The paper considers modern frameworks of public debt management from a credibility perspective. It focuses on the institutional and operational arrangements of effective debt management. In particular, the author seeks to shed light upon the contemporary problems of Czech debt manager compared...

In this article is studied hypothesis, that every period (time interval) before financial crisis is distinguished by co-movement of several variables. The study is based on monthly data (that means no quarterly data, like portfolio investment, were used). This hypothesis, tested with vector...

The Council of Economic Experts and its influence on the German economic policy are discussed in this paper. The first section concentrates on the institutional background and historical genesis of this body. Consequently, the importance of the Council in preventing a competitive and efficient...

This paper studies whether the dynamic behavior of real GDP, unemployment and inflation is systematically affected by the timing of elections and by changes of governments in the Czech Republic. Two basic models of political cycles are tested – the political business cycle models and the...

The authors of the paper discuss reasons as well as current stage of the regulation of the financial (mostly banking) sector. They are not in favor of strict rejection of the regulation, but they are not in favor of strong regulation of the financial sector either. The article is based on the...

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?"...

A number of authors have used the concept of an optimum currency area (or OCA) index to assess the relative proximity of various pairs of economies to the ideal of an optimum currency area. Alas, a significant deficiency of this approach as used so far is that it provides no room for long-term...

In the course of exchange rate development history of the countries taking part and evaluated in ERM or ERM II before they entered the euro-area there was no depreciating evolution with a trend to currency crisis at all. Fundamental indicators of these economies, partly owing to the compliance...

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...

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...