Journal of Economics - Obsahy ročníkov

The article sheds some light on the process of measuring business cycle similarity and points out the fact that contemporary studies usually simplify this problem by measuring a simple correlation of cyclical development in GDP. The main goal is to assess the level of business cycle similarity in selected Eurozone member and candidate countries using the Concordance index. The article also includes a comparison of the Concordance index technique with traditional correlation methods. The results show that the Czech Republic belongs to the states with relatively high level of concordance comparing to the other Eurozone member and candidate countries. The resulting concordance measures also give an evidence of relatively low level of the business cycle similarity of Slovak economy and the Eurozone. Keywords: business cycle, concordance index, correlation analysis, optimum currency area JEL Classification: E32, F41

In the EU, USA and elsewhere in the world a significant amount of public money is being devoted to support of biofuel production. Rising biofuel production is believed affects agricultural commodity prices as well as fossil fuel prices. The relationship between oil and food prices has been known for a long time. In this article we analyze the statistical relationship among the fuel prices (oil, gasoline, bioethanol) and selected food prices (maize, wheat and sugar). We conduct a series of statistical tests, starting with tests for unit roots, estimation of cointegrating relationships among the price series, evaluating the inter-relationship among the variables using Vector Error Correction Model (VECM) and Variance decomposition. According to our results, there is a long-run cointegrating relationship among the selected time series in the later years while the interrelationship among the variables was weaker in earlier period. Keywords: biofuels, crude oil, food, cointegration JEL Classification: Q13, Q18, Q42

This study compares eight different alternatives of detection and correction of Easter and pre-Easter effect. These are two calendar effects, which are usually subtracted from the time series analyzed before its decomposition into trend/ cycle, seasonality and irregular part. The proposed alternatives differ by the duration of these effects and are compared using regression coefficients, information criteria and recursive estimation. In the empirical application are used data of Index of industrial production of Czech Republic, Poland and Slovak Republic and three north-Spanish provinces. The conclusions, which can be drawn from the study and which are based on very different data, are that the Easter effect should be always detected and corrected separately and not together with another calendar effect. Keywords: calendar effect, Easter effect, TRAMO, time series, recursive estimation, information criteria JEL Classification: C22

Unemployment is one of the most important problems that all countries must overcome. As a result, it has become one of the centrally explored issues in macroeconomics, and several theories have been proposed to explain the existence of high unemployment rates. Traditional theories describe movements of unemployment as fluctuations around a natural rate. However, theories that rely on a natural rate of unemployment have been challenged by hysteresis theories. According to hysteresis theories, all shocks have permanent effects on the level of unemployment. This paper tests hysteresis effects in unemployment using panel data for 23 OECD countries covering the period 1963 – 2007. The paper applies both a univariate time series and a panel data unit root test with and without a structural break to test for unemployment hysteresis in OECD countries against the alternative of a natural rate. The results point to the rejection of the hysteresis hypothesis for the OECD and are compatible with structuralist theories as described by the structuralist view. Keywords: hysteresis, monetary policy, unemployment, panel unit root test JEL Classification: E20, E24, E31

Single market is the basic pillar of the EU’s economic integration. Its functioning influences Union’s economic growth and its global macroeconomic performance. Article analyzes current state of market integration resulting from economic freedoms of common market – free movement of goods, persons, services, and capital. Key areas where economic protectionism of the EU member states persists are in focus. Even though goods and financial markets were already integrated to a large extent, services, labor, and public procurement markets are still national in character. Macro- and microeconomic effects of the creation of single market are also constituent part of the analysis. Keywords: economic integration, single market, free movement of goods, services, workers and capital JEL Classification: F15, H71, J61