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1

PŘÍSTUP SVAR K ODHADU PRODUKČNÍ MEZERY – APLIKACE PRO SLOVENSKOU EKONOMIKU

100%
Kloudová D.
Ekonomický časopis (Journal of Economics)
|
2013
|
vol. 61
|
issue 5
482 – 496
EN
Although output gap belongs between important indicators of central banks, it is unobservable variable and it is difficult to measure it correctly. One of the methods of estimating output gap is structural VAR (SVAR) model. The purpose of this paper is analysis of SVAR models with two, three, four and five variables. It will be shown, that all four models will generate same business cycle and relative high correlation coefficient. Afterwards, output gaps estimated by SVAR models will be compared with output gap estimated by Hodrick-Prescott filter and it will be shown, that all five output gaps will generate the same cycle.
2

Inflation as a Polynomial Function of Production Gap

100%
Grzeda-Latocha R.
Ekonomista
|
2007
|
issue 2
161-180
EN
It is attempted to verify a hypothesis that inflation is a concave-convex function of production gap. A sample of statistics from 12 economies of the Euro zone provided the basis of the study. The values of estimated parameters of base inflation function suggest that under condition of a positive production gap, inflation rate increases at accelerated pace while it fastly decreases during low industrial cycle. The study supports a guess that on average industrial capacities were utilized at a level of ca 81 %. The effective output (defined here as the volume of products sold during a medium term on condition that inflation increases are zero) could have been attained if capacities were utilized at the level of some 84 %.
3

SINGLE MONETARY POLICY VERSUS MACROECONOMIC FUNDAMENTALS IN SLOVAKIA

88%
Sinicaková M., Gavurová B.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 2
158 – 172
EN
After introduction of Euro since January 2009 the Slovak Republic does not perform its independent monetary policy but is affected by the Euro area policy including common interest rates. Interbank interest rate is considered as a proxy-variable aggregating overall monetary policy setting. The objective of the paper is to evaluate compatibility of the Euro area interest rates with macroeconomic situation in Slovakia. In other words, the key question is whether common interest rates respond sufficiently to inflation gap, output gap or other indicators. Reaction function is estimated via linear regression with the Newey-West approach for the pre-Euro period as well as Euro period in the Slovak Republic. Results demonstrate that the Euro area interbank interest rates did not react sufficiently neither to Slovak inflation nor output gap. These led to extremely low inflation during last month approaching the critical point of deflation with possible negative impacts on Slovak economy.
4

EMPIRICAL EVIDENCE ON DIVERSE FACTOR SHARES ACROSS EU COUNTRIES

88%
Sivák R., Čaplánová A., Holková V., Hofreiter M.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 8
857 – 878
EN
The paper challenges the traditional assumption of stable factor shares introduced in the Cobb-Douglas production function. We analyse factor shares for 20 EU countries among 1995 – 2015 and find evidence for differences in labour shares across both countries and time. On the example of Slovakia, we demonstrate the impact of using different factor shares on output gap estimates quantified to reach up to 0.6 percentage points. Our research also confirms a positive correlation between the degree of economic development and relative labour shares.
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