Over the past few years, the Value at Risk indicator (VaR) has evolved, without doubt, into the most frequently used comprehensive tool for assessment of potential losses caused by adverse changes in market rates. However, the common models used for VaR assessment are based only on mid prices...

The theory of endogenous money supply forms one of the cornerstones of Post Keynesian economics. It has been developing rapidly during the last twenty years, but is still neglected as a theoretical background for practical central bank policy. This may be (among other reasons) due to the...

The theory of endogenous money supply forms one of the cornerstones of Post Keynesian economics. It has been developing rapidly during the last twenty years, but is still neglected as a theoretical background for practical central bank policy. This may be (among other reasons) due to the...

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...

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 paper deals with unintended consequences of the monetary union for the level of debt in the member countries of the eurozone. First, it is shown that there exist systematic inflation and real interest rate differentials among the member countries. These differentials reach up to 3 percentage...

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 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 theory of endogenous money supply forms one of the cornerstones of Post Keynesian economics. It has been developing rapidly during the last twenty years, but is still neglected as a theoretical background for practical central bank policy. This may be (among other reasons) due to the...

This paper wants to give a basic overview of arguments for and against of using the financial derivatives tools in the field of foreign exchange risk management. The case study shows, how the separate hedging instruments have impact on P & L statement. This paper discusses different relationship...