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1

TIME-VARYING RIGIDITY OF THE CZECH REGIONAL LABOUR MARKETS

100%
Pošta V.
Ekonomický časopis (Journal of Economics)
|
2020
|
vol. 68
|
issue 3
252 – 268
EN
While the empirical economic research has long focused on capturing the rigidities of the labour markets on the level of the whole economy, the structural policy might benefit much more from a regional perspective. This paper follows exactly this path, focusing on the regional differences in labour market rigidities. The concept of the labour market rigidity is captured by the sensitivity of probability of finding a job on the labour market tightness, a key relationship behind the search model of the labour market referred to as matching function. The relationship is estimated as time-varying using the Kalman filter procedure. Indeed the results go to prove that the situation among the regional labour markets in the Czech economy varies with respect to space as well as time.
2

CHANGES IN MONETARY POLICY RESPONSES IN THE CZECH REPUBLIC, HUNGARY AND POLAND

72%
Pokorný T., Chytilová H.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 6-7
369 – 404
EN
In this paper, we analyse how the monetary policy responses of the Czech National Bank, the Hungarian National Bank, and the National Bank of Poland have changed over the period from 1996 Q1 to 2022 Q3 using the Kalman filter. Our findings are as follows. Firstly, we identify concealed discretion among the monetary policy authorities, which is traced through significant changes in their monetary policy parameters, highlighting the importance of applying a time-varying estimation framework. Secondly, we observe a decreasing response of policy rates to the inflation gap over the observed period. The reduced response in interest rates aligns with the anchored inflation expectations in the Czech Republic and Poland. Thirdly, the interest rate smoothing parameter has declined over the observed period, reflecting the central banks’ increased willingness to adjust policy rates more vigorously. Additionally, we find a significant decrease in the long-term equilibrium interest rates, indicated by the policy-neutral rate, across the analysed countries.
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