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HOUSING SECTOR-SPECIFIC DSGE MODEL WITH APPLICATIONS TO CZECH AND SLOVAK ECONOMIES

100%
Bouda M., Formánek T.
Ekonomický časopis (Journal of Economics)
|
2014
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vol. 62
|
issue 8
805 – 822
EN
In this paper, we introduce and use a dynamic stochastic general equilibrium (DSGE) model tailored for analysis of small open economies, which is further amended to encompass housing sector-specific dynamics and to generate relevant insight and conditional forecasts for the housing sector. We analyse and compare the housing sector dynamic behaviour for the Czech Republic and the Slovak Republic. The empirical part of our paper consists of Bayesian estimation and evaluation of the model, impulse response analysis and conditional forecasts under alternative macroeconomic policy scenarios. We find significant pro-volatile impact of higher loan to values (LTVs) for both economies analysed. This effect is observed both in IRFs and conditional forecasts calculated using different LTV-based scenarios.
2

Brand importance across product categories in the Czech Republic

100%
Formánek T., Tahal R.
Management & Marketing
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2016
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vol. 11
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issue 1
341-354
EN
This paper deals with customer loyalty to brands and provides an analysis of brand-related attitudes among Czech consumers. Brand loyalty is a very important aspect of competitive marketing and we contribute an empirically supported point of view on the topic. Based on primary data from a complex consumer survey carried out for the purpose of this study, we investigate the extent of brand loyalty across different product categories, mostly fast moving consumer goods (FMCG). For convenience, the analysis of our survey-data may be divided in two main areas. First, product categories are ranked according to their potential power to attract customers’ interest and loyalty towards brands. When loyalty programs are prepared, it is important to discern product categories where loyalty potential is weak from those categories that attract consumer loyalty. Second, sociodemographic features and lifestyle factors from the survey are evaluated with respect to different product categories, by means of logistic regression and subsequent average partial effect (APE) analysis. A detailed and practically oriented interpretation of the empirical results is provided by the authors. However, both corporate marketers and academic readers can use the tables with empirical estimation outputs that are provided in this article to draw their own conclusions, which may be focused on the product category of interest and/or focused on any specific consumer group that is of particular interest. Among other topics, this paper emphasizes the fact that brand loyalty is a highly complex phenomenon and that it can and should be analysed from different perspectives.
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