Journal of Economics - Obsahy ročníkov

The experimental investigation of coordination issues is experiencing an upswing nowadays in macroeconomics. With the help of an experiment set in the New Keynesian framework of N-player pricing game with monopolistic competition and strategic complementarity inspired by Fehr and Tyran (2001), we address the question of coordination favorableness at the aggregate level. The results of our experimental research indicate that the extent to which coordination is favorable might, under nominal pay-off dominance, be accountable for existing nominal inertia at the aggregate level. As a result, the product might stay below its potential for a longer time, since convergence is decelerated through a strengthened channel of strategic complementarity. Keywords: experimental macroeconomics, coordination, rational player, convergence JEL Classification: C92, E52, E58

In this paper, we introduce and use a dynamic stochastic general equilibrium (DSGE) model tailored for analysis of small open economies, which is further amended to encompass housing sector-specific dynamics and to generate relevant insight and conditional forecasts for the housing sector. We analyse and compare the housing sector dynamic behaviour for the Czech Republic and the Slovak Republic. The empirical part of our paper consists of Bayesian estimation and evaluation of the model, impulse response analysis and conditional forecasts under alternative macroeconomic policy scenarios. We find significant pro-vo¬latile impact of higher loan to values (LTVs) for both economies analysed. This effect is observed both in IRFs and conditional forecasts calculated using different LTV-based scenarios. Keywords: DSGE model, housing sector, conditional forecasts, loan to value (LTV) JEL Classification: C11, C51, E17, R39

The development of consumption expenditures of pensioners is an important issue that has many serious economic and social consequences. The paper is focused on the research in pensioners households, particularly on the assessment of individual consumption development and changes in consumption pattern. The analysis of consumption expenditures is based on the data provided by Slovak Statistics Office Household Budget Survey for the period 2007 – 2012. During the reporting period there was a slight decrease in the proportion of expenditures for basic goods and services (food with beverages and housing, electricity and gas) in households of pensioners, even thought the absolute value is growing. We come to the conclusion that the main changes in pensioners consumption are caused primary by the income and secondary by aging signs. The paper indicates also the differences in consumption structure between the group of pensioners and employees. Finally, reasons behind the actual individual spendings of pensioners are presented. Keywords: pensioners, households´ consumption, consumer spending expenditures, consumer prices, age segments JEL Classification: D12, M30

The paper explores changes in income stratification of Slovak population for determination of the possibility of space “maneuver” for consumption. We analyse the results of the pre-crisis and crisis period. We focus on the macroeconomic framework of the income formation and the space for household consumption and propensity to save. The paper primarily examines the regional dimension of income stratification and focuses on the worst regions and of the availability of incomes in these regions. Differences in income stratification of residents in urban and rural areas and also some differences in the distribution of income between genders are examined. Partial attention is directed to the area of income stratification “silver population” (aging, older and oldest people) because of anticipation of their growing influence in the consumer market of the EU. Analysis uses data based on national accounts data from the Slovak Statistical Office, Eurostat data and administrative data on individual income from Social Insurance Agency in Slovakia. Keywords: income stratification, space for consumption, propensity to save, macroeconomic framework for income formation, regional differences in income stratification, poverty, crisis JEL Classification: E21, D12, D31, P22

The complex phenomena in a global knowledge-based society and economy are causing difficulties in understanding by conventional modes. The economists should consequently analyse new phenomena. They need to build new theories and disseminating them to wide community. New results in cognitive sciences and progressing ICT, advances in applied informatics and computational intelligence there are arising new opportunities for a dialogue with mental models and theories in the economic sciences. In economics the creation of virtual laboratories and of simulation experimentation with them is useful, for the author uses name “Economic Softbot”. He refers to the dialogue with such softbots as storytelling. The topic of the essay belongs to the class of emergent research/education/learning technologies. Their innovative power is in the dominance of constructive upon instructive approaches and based on holistic qualitative perception of the various complexities. Keywords: analogical reasoning, CI assisted reasoning/learning, complex system, computer simulation (experimentation), crossbreed knowledge processing, emergency, genetic algorithm, hybrid (human-softbot) networks, myslits, neural networks, softbots, stigmergy, syntropy JEL Classification: A11, A23, B41, C18, C62, C63, C90