Journal of Economics - Obsahy ročníkov

The impact of the broad monetary aggregates on the decrease of money velocity, inflation and real GDP in the USA (1960 – 2007), eurozone (1991 – 2007). Japan (1960 – 2007), Great Britain (1987 – 2007) and the Czech Republic (1993 – 2007) has been analysed. In all countries the growth of the broad monetary aggregate resulted in higher inflation and higher real GDP in relation approximately 1 : 1. The broad money velocity has rapidly lowered in eurozone, Japan, Great Britain and the Czech Republic. In the USA the broad money velocity lowered only slightly and the decrease was more volatile over time. Thus in countries with the exception of the USA there was strong negative correlation between (i) 1-year lagged monetary aggregates and (ii) consumer price index and real GDP. Keywords: velocity of money, monetary aggregates, quantitative theory of money, inflation, real GDP JEL Classification: E40, E50

This paper reviews some of the factors that potentially contribute to macro-prudential weakness, and thus concerns about macroeconomic and financial system health in the new EU member states of Central and Eastern Europe. In general, the consequences of the global 2008 – 2009 crisis were more severe in some of the new EU countries, and it is useful therefore to look at the experiences in the different countries to try and understand the reasons for the different outcomes and look to see what lessons may be learned. One of the factors having an impact on recovery from the crisis is in currency relationships, with Estonia, Latvia, Slovenia and Slovakia being members of the Eurozone, and some other countries in fixed exchange rate relationships. In this paper we present the construction of a new indicator (named the TT index) evaluating macroeconomic vulnerability of the new EU countries, which is based on seven macroprudential indicators and calculated for the years 2008 and 2013. Keywords: Euro, European Union, macroprudential indicators, TT index JEL Classification: F15, F31, F36, G21

In this paper, we study the dramatic changes in the structure and behaviour of the Slovak economy in a period of the accession to the Euro area and the Great Recession and subsequent return to the long-run growth equilibrium. This small and very open economy is represented by nonlinear dynamic stochastic model of a general equilibrium with financial accelerator. The development of time-varying structural parameters is identified using the second order approximation of a nonlinear DSGE model. The model is estimated with the use of nonlinear particle filter. Analogous model was estimated for the economy of the Euro area. It is our goal to identify the most important changes in behaviour and underlying structure of the Slovak economy. In order to distinguish the country specific changes from broader Europe-wide trends we also compare the time-varying estimates of the Slovak economy and the Euro area. Keywords: nonlinear DSGE model, Great Recession, monetary union, time- -varying parameters, nonlinear particle filter, second order approximation JEL Classification: E32, E44, E58

The problem of monetary and fiscal policy coordination is discussed both in countries with independent economic policies and in countries with a single currency. The aim of this article is to discuss and empirically assess the interaction of monetary and fiscal policy in Slovakia from Q1/2000 to Q2/2013, identify significant macroeconomic variables influencing the decisions of main economic-policy authorities in the analysed country and make conclusions concerning the cooperation of monetary and fiscal policies using the game theory approach. In the article, regression analysis and ordinary least squares methods are used. According to the empirical results, the conflict between monetary and fiscal policy in Slovakia is identified. The stabilizing role of fiscal policy and problematic stabilizing role of monetary policy is confirmed. It contrasts with the other states of the Visegrad group. Keywords: fiscal policy, monetary policy, policy coordination JEL Classification: E52, E58, E61, E62, E63

Innovative enterprises are the economic growth engine and their activities are closely monitored and evaluated in special journals statistical offices and other institutions dealing with the topic. In order to maintain the competitiveness of innovative enterprises it is necessary to master the sophisticated methods of management in their complexity. Especially project management is becoming an instrument of strategy implementation. For successful development of companies, both in the short-term and the long-term horizon it is necessary to work with project portfolios. Nowadays, the work with project portfolios and the issues of multi-project management are globally dealt with in numerous professional studies presenting various views and hypotheses of their authors. The aim of the empiric research carried out by the authors of this paper was to show, how these demanding tasks are treated in practice, how the individual approaches are mastered and standardized in modern companies and whether there is any potential space for improvement. Keywords: strategy, management, multi-project management, project, pro-gramme, portfolio, priorizing, innovation JEL Classification: M10, O32