The topic of the relationship between human capital and economic growth has been intensively examined in empirical studies since the 1980s. Although the positive impact of education and human capital on growth has been repeatedly confirmed, there are still doubts about the strength and probable...

The paper deals with the possible impact of the 2008-2009 financial and economic crisis on the potential output in the Czech Republic. Given the general difficulty in sketching out all the consequences of the crisis itself, the article is primarily focused on the labour market, which is regarded...

Financial innovations should be regarded a s a substantial element in the functioning of modern economies and financial sectors. However, their general impact is to be assessed from the present perspective, essentially depending on their particular behaviour and the role they play in the...

The aim of this paper is to analyze the structure of the current financial system, including money circulation in it, and defi ne its infl uence on business cycles. The paper examines causes of disturbances in money circulation which lead to shallow or even deep economic crises. The role of...

In this note, we consider in discrete time the Ramsey growth model without discounting under stochastic uncertainty modelled by Markov processes. To make the model computationally tractable we shall consider finite state approximations of the original model. Properties of policies maximizing...

The paper is devoted to an analysis of the impact of historical revisions of national accounts by the Czech Statistical Office (CZSO) between 2010 and 2011. The theoretical part of the paper points out the importance of revisions of national accounts, describes the different types of revisions...

Timor-Leste is currently the third newest member state of the United Nations, independent since 2002. It is also one of the poorest places on earth where life is extremely diffi cult: after prolonged fighting, physical infrastructure is virtually nonexistent, services such as health and...

The article deals with compilation of symmetric input-output tables per hour worked. The purpose of the paper is to show the process of transformation of classic monetary based input-output tables into physical tables based on hours worked. The paper describes both the possibilities and...

The paper deals with a comparison of alternative monetary policy rules also known as Taylor rules. First, a New Keynesian DSGE model is specifi ed. Results of this model are used as a benchmark. These results are obtained using Bayesian techniques. Bayesian techniques are used for both the...

The paper deals with the estimation of the New Keynesian Phillips curve (NKPC). First, the history of the Phillips curve and the NKPC is outlined. Next, similar research and papers regarding the NKPC are mentioned. The main goal of the paper is to estimate the parameters of the NKPC using the...