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1

EXPERIMENTAL MACROECONOMICS EVALUATION OF COORDINATION FAVORABLENESS AT AGGREGATE LEVEL

100%
Chytilová H., Chytil Z.
Ekonomický časopis (Journal of Economics)
|
2014
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vol. 62
|
issue 8
779 – 804
EN
The experimental investigation of coordination issues is experiencing an upswing nowadays in macroeconomics. With the help of an experiment set in the New Keynesian framework of N-player pricing game with monopolistic competition and strategic complementarity inspired by Fehr and Tyran (2001), we address the question of coordination favourableness at the aggregate level. The results of our experimental research indicate that the extent to which coordination is favourable might, under nominal pay-off dominance, be accountable for existing nominal inertia at the aggregate level. As a result, the product might stay below its potential for a longer time, since convergence is decelerated through a strengthened channel of strategic complementarity.
2
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Transformation of labour resources in Poland 1990-2006

100%
Knapinska M.
Polityka Społeczna
|
2008
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vol. 35
|
issue 2(407)
6-10
EN
The goal of the elaboration is to present, analyze and evaluate tendencies in main economic ratios connected with level, structure and dynamics of labour supply in Poland after 1990. In the first part the size of human resources was presented, in particular it was the population at the working age in relation with the population at the pre- and post-working age. Than the presentation and evaluation of changes in economic activity and level of education in Poland was made. In the next part of the elaboration the attempt was made to evaluate the tendencies in abroad migrations under conditions of Polish accession to the European Union. Finally, labour demand was presented, especially the level and dynamics of the number of employed persons. The main thesis of the elaboration is to present changes in Polish human resources in the last seventeen years taking into considerations demographic conditions and European integration. The main method used in the research was the descriptive statistics
3

Solving non-linear, stochastic differential equations with Uhlig algorithms

100%
Horvath A.
Kozgazdasagi Szemle (Economic Review)
|
2006
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vol. 53
|
issue 3
235-252
EN
Stochastic, dynamic models are frequently used in modern economic analyses. In macroeconomic models resting on microeconomic bases, for instance, the conditions for solving general equilibrium models can be described using a non-linear, stochastic system of differential equations. This prescription-like article shows that the simpler systems - thanks to advances in computer technology - can be solved and analysed with graduate-level knowledge of economics. The algorithm in Blanchard and Kahn's 1980 study presents, as a solution to a matrix-equation system, the recursive form of such models. This the German economist Harald Uhlig transformed in 1999 for the purpose of computerization, so that he is often cited by users. There are two important restrictive criteria for applying the method: that the models should exist in their permanent state, and that they should be susceptible to linear approach. Two examples illustrate how the means necessary for solution do not exceed the level of fairly complex multiplicator analyses. With the model of real business cycles (RBC), the steps are given in detail. This is followed by a brief introduction to a sticky-price model representing a short-term application.
4

WHAT DRIVES THE STOCK MARKET INTEGRATION IN THE CEE-3?

100%
Výrost T., Baumöhl E., Lyócsa Š.
Ekonomický časopis (Journal of Economics)
|
2013
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vol. 61
|
issue 1
67 – 81
EN
In this article, we study the possible explanatory power of macroeconomic factors that may drive the stock market integration between the Czech Republic, Poland and Hungary (CEE-3) and developed countries, using Germany as a benchmark. Our findings suggest that the recent global financial crisis has affected time-varying correlations between certain stock markets more substantially than the entry of the CEE-3 into the EU. The results of our analysis of the effects of these macroeconomic factors were inconclusive. Only our proxy of exchange rate risk was significant in all cases, with positive effects on integration, thus supporting the presence of contagion among different markets.
5

Savings and external financing in the American economy. The background to the credit-market crisis (1997-2007)

75%
Magas I.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 11
987-1009
EN
Rather than dealing with the immediate policy steps to dampen the crisis, this paper attempts to reveal the worsening savings/consumption pattern of the US economy over the last ten years. Based on the closed logic of open-economy GDP-accounting, it argues that the current crisis is deeply rooted in shrinking public and private savings trends discernible as early as 1997. The current mortgage-market crisis and deep fall in new residential housing are products of a distorted financial environment that encourages over-borrowing and over-consumption. Expansion of the credit cycle through successive financial innovations has increased, not decreased output volatility. But the main foreign lenders to the US -Japan, China and Germany - have managed to offset their losses on US securities by buying into US companies. Large US firms have also benefited from rapid dollar depreciation as USD-denominated yields on their foreign assets experienced strong run-ups. The weak dollar has also helped American firms with large assets on foreign markets. So there were strong benefits for the US, not just on the goods-export side, but on the asset side, an aspect rarely emphasized
6

