This paper is focused on the theory of optimal taxation applied to environmental regulation. The first part summarizes the current state of knowledge in this field, especially it concentrates on the so called double dividend hypothesis. The second part of the paper defines the concept of triple...

This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not be apparent at first sight, but is clear at business cycle frequencies. Our results suggest that at business cycle frequency, the output and core inflation comovement is high and...

We incorporate a housing market with liquidity-constrained households into the Czech National Bank's core forecasting model (g3) to analyze the relationship between housing market and aggregate fluctuations in a small open economy framework. We discuss the historical shock decomposition of house...

In this paper, we analyse the dynamics of the housing sector over business cycles. First, we provide an empirical analysis of the relationships between housing sector data and the main macroeconomic variables both on Czech data and on a sample of advanced economies. We document that in most...

In this paper we evaluate how various investment decisions explain the macroeconomic dynamics of European transition countries. We introduce quality investment decisions into a model with other two standard investment margins assumed in the advanced trade literature, i.e., investment in new...

This article sets out to contribute to the understanding of the dynamics of retail credit premiums (i.e. the difference between reference interest rates and rates on retail loans with comparable maturities) in the Czech economy. The text documents the history of the credit premium. A model that...