be propagated into oil prices (or prices of commodities). Secondly it provides further insight into the forecasting process of the CNB, in both a retrospective look back at the prospects of oil prices in the past and the analysis of transitory and permanent shock (the rise in oil prices of 30 USD/b)....

Vplyv monetárneho zásahu v rámci IS-LM modelu s dynamickou úpravou cien a adaptívnymi očakávaniami

Effect of Monetary Intervention in the Frame of IS-LM Model with Dynamic Price Adjustment and Adaptive Expectations

Szomolányi Karol, Lukáčik Martin, Lukáčiková Adriana

Politická ekonomie 2011, 59(1):47-57 | DOI: 10.18267/j.polek.771  

An assumption that a central bank can influence the real interest rates is the object of our interest. In the paper we form and solve a model which corresponds to Romer's (2000) assumptions. Our model is IS-LM augmented by a conception of price-adjusting after monetary intervention and inflation expectations. A monetary policy rule is derived from the model. Moreover, it offers a demonstration of economic behaviour by different economic assumptions of different economic schools, similar to one in the book of Heijdra (2002).

Regulace bankovního sektoru z pohledu ekonomické teorie

Regulation of the Banking Sector From the Economic Theory´s Point of View

Martin Mandel, Vladimír Tomšík

Politická ekonomie 2011, 59(1):58-81 | DOI: 10.18267/j.polek.772  

The authors of the paper discuss reasons as well as current stage of the regulation of the financial (mostly banking) sector. They are not in favor of strict rejection of the regulation, but they are not in favor of strong regulation of the financial sector either. The article is based on the economic theory that there are objective economic reasons as well as specific financial features which cannot recommend and provide clear, simple, and unilateral solution about what level of regulation is appropriate in the financial market. The authors offer some economic ideas that can be useful for preparing and evaluating new regulation of the banking sector....

Rozsah integrovaného státního vlastnictví a vliv firemní kontroly na výkonnost českých podniků

Extent of the Integrated State Ownership and Effect of the State Control on Performance of Czech Firms

Jan Hanousek, Evžen Kočenda

Politická ekonomie 2011, 59(1):82-104 | DOI: 10.18267/j.polek.773  

We analyze the extent of the integrated state control over the privatized companies in the Czech Republic during the decade of 1995-2005. During this period, the integrated potential of the state to control companies had a pyramid-like form. Even though the pyramid control was not fully utilized, the state owned the golden shares that significantly improved state ability to control companies. Our findings suggest that state control in the period under research is correlated with decreasing, or even negative performance of companies. The efficiency of the state-owned companies was much lower than that of the privately owned. The inability of state...

Aplikace robustní regrese v analýze komparativních cenových hladin zemí Evropské unie

Robust Regression in Analysis of Comparative Price Levels of EU Countries

Dagmar Blatná

Politická ekonomie 2011, 59(1):105-129 | DOI: 10.18267/j.polek.774  

The values of comparative price levels vary greatly in individual EU countries and depend on many different economic factors. The EU countries were divided into two distinguishable groups. Both OLS and robust regressions were used to analyze the influence of the comparative price levels on selected indicators. If outliers and leverage points were identified using robust outliers' detection and the results of the OLS and robust fits differed significantly, the robust fits are preferred. When differences were not significant, the OLS fits can be used. Models for 27 EU countries and groups of countries differ significantly with respect to indicators included.

From scientific life

Nositelé Nobelovy ceny za ekonomii pro rok 2010

Nobel Prize in Economics 2010 Winners

Pavel Sirůček

Politická ekonomie 2011, 59(1):130-136 | DOI: 10.18267/j.polek.775  

From economic literature

Od centrálního řízení k víceúrovňové správě - nové přístupy ke správě přírodních zdrojů

From Central Government to Multi-Level Governance

Jitka Šeflová, Jan Slavík

Politická ekonomie 2011, 59(1):137-140 | DOI: 10.18267/j.polek.776  

Regionální ekonomie v teorii i praxi

Theory and Practices of Regional Economy

Marek Jetmar

Politická ekonomie 2011, 59(1):140-144 | DOI: 10.18267/j.polek.777