POLEMIKA O VZTAHU NEOKLASICKÉ PRODUKČNÍ FUNKCE A TEORIE ROZDĚLOVÁNÍ

75%
Nedomlelová I., Kocourek A.
Ekonomický časopis (Journal of Economics)
|
2010
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vol. 58
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issue 5
492-511
EN
The neoclassical production function stands for a corner-stone of majority of neoclassical schools of macroeconomics. Its history has been bound with such well-known names as A. Marshall, K. Wicksell, C. Cobb, P. Douglas, P. Samuelson, R. Solow, etc. On the other hand, the neoclassical concept of production function has also faced some criticism during the second half of the 20th century coming especially from Europe (J. Robinson, P. Sraffa, L. Pasinetti, P. Sylos Labini, etc.). No matter how rigorous and robust their reproaches were, their critical opinions have never been really reflected in the mainstream economics. The article reopens the debate on validity of presumptions of the neoclassical concept of production function and theory of distribution. Its authors bring objective and unbiased view of the centennial history of various production functions, they show their relations to theories of distribution, and by doing so they hope to attract attention of contemporary economists to the old and yet unsettled issues.
7

KOMPARATÍVNA ANALÝZA KONKURENCIESCHOPNOSTI EKONOMÍK VYBRANÝCH NOVÝCH ČLENSKÝCH ŠTÁTOV EURÓPSKEJ ÚNIE

75%
Outrata R.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 4
371 – 387
EN
This paper outlines the approach to competitiveness analysis of economy on the level of individual catching-up countries. Simultaneously, this approach is verified by application for 6 new EU member states. Nine macroeconomic and six commodity-structural, both qualitative-oriented indicators, create the relevant criteria set for competitiveness assessment. Analysis quantified considerable although differentiated competitiveness gaps in all selected countries. These gaps can serve a starting point for formulating strategic directions in catching-up process, also on the field of competitiveness of given economy.
8

MACROECONOMIC CONSEQUENCES OF A COMMON AGRICULTURAL POLICY BUDGET REDUCTION FOR THE CZECH ECONOMY – A GENERAL EQUILIBRIUM APPROACH

63%
Kristková Z.
Ekonomický časopis (Journal of Economics)
|
2011
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vol. 59
|
issue 8
802 – 822
EN
The objective of this paper is to quantify the impact of selected scenarios of a Common Agricultural Policy (CAP) budget reduction on the macroeconomic equilibrium of the Czech economy with the use of a dynamic general equilibrium model. The findings show that in the short term, a reduction in direct payments (1st pillar) is more harmful for the economy than the removal of investment subsidies (2nd pillar); this is completely reversed in the long term, in which the removal of investment subsidies leads to a considerably stronger decline in economic growth.
9

MAKROEKONOMICKÉ ŠPECIFIKÁ DLHODOBÉHO VÝVOJA SLOVENSKÉHO TRHU PRÁCE

63%
Kárász P.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 7
684 – 699
EN
The aim of the article is an identification of macroeconomic specifics connected to the long term development of the Slovak labour market. Its realization starts from analysis of Slovak business cycles’ reflection in formation of the labour market. In continuation on this analysis relationships between growth of economic performance and employment rate investigated, including description of functionalities between them. Periods and degrees of similarities with causality represented by the Phillips curve are identified in the framework of the investigation of relationships between inflation and unemployment development. The specifics of long term unemployment with special regard to development of the economy after the global economic crisis are determined in the structure of unemployment
10

APPLICATION OF MICROECONOMIC AND MACROECONOMIC APPROACH TO THE EVALUATING DISPARITIES IN THE REGIONAL DEVELOPMENT

63%
Viturka M., Žítek V., Klímová V., Tonev P.
Ekonomický časopis (Journal of Economics)
|
2011
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vol. 59
|
issue 7
655 – 668
EN
The paper presents a new perspective on the issue of evaluating developmental disparities. The created methodology of the microeconomic evaluation consists of three main components: business environment quality, use of human resources, and innovation potential of companies. Further, the paper provides information on the results of the methodology being applied to the Czech Republic. Its information relevance was also tested using comparison with the results of macroeconomic analysis based on standard statistical data, carried out within a geographically larger scope of 10 selected new EU member states. Finally, recommendations helpful for the needs of regional policy were formulated.
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