Heterogeneous agents' model with the stochastic beliefs formation is considered. Fundamentalists rely on their model employing fundamental information basis to forecast the next price period. Chartists determine whether current conditions call for the acquisition of fundamental information in a...

The purpose of this paper is to study a price level dynamics in a simple four-equation model. A basis of this model is developed from dynamical Kaldorian model which could be noticed very frequently in works of non-linear economic dynamics. Our approach is traditional. The difference is observed...

The non-linear approach to economic dynamics enables us to study traditional economic models using modified formulations and different methods of solution. In this article we compare dynamical properties of Keynesian and Classical macroeconomic models. We start with an extended dynamical IS-LM...

Contemporary economics contains mainly two approaches for an explanation of fluctuations of economic activity indicators. The first approach expresses fluctuations as consequences of random external shocks. The second approach expresses fluctuations as a deterministic dynamical process producing...

This paper aims to quantify the impact of social benefits on labor market participation in the Czech Republic. It applies the logistic regression to estimate the probability of labor market participation depending on social benefits related to net wage of the individuals, controlling for...

Práce se zabývá popisem českých institucí podporujících úvěry poskytované malým a středním podnikatelům, zemědělcům a vývozcům. Analyzovanými institucemi jsou Exportní garanční a pojišťovací společnost, Česká exportní banka, Českomoravská záruční a rozvojová...

The article discusses the role of foreign banks and foreign lending in the CEE countries from the financial stability perspective using the data on international banking business. The pattern of foreign banks’ involvement is analyzed and the risk of cross-border contagion explored, focusing on...

Local expenditures in neighbouring municipalities can be spatially interdependent due to spillovers, cooperation effects, competition effects or mimicking. In this paper, we aim to test the spatial interdependence of local public expenditures using data on 205 Czech municipalities. We found...

In this article we extend the agent-based model of firms’ formation and growth proposed in [4]. In [4] the firms‘ creation, expansion or contraction results from the interaction of heterogeneous utility maximizers. While the original model was able to replicate the power law distribution in...

This paper focuses on the key credit risk parameter–Loss Given Default (LGD). We describe its general properties and determinants with respect to seniority of debt, characteristics of debtors or macroeconomic conditions. Further, we illustrate how the LGD can be extracted from market...