The article deals with the relationship of post-Keynesian economics to new consensus as a theoretical framework of inflation targeting. First, new consensus with its roots in Wicksell´s approach is briefly introduced. In the next parts differences and meeting-points of new consensus and...

The author of this paper criticizes the broad, cash-flow based concepts of seignorage that were introduced and emphasized by the economic literature of the 1990s (i.e., fiscal seignorage, total seignorage, etc.), which the author argues are ill justified and confusing. On the other hand, the two...

Effectiveness of actual monetary policy depends on the ability of central banks to stabilize the fluctuations of overnight interest rates around their official policy rate. To ensure the functionality of the stabilization mechanism needs the successful balancing between bank's demand for...

The relatively long term period of stability before the present crises called even "Great Moderation" or "Golden Age of Central Banking" indicated that the infl ation targeting was a success story. As of 2008 a lot has changed and the debate over "Leaning against the wind or Clean afterwards?"...

Learning process is a new approach of filling the gap between adaptive expectations and rational expectations. Private agents are learning new information and adjust their expectation about the inflation and output gap. Central bank transparency is one of the key factors of learning by private...

The article contains a general analysis of the exchange rate convergence process of EU and eurozone-candidate countries. Emphasis is given to an analysis of the exchange rate policy of member states within the ERM/ERM2 mechanism (beginning several years before the introduction of the euro) and...

This article attempts to answer a few open questions related to price convergence in the Czech Republic and in other Central and Eastern European Countries toward prices in the European Union. The authors address the following issues: First, what, from the theoretical viewpoint, should the...

The article contains a general analysis of the exchange rate convergence process of EU and eurozone-candidate countries. Emphasis is given to an analysis of the exchange rate policy of member states within the ERM/ERM2 mechanism (beginning several years before the introduction of the euro) and...

The article is a general analysis of the exchange rate convergence process for EU and Eurozone candidate countries. The introduction states that exchange rate strategies of candidate countries have to be consistent with the „acquis communataire“ from beginning to end. For these countries,...

V kvìtnu 2002 se konal 38. semináø ÈSE z øady semináøù ""Ekonomické teorie a èeská ekonomika"" s názvem: Argentina - vzestupy a pády?. Øeèníkem semináøe byl Jiøí Jonáš, poradce výkonného øeditele Mezinárodního mìnového fondu. Jeho vystoupení se zamìøilo na...