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Monetary Policy: Old Lessons and New Challenges

Zamrazilová, Eva - In: Politická ekonomie 2011 (2011) 1, pp. 3-21

The relatively long term period of stability before the present crises called even "Great Moderation" or "Golden Age of Central Banking" indicated that the infl ation targeting was a success story. As of 2008 a lot has changed and the debate over "Leaning against the wind or Clean afterwards?"...

Persistent link: https://www.econbiz.de/10008876466

The stabilization mechanism of ultra short-term interest rates in the context of Czech national bank's repo tenders

Brůna, Karel - In: Politická ekonomie 2005 (2005) 4, pp. 459-476

Effectiveness of actual monetary policy depends on the ability of central banks to stabilize the fluctuations of overnight interest rates around their official policy rate. To ensure the functionality of the stabilization mechanism needs the successful balancing between bank's demand for...

Persistent link: https://www.econbiz.de/10005036651

Česká republika ve světle ekonomických teorií

Brčák, Josef; Sekerka, Bohuslav; Stará, Dana; … - 2012

Persistent link: https://www.econbiz.de/10009551969

Theory of money of Josef Macek and his monetary policy view

Sojka, Milan - In: Politická ekonomie 2006 (2006) 3

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...

Persistent link: https://www.econbiz.de/10005036614

Seignorage and Central Bank Finance

Holub, Tomáš - In: Czech Journal of Economics and Finance (Finance a uver) 51 (2001) 1, pp. 9-32

The author of this paper criticizes the broad, cash-flow based concepts of seignorage that were introduced and emphasized by the economic literature of the 1990s (i.e., fiscal seignorage, total seignorage, etc.), which the author argues are ill justified and confusing. On the other hand, the two...

Persistent link: https://www.econbiz.de/10008549697

A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics

Korda, Jan - In: Politická ekonomie 2010 (2010) 1, pp. 92-104

inflation targeting. First, new consensus with its roots in Wicksell´s approach is briefly introduced. In the next parts … differences are found (goals of monetary policy, interest rate functions, nature of inflation, shape of Phillips curve and others …

Persistent link: https://www.econbiz.de/10008602649

Price Convergence toward the EU: A Few Open Issues

Èihák, Martin; Holub, Tomáš - In: Czech Journal of Economics and Finance (Finance a uver) 51 (2001) 6, pp. 349-362

This article attempts to answer a few open questions related to price convergence in the Czech Republic and in other Central and Eastern European Countries toward prices in the European Union. The authors address the following issues: First, what, from the theoretical viewpoint, should the...

Persistent link: https://www.econbiz.de/10008549821

Risks and challenges of monetary strategy for euro adoption

Dědek, Oldřich - In: Politická ekonomie 2006 (2006) 1, pp. 3-21

currency. The assessment of the inflation criterion concentrates on the potential clash with so called real convergence showing … applying for the ERM-II membership. Finally, the pros and cons of inflation targeting are discussed from the perspective of … promoting the fulfilment of Maastricht requirements. Attention is paid to the issue of optimal exit form inflation targeting …

Persistent link: https://www.econbiz.de/10005036586

Rizika a výzvy měnové strategie k převzetí eura / Risks and Challenges of Monetary Strategy for Euro Adoption [available in Czech only]

Dědek, Oldřich - Institut ekonomických studií, Univerzita Karlova v Praze - 2005

Persistent link: https://www.econbiz.de/10005808673

Monetary approach to inflation: A medium-term structural model in a small open economy (the case of the Czech Republic in 1996-2004)

Arlt, Josef; Kodera, Jan; Mandel, Martin; Tomšík, … - In: Politická ekonomie 2006 (2006) 3

The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship … between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy … money and tradables inflation in the case of the Czech small open economy is not found. The conclusions presented in the …

Persistent link: https://www.econbiz.de/10005036707