The issue of performance efficiency is one of the basic issues in private and also in public sector. When comparing the effectiveness of subjects across these sectors the differences in their characteristics must be taken into account. With regard to these differences should be chosen the...

The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are...

We propose a novel method for econometric time series analysis. This method acts as the comovement-selective filter and is useful to filter out the cycles that are caused by an global event present in the reference time series. We demonstrate its applicability on removing symmetric macroeconomic...

The paper deals with the testing of the hypothesis, whether there is negative correlation between the time series of corporate income tax yield and personal income tax yield in the states of EMU and the Czech Republic. The correlation analysis has not proved the negative correlation (except...

We focus on changes in dynamic correlation during the recent fi nancial crisis. The results show different responses to this symmetric shock in V4 countries. We discuss possible specialization if the dynamic correlation increases only at certain of the frequencies. Especially, in case of the...

Amonetary union is classified by several authors as an extreme form of fixed exchange rate arrangement. Analyzing exits from monetary unions is, however, demanding. This paper studies the impact of inflation and interest rate differentials on the nominal exchange rate after leaving a form of peg...

We apply a disequilibrium model of credit demand and supply to test the credit crunch hy- pothesis. We suppose that firms face credit rationing and a realised outstanding loan will be the minimum desired level of commercial bank loans and bank limit for the firm. We adopted the disequilibrium...

This paper studies the behaviour of inflation rate, short-term interest rate and nominal exchange rate after leaving fixed exchange rate arrangement and move to floating. We find that countries with rigid exchange rate policy, less frequently adjusted central parity and narrow exchange rate...

The European integration process is theoretically supported by optimum currency area (OCA) theory which originates from debates about fixed versus flexible exchange rates, treating a common currency as the extreme case of a fixed exchange rate. The key issues of theoretical and empirical...

There is empirical evidence that the introduction of the euro led to a significant increase of perceived inflation in most countries. Such an increase and persistence in the perceived inflation might then have an impact on inflation expectations and other macroeconomic variables. The authors...