Suchergebnisse

Input-output tables with input-output data represent a relatively simple but useful tool to analyze the structure of the economy or undergoing structural changes. These tables enable to quantify direct and indirect linkages within each economy, as well as to study demand or supply relationships between particular sectors. The aim of this paper is to present and compare the main characteristics of 2 selected sectors for Slovakia and Austria. The focus is on the agriculture and food sector and their characteristics using the input output data and analysis. We compared basic input and output multipliers in order to verify the similarities in the position and the development of these sectors in selected countries. Other objectives were analysis of sectors' backward and forward linkages, "measuring" of their strengths, the identification of key industries and concentration of their impacts. With accordance to our previous research and general trends, we expected a certain decline of importance over the analyzed period of 2000-2014.

Monetary policy measures cannot directly affect the economy. Their impact is usually indirect and mediated through various channels of monetary transmission. The choice of particular trans- mission mechanism is determined by several factors that include the specific conditions of each economy, the range of monetary tools that can be used by central bank as well as the various external factors. The paper explains the functioning of a monetary transmission in general, and then focuses on the particular types of transmission channels used by each of the central banks, chosen for analy- sis. The paper outlines the evolution of monetary policy transmission mechanisms in V4 countries from the beginning of the transformation process till present days. It compares the operational targets of V4's monetary policies, their ultimate goals and the tools applied to achieve these goals. It also compares the common and distinct features of their respective monetary policies. As can be seen, these countries were mainly focusing on the maintaining of price and exchange rate stability at the beginning of the transformation process. Usually the double monetary objecti- ves were used, and served as the nominal anchors to monetary policy. NBS, CNB, NBP used fixed exchange rates in order to establish the currency stability, and had been monitoring the evolution of the money supply for the price stability. MNB however could not apply this type of monetary strategy as a consequence of slightly different initial economic conditions. MNB therefore chose the exchange rate target as the primary target, and had been closely monitoring its evolution in the narrow fluctuation band. The gradual change of economic situation, brought about by the ongoing transformation pro- cess, resulted in the abandonment of the fixed exchange rate regime and the transition to more liberal regimes. This change was closely followed by the alternation of ultimate monetary policy goals that became solely oriented on the price stability. All of the analysed central banks adopted the regime of inflation targeting whether it was in its "pure" form as the explicit inflation targeting or in the form of so- called "inflation targeting lite".

Focus on monetary policy transmission mechanism has regained its importance especially in regards to fi nancial and debt crisis. Negative developments after 2008 still verify the ability of monetary policy to mitigate its impacts. In EMU, it can be seen in the case of the effects of single monetary policy and the deepening of the asymmetries between member countries. This can be compared to the case of the monetary policy ef fi ciency in small and open non-member country and its in fl uence on macroeconomic developments. This paper is focused on the analysis of transmission process of monetary policy through the interest rate channel in EMU as well as in a non-member country, namely in Czech Republic. The aim of the analysis was to verify the similarity of reaction in case of monetary policy shock. The results for Czech Republic were compared to results for overall EMU. The focus was predominantly on interest rate channel of monetary transmission process and its impact on in fl ation, nominal effective exchange rate and gross domestic product, the variables that are typically used in central banks' monetary rules. We also assumed that negative developments related to the crisis can distort the transmission of monetary policy effects on macroeconomic variables and that the impact of monetary policy changes is transmitted to the economic variables only partially or signi fi cantly lagged. The effects of interest rate shocks on selected variables were identi fi ed by estimating VAR model that uses Cholesky decomposition of innovations; the most widely used empirical methodology for analysing the transmission mechanism of monetary policy. The results show that the reactions of the product and the price level to positive interest rate shock are very similar for Czech Republic as well as for EMU throughout the investigated period 1999–2013. However, we cannot de fi nitively af fi rm that the crisis disrupted the transmission process from monetary measures to analysed macroeconomic variables as shown in the cases of Czech Republic and EMU. Interest rate channel has not shown particularly strong and stable in fl uence on the observed variables neither for Czech Republic, nor for EMU.