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