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falling inflation expectations and inflation premiums. The decrease of CZK/EUR long-term rate differentials from 4 % to 0 … % can approximately be explained by the one-third decrease of inflation expectations in the Czech Republic and by the 50 …% decrease of the relative inflation premium. In the long term, the effect of Czech National Bank monetary policy is dwindling …
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This paper examines features of the Czech stock market’s development from 1997 to 2003 and attempts to unveil the macroeconomic consequences of stock-price development. The analysis of the stock market’s behavior supports a cautionary stance on the hypothesis of the efficient-market theory,...
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-accelerating inflation product (NAIP) as an approximation of potential product. NAIP is treated as an unobservable variable, to which an …
Persistent link: https://www.econbiz.de/10008495652
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....
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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...
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V čase, keď sa globálna ekonomika ocitá v problémoch s klesajúcim ekonomickým rastom a rastúcou infláciou, pokračuje ďalšie rozširovanie členskej základne eurozóny. Globálna nerovnováha sa prejavuje aj na európskom finančnom trhu. Euro sa zhodnocuje oproti americkému...
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