Monograph on the Causal Relation of Money Supply and American Stock Market deals with the effect of the change of nominal money supply on the American stock index in the studied period 1967–2014. The „Industrial“ stock index Dow Jones Industrial Average, which is considered a barometer of...

In the study submitted, selected methods of financial time-series analysis are applied to daily returns of the most liquid stocks at Czech capital market. In most cases, symmetric GARCH(1,1) models are quite satisfactory. Further, ARFIMA models enabling to catch "long memory" of underlying...

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...

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...

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...

The present article is focused on analysis of US and Japan government bonds´ market and revealing possible price bubbles while considering the effect of Quantitative Easing and other chosen macroeconomic factors. The aim is set if on these selected market exists price bubble or we can speak...

The purpose of this paper is to study a three-equation dynamic model. The first equation describes the commodity market. The second one demonstrates the dynamics of the money market and the third equation is the interest rate parity. The aim is to investigate the conditions of more complex...

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...

The paper deals with the impact of new information on the fixed income market. We expect this to be the first study covering such a topic in Central European markets. We prepared a model of a market reaction and found out that the market is not significantly driven by new macroeconomic figures....