Politická ekonomie, 2004 (vol. 52), issue 2
Articles
Čtyři zamyšlení nad cílováním inflace v České republice
Four reflections on practising inflation targeting in the Czech Republic
Oldřich Dědek
Politická ekonomie 2004, 52(2) | DOI: 10.18267/j.polek.454
The paper consists of four parts each of them devoted to a practical aspect of inflation targeting as conducted by the Czech National Bank. The first part outlines the reasons that led to the adoption of this monetary regime and summarises other advantages for effective and transparent decision-making. The second part addresses the issue of missing inflation targets. It is argued that simple confrontation of targets with actual behaviour of inflation may give a distorted view about the actual performance of monetary policy. The third part discusses a subtle methodological controversy about the difference between so-called escape clauses on the one...
Využití metody peněžního převisu/deficitu k indikaci inflačních rizik (přístup Evropské centrální banky)
Implementation of monetary overhang/shortfall measure for indication of inflation risks (the approach of the European Central Bank)
Josef Arlt, Milan Guba, Štěpán Radkovský
Politická ekonomie 2004, 52(2) | DOI: 10.18267/j.polek.456
The ECB concept of analysis of deviation of actual money stock development from its long run equilibrium development is based on the assumption that bigger deviation signalizes risks for the price stability. The ECB considers three measures of this deviation: nominal money gap, real money gap and monetary overhang/shortfall. The calculation of gap between the actual and the equilibrium development of money stock in nominal and real expression is not reasonable at the present time in Czech Republic. The calculation of monetary overhang/shortfall, which is based on the long run equilibrium value of money stock given by model of money demand, seems to...
Analýza koncepčních a institucionálních opatření v návrhu reformy veřejných rozpočtů
Institutional measures in the concept of the public budgets reform
Lucie Sedmihradská-Nitschová
Politická ekonomie 2004, 52(2) | DOI: 10.18267/j.polek.457
This article deals with institutional measures proposed in the concept of the public budgets reform presented by the Czech Ministry of finance in December 2002 and it analyses its capability to improve the budget performance of the Czech Republic. First the performance budgeting and preconditions for its functioning are characterized. In the second part the multi-annual expenditure framework is discussed including analysis of its role in the budgetary process. A simple model shows that introduction of various steps in the budgetary process can alter the final budget. This model has proven that the multi-annual expenditure framework can limit the impact...
Modely hodnocení efektivnosti produkčních jednotek
Models for efficiency evaluation of decision making units
Josef Jablonský
Politická ekonomie 2004, 52(2) | DOI: 10.18267/j.polek.458
The paper deals with models and methods for evaluation of efficiency and performance of production units. Especially, it aims at data envelopment analysis (DEA) models, which are based on the definition of efficiency as the ratio of outputs produced by the unit on the one hand and inputs spent in the production process on the other hand. Standard data envelopment analysis models divide the units into inefficient and efficient ones but they make it not possible to classify the efficient units. That is why the paper deals with several definitions of super efficiency that are bases for classification of efficient units. The models are illustrated on a...
Podobnosť ponukových a dopytových šokov v Európskej Únii a v pristupujúcich krajinách (implikácie pre Českú republiku a Slovensko)
Similarity of supply and demand shocks in the European Union and acceding countries (implications for the Czech republic and Slovakia)
Jarko Fidrmuc, Eduard Hagara
Politická ekonomie 2004, 52(2):153-164 | DOI: 10.18267/j.polek.455 
In this contribution, we compare the correlation of supply and demand shocks for the countries of the euro zone and the acceding countries in Central Europe. Demand and supply shocks are recovered from estimated structural VAR models of output growth and inflation in individual countries. We find that Poland and Hungary face already a comparably high similarity with the countries of the current euro zone. However, the remaining countries show still significant differences in business cycles as compared to the euro zone. This is likely to indicate that the loss of monetary sovereignty may be costly. In turn, the integration is expected to align the...
Consultations
Daniel Kahneman a psychologické základy ekonomie
Daniel Kahneman and psychological principles of economics
Michal Skořepa
Politická ekonomie 2004, 52(2) | DOI: 10.18267/j.polek.460
One of the two laureates of the Nobel Prize for economics in 2002 is Daniel Kahneman. After taking a brief look at Kahneman's life, the present article surveys his contributions to our understanding of three aspects of human decision making: judgment, comparison of alternatives and types of utility. In all three areas, interesting economic applications of Kahneman's results are possible. Some of these applications are sketched.
Podnikatelství a konkurenční tržní proces v Rakouské škole a v díle J. A. Schumpetera
Entrepreneurship and the competitive market process in the Austrian school of economics and in the work of J. A. Schumpeter
Milan Říkovský
Politická ekonomie 2004, 52(2):165-189 | DOI: 10.18267/j.polek.459
The aim of this paper is to introduce the market process as a central concept of Austrian economics as opposed to the general-equilibrium approach of the neoclassical school. In the first part the author shortly reviews the theme of entrepreneur and understanding of entrepreneurial function in the history of economic thought. In the second chapter the formation of the Austrian view of the market as an entrepreneurially driven process and simultaneous emergence of criticism of mainstream theory is explained. The chapter three describes the Austrian understanding of the market process based upon twin concepts of sheer ignorance and entrepreneurial discovery....