Politická ekonomie, 2019 (vol. 67), issue 6

Articles

Fiskální impuls a pokrizový odhad fiskálních multiplikátorů v české republice

Fiscal Impulse and Post-crisis Estimate of Fiscal Multipliers in the Czech Republic

Zdeněk Pikhart

Politická ekonomie 2019, 67(6):577-592 | DOI: 10.18267/j.polek.1256

Fiscal policy undoubtedly represents one of the main economic policies of the state influencing the economic cycle. The subject of the article is a discussion of fiscal impulse measurement, which is a necessary condition for long-term optimal counter-cyclical fiscal policy settings. The study distinguishes between the primary effect of the fiscal impulse and the overall impact on the rest of the economy. Thus, the fiscal multipliers are estimated on Czech data including a specific crisis and post-crisis period. The findings may contribute to optimal fiscal policy settings in various stages of the business cycle.

Modelování makroekonomických agregátů české a slovenské ekonomiky pomocí var modelů

Modelling Macroeconomic Aggregates of the Czech and Slovak Economies Using Var Models

Radmila Krkošková

Politická ekonomie 2019, 67(6):593-610 | DOI: 10.18267/j.polek.1262

The aim of the paper is to analyse, model and compare selected macroeconomic variables of the Czech and Slovak economies and their dynamics using VAR models. This article shows an application of a selected model on real-time series of chosen macroeconomic indicators using four variables (R - interest rate, M - money supply (M2), P - price level (CPI), Y - GDP). We identify and test two long-run relationships. The following hypotheses have been confirmed: H₁: a change in monetary aggregate affects a change in price level and a change in economic growth; H₂: there is a causal relationship...

Odhad elasticity substitúcie vstupov v slovenskej ekonomike

Estimate of Elasticity of Substitution of Inputs in Slovak Economy

Karol Szomolányi, Martin Lukáčik, Adriana Lukáčiková

Politická ekonomie 2019, 67(6):611-630 | DOI: 10.18267/j.polek.1253

The elasticity of substitution between labour and capital in the Slovak economy is estimated in the paper. We used an econometric specification of capital and labour demand and data from the National Bank of Slovakia's macroeconomic database. In order to filter the processes caused by short-term shocks, the data were adjusted using the frequency filter. Using the Breusch and Pagan test, we have shown that the stochastic terms of capital and labour demand are related. Therefore, we did not use only the least squares method to estimate both specifications, but we also estimated a system of two equations with seemingly unrelated regression. The paper...

Štruktúrne väzby exportných odvetví Slovenskej republiky

Structural Links of Slovak Exporting Sectors

Júlia Ďurčová, Ľudmila Bartóková

Politická ekonomie 2019, 67(6):631-654 | DOI: 10.18267/j.polek.1260

Input-output models allow quantification of direct and indirect linkages in the structure of an economy. Based on these linkages, it is possible to evaluate in details the effects of various sectors on the national economy. This paper focuses on the exporting sectors that are considered to be the main industries of Slovak economy. Its aim is to examine their direct and indirect impacts on Slovakia's economy. From the point of view of assessing the effects and structural links of export industries for the Slovak economy, the computer, electronic and optical product manufacturing sector appears to be relatively the least important sector. The automobile...

Discussion

Měnová politika – kudy dál?

Monetary Policy – the Way Forward?

Eva Zamrazilová

Politická ekonomie 2019, 67(6):655-671 | DOI: 10.18267/j.polek.1266

Various theoretical perspectives on the current macroeconomic development of advanced economies, indicating a slowdown in economic growth and labour productivity accompanied by very low inflation, are discussed. Mainstream opinion has been emphasizing the threat of se-cular stagnation, which would require much looser monetary policy compared to past decades. On the other hand, opinions pointing to the limits and risks of a long-term loose monetary policy are analysed. Special attention is paid to the phenomenon of deflation. Biases of measurement of basic macroeconomic indicators in the age of digitization are discussed as well. As a possible way forward...

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