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 presents the optimal control theory and the maximum principle technique that is suitable for solving dynamic optimalization problems in continuous time. Modern mainstream macroeconomics stresses microeconomics principles of solved problems. However, the application of the standard...

Services have expanded rapidly over last twenty years and they play a dominant role in advanced economies today. The economic research reflects these structural changes by increasing interest in integrating services into the traditional value chain. This study aims at creating conceptual...