This paper uses a specific experiment — „voucher privatization“ in the former Czechoslovakia — to test the permanent income hypothesis of consumer behavior. Voucher privatization (the mass privatization of state-owned assets through publicly offered vouchers) led to an unexpected...

In this paper we study three crucial questions of economic decision-making: a) How are the people motivated in the choice of profession (career) and schools? This is also a decision that deals with the criteria for building the human capital of various specialisations. b) Can enterprises rely on...

The paper emphasizes how changes in credit conditions in the Czech Republic are likely to influence aggregate consumption. Aggregate consumption plays an important role in macroeconomic fluctuations and in the transmission mechanism. Czech household debt has increased in the past five years. The...

The study is focused on macroeconomic stability of the Czech economy. The first part (methodological) stems from the system of national accounting which offers two approaches: from the point of view of relationship between domestic supply and demand and between savings and investments....

The paper analyses the intertemporal approach to the balance of payments which is based on the intertemporal approach to the relation between domestic saving and investment. A key element of the presented analysis is whether world capital mobility is high enough to hold a condition that the...