Firm-Level Labour Demand: Adjustment in Good Times and During the Crisis [PDF]
Using a large panel of Czech manufacturing firms with 50 or more employees, we update the firm-level labour demand elasticity estimates for 2002-2009. The economic crisis of 2008-2009 provides a source of variation needed for getting estimates that cover
Jan Babecky +2 more
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Short-Term Forecasting of Czech Quarterly GDP Using Monthly Indicators [PDF]
We evaluate the out-of-sample forecasting performance of six competing models at horizons of up to three quarters ahead in a pseudo-real time setup. All the models use information in monthly indicators released ahead of quarterly GDP.
David Havrlant +3 more
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Inflation Targeting and the Role of Real Objectives [PDF]
In this paper, I focus on two aspects of central banking – flexibility and transparency – that have been affected by monetary policy debates over the past twenty years. Because criticism of inflation targeting, at least in the United States,
Carl Walsh
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Hedging Behaviour of Czech Exporting Firms [PDF]
The hedging behaviour of Czech exporting firms is analysed using questionnaire information and interviews with banks. Approximately 60% of the 184 firms surveyed hedge their FX exposures, and about 88% of their exports are hedged.
Branislav Saxa +2 more
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Issues in Adopting DSGE Models for Use in the Policy Process [PDF]
Our discussion is structured by three concerns - model design, matching the data and operational requirements. The paper begins with a general discussion of the structure of dynamic stochastic general equilibrium (DSGE) models where we investigate issues
Adrian Pagan, Martin Fukac
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Monetary Policy Implications of Financial Frictions in the Czech Republic [PDF]
As the global economy seems to be recovering from the 2009 financial crisis, we find it desirable to look back and analyze the Czech economy ex post. We work with a Swedish New Keynesian model of a small open economy which embeds financial frictions in ...
Jakub Rysanek +2 more
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Financial Integration of Stock Markets among New EU Member States and the Euro Area [PDF]
The paper considers the empirical dimension of financial integration among stock markets in four new European Union member states (the Czech Republic, Hungary, Poland and Slovakia) in comparison with the euro area.
Ian Babetskii +2 more
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Openness, Financial Markets, and Policies: Cross-Country and Dynamic Patterns [PDF]
We document significant and robust empirical relationships in cross-country panel data between government size or social expenditure on the one hand, and trade and financial development indicators on the other.
Anna Lo Prete, Giuseppe Bertola
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Price-Level Targeting - A Real Alternative to Inflation Targeting? [PDF]
This paper reviews price-level targeting in the light of current theoretical knowledge and past practical experience. We discuss progress in the economic debate on this issue, starting with the traditional arguments discussed in the early 1990s, moving ...
Ivana Kubicova +3 more
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Measuring the Financial Markets' Perception of EMU Enlargement: The Role of Ambiguity Aversion [PDF]
Market views on EMU enlargement are measured by a new indicator based on the short-term dynamics of forward spreads. Conceptually, this indicator stems from the notion of uncertainty averse agents and equilibrium indeterminacy.
Martin Cincibuch, Martina Hornikova
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