Journal of Economics - Obsahy ročníkov

In this paper, we analyze how the monetary policy responses of the Czech National Bank, the Hungarian National Bank, and the National Bank of Poland have changed over the period from 1996 Q1 to 2022 Q3 using the Kalman filter. Our findings are as follows. Firstly, we identify concealed discretion among the monetary policy authorities, which is traced through significant changes in their monetary policy parameters, highlighting the importance of applying a time-varying estimation framework. Secondly, we observe a decreasing response of policy rates to the inflation gap over the observed period. The reduced response in interest rates aligns with the anchored inflation expectations in the Czech Republic and Poland. Thirdly, the interest rate smoothing parameter has declined over the observed period, reflecting the central banks’ increased willingness to adjust policy rates more vigorously. Additionally, we find a significant decrease in the long-term equilibrium interest rates, indicated by the policy-neutral rate, across the analyzed countries.

This research investigates the impact of the 2022 Ukraine conflict and subsequent economic sanctions on Russian exports on global supply chains and energy prices. Utilizing daily data from 2022, this study employs time-varying Granger causality and DS-ARDL techniques to analyze the effects of these events on the foreign exchange market. The results reveal a significant relationship between energy price shocks and exchange rates, with the Australian dollar appreciating against Euro, British pound, and Japanese yen. The study suggests that while major consumers of raw materials and energy, like Japan and European nations, face adverse effects due to the conflict, Australia could potentially benefit due to its role as a primary exporter of commodities. These results have noteworthy implications for policymakers and investors, highlighting the need for strategic reassessment of geopolitical risks and their direct and indirect effects on financial markets and economies.

The job satisfaction of middle healthcare managers affects organizational results of healthcare facilities. Purpose of the paper is to explore the relationship between competent leadership and work conditions with the job satisfaction of middle healthcare managers and the role of job autonomy and social support as mediators of this relationship, and to verify the influence of moderators – evaluation and ability of psychological detachment on strength of this relationship. The sample of quantitative questionnaire research consisted of 225 mid-level managers of healthcare facilities in Slovakia. The data were processed using the SPSS 24 software package. The findings show that managerially competent leadership is directly related to the job satisfaction of middle healthcare management. This effect can be strengthened by evaluation of work; psychological detachment has the opposite effect on the researched relationship. Social support and job autonomy act as mediators, the influence of social support is particularly important.

The main goal of the study is to determine the factors of business sustainability, that is, to investigate the effect of knowledge management (KM) on green innovation (GI) and sustainable business (SB), both at the constructs and at the dimensional level, as well as to investigate whether green innovation is a mediator in the relationship between KM activities and SB, and between KM and SB dimensions of mining companies. The research and pilot test were carried out between March and mid-July 2022, and 288 employees from 32 Serbian mining companies were selected using a non-probabilistic convenience sample. The causal relationship between KM, GI, and the SB of the mining industry was assessed using the structural equation modeling methodology. The bootstrap procedure was used to assess the indirect effects of KM through GI on SB and its dimensions. The results showed that KM significantly influences GI and SB, both at the constructs and at the dimensional level. In addition, GI significantly determine SB. At the dimensional level, each of the dimensions of KM significantly affects the dimensions of GI and the SB dimensions. The impact of GI dimensions on the SB dimensions are also significant. The relationship between KM and SB, as well as KM and SB dimensions, was found to be partially mediated by GI.