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1

Integration of Monetary and Fiscal Policy of the Countries of the Visegrad Group

100%
Kappel S., Janků J.
Review of Economic Perspectives
|
2014
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vol. 14
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issue 3
197-213
EN
The aim of this paper is to evaluate mutual interaction of monetary and fiscal policies in the countries of the Visegrad group, i.e. in the Czech Republic, Slovakia, Poland and Hungary. The relationship of monetary and fiscal policy - their coordination, cooperation or mutual antagonism - are basic determinants of successful implementation for economic policy of the state. Fiscal and monetary policies usually have different aims, and some conflict situations may arise in practical economic and political decision- making. Each policy has to make its decision with regard to the other one. Methodical approaches of this contribution are based on the game theory, which deals with the analysis of a wide range of decision situations with more participants (players) and it is primarily focused on the conflict situations. This game-theoretical approach is responsible for creating the theoretical model which is then dealt with in the empirical analysis. We find a distinctly stabilizing role of monetary policy and relatively problematic stabilizing role of fiscal policy in the analyzed countries. The dominant role of monetary policy is statistically confirmed in the case of the Czech Republic and Hungary.
2

Policy Autonomy, Coordination or Harmonization in the Persistently Heterogeneous European Union?

100%
Kouba L., Mádr M., Nerudová D., Rozmahel P.
DANUBE: Law and Economics Review
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2016
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vol. 7
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issue 1
53-71
EN
Within the context of the continuing integration process in Europe, this paper addresses the question of whether policies in the EU should head towards autonomy, coordination or harmonization. Taking the path dependence effect into account, it is the authors’ opinion that Europe has gone too far in its integration process to be able to continue with policies being fully under the competences of individual member countries. However, the habitual question still arises: does fiscal policy need to be harmonized to a level comparable to monetary policy as these two policies, necessarily, complement each other? This paper argues that it does not. There are three main arguments discussed. Firstly, the authors build on the theory of fiscal federalism. Secondly, there are significantly different regimes of welfare states and extents of social policies among European countries, which strongly determine the character of public finance. And thirdly, the tax systems across Europe are also highly divergent, with many features of continuing tax competition.
3
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THE JOB GUARANTEE: FULL EMPLOYMENT, PRICE STABILITY AND SOCIAL PROGRESS

86%
EHNTS D. H., HÖFGEN M.
Society Register
|
2019
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vol. 3
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issue 2
49-65
EN
This paper presents the idea of the Job Guarantee (JG), which is a logical extension of the paradigm of a tax-driven fiat currency. The JG involves the government offering a public purpose-oriented job with a fixed hourly wage and job benefits to anyone willing to work. The JG as a bottom-up approach is locally administered but federally funded. As the analytical lens of MMT reveals, a monetarily sovereign government is always able to provide the spending required. Macroeconomically, the JG works as an automatic countercyclical stabilizer and an excellent tool for aggregated demand management, ensuring the economy is continuously operating at full capacity. On top, the JG uses an employed buffer stock approach as a superior means to maintain price stability. Next to its favourable macroeconomic impacts, the JG offers many social benefits, particularly related to continuous employment, working conditions in the private sector, power relations in the labour market and democracy. While the JG and Universal Basic Income (UBI) are often discussed as comparable, competing policy proposals, the JG addresses more macroeconomic and social issues than the UBI does. This paper concludes that the JG qualifies for being the single most effective policy in order to drive the economy towards continuous full employment and price stability while realizing additional social benefits.
4

Some Remarks on the Economic Development of the Komnenian Byzantium

72%
Brandejs J.
West Bohemian Historical Review
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2013
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vol. 3
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issue 2
13-22
EN
The purpose of this article is to present various socioeconomic developments which occurred during the era of the Komnenian dynasty in Byzantium (1081–1185). The work follows the most basic concepts of economy and introduces modern interpretation of recent historical research focused on this period. The themes include the development of trade, taxation, social composition of the countryside and analysis of the status of non-proprietary peasants, paroikoi.
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