The efficiency of macroeconomic policies depends on adequate business cycle approximation. Given that potential output and the output gap (the difference between actual and potential output) are not directly observable, their values need to be estimated using alternative statistical, structural,...

The transformation of the world economy over the past two decades has been manifesting itself in various forms. On the one hand, there is an increasing interdependence of the world economy, which is a manifestation of the depth of the globalization process, mainly thanks to the expansion of...

In this paper the authors try to measure production gap in the Czech Republic and, consequently, non-accelerating inflation product (NAIP) as an approximation of potential product. NAIP is treated as an unobservable variable, to which an augmented Phillips curve plays a key role in its...

Úspìch cílování inflace spoèívá v systematické reakci mìnové politiky na významnìjší poruchy. K zajištìní systémového chování musí být monetární politika explicitnì založena na støednìdobém makroekonomickém rámci s dopøedu hledícím transmisním mechanizmem....

Slovak Republic entered the ERM II in the end of 2005 whereby it came nearer to its strategic objective - joining the euro area. In this paper we try to answer two questions. Section 1 examines the features and risks of the EMU. Is EMU an optimum currency area and what is the OCA scorecard of...