Tøi dùležité výzvy: zavádìní nových strategií mìnové politiky, vypozorované odlišnosti v prùbìhu finanèních krizí mezi rozvinutými a rozvíjejícími se ekonomikami a vznik EMU ? napomohly v poslední dekádì posunout úvahy o transmisním mechanizmu mìnové politiky....

The Czech Republic is going to face ageing of its population. It will affect the economy in many ways. The pension system is one of them. This paper provides a view on possibilities how to insure long-term stability of the pension system in the Czech Republic using a mix of pay-as-you-go and...

Our paper focuses on the analysis of supply and demand shocks and on the estimation of expected costs of introducing Euro currency into Czech Republic (CR). The analysis is based on the theory of optimal currency areas by Mundell (1961, 1973) and uses a macroeconomic approach formalized by...

The European Commission is going to discuss a revision of Directive 2003/96/ EC, restructuring the Community framework for the taxation of energy products and electricity. The first proposals include a new energy taxation system, where the current energy tax is divided into two components - an...

Volatility of the financial time series belongs to the crucial estimated parameters in finance (e.g. in risk management, derivative pricing). It is well known, that volatility varies in time, so that new approaches of volatility modeling have appeared. In this paper two models of the conditional...

This paper presents regression analyses of import and export functions in the Czech Republic from 1993 to 1998. The first part of the article summarizes the standard Keynesian income approach to the balance of payments. This traditional theory is considered alongside the theory of the monetary...

Cílem práce je odhadnout a vyšetøit dlouhodobý vztah mezi penìžní zásobou M1, cenovou hladinou, výstupem a alternativními náklady držby penìz a to, zda lze tento vztah - v pøípadì, že existuje - interpretovat ve smyslu dlouhodobé poptávky po penìzích. Práce využívá pøi...

Èlánek struènì shrnuje dosavadní pøístupy k odhadu parametrù a poèáteèních podmínek pro modely ve stavovém tvaru. Ukazuje možnosti využití jednotlivých metod, stejnì jako jejich výhody a nevýhody. Podrobnìji je zde zmiòována metoda maximální vìrohodnosti pro modely ve...

We analyze the extent of the integrated state control over the privatized companies in the Czech Republic during the decade of 1995-2005. During this period, the integrated potential of the state to control companies had a pyramid-like form. Even though the pyramid control was not fully...