National Repository of Grey Literature 21 records found  1 - 10nextend  jump to record: Search took 0.01 seconds. 
Non-base wage components as a source of wage adaptability to shocks: evidence from European firms, 2010–2013
Babecký, Jan ; Berson, Clémence ; Fadejeva, Ludmila ; Lamo, Ana ; Marotzke, Petra ; Martins, Fernando ; Strzelecki, Pawel
This paper provides evidence on the role of non-base wage components as a channel for firms to adjust labour costs in the event of adverse shocks. It uses data from a firm-level survey for 25 European countries that covers the period 2010–2013. We find that firms subject to nominal wage rigidities, which prevent them from adjusting base wages, are more likely to cut non-base wage components in order to adjust labour costs when needed. Firms thus use non-base wage components as a buffer to overcome base wage rigidity. We further show that while non-base wage components exhibit some degree of downward rigidity, they do so to a lesser extent than base wages.
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Wage dynamics and financial performance: evidence from Czech firms
Babecký, Jan ; Galuščák, Kamil ; Žigraiová, Diana
This paper examines how the financial performance of a firm affects its wage policy. For this purpose, we match data on Czech firms from the Wage Dynamics Network survey covering the period 2010–2013 with balance sheet data. Controlling for a number of firm-specific characteristics and the environment in which firms operate, we find that financial performance matters for wage setting: contractual wages are more likely to grow in firms with a higher ratio of cash flow to total assets and in firms that invest more. Conversely, firms that froze or cut contractual wages during the survey period had lower cash flow over total assets, but not necessarily a lower investment ratio. The flexible wage component exhibits a similar pattern, but is more sensitive to demand shocks and firms’ financial conditions.
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Macro-Financial challenges in Emerging Markets
Jašová, Martina ; Geršl, Adam (advisor) ; Schmieder, Christian (referee) ; Babecký, Jan (referee) ; Jakubík, Petr (referee)
This dissertation thesis consists of three essays on macroeconomics and finance. In these essays, I focus on events which adversely affect emerging markets and present challenges to economic policy and central bank thinking. My aim is to contribute to the existing empirical literature by providing new evidence on the role of private credit, effects of macroprudential policies and understanding of the exchange-rate pass-through. The first essay evaluates policy measures taken to curb bank credit growth in the private sector in the pre-crisis period 2003-2007. The analysis is based on an original survey conducted on central banks in Central and Eastern Europe. The findings reveal substantial policy intervention and indicate that certain measures - particularly asset classification and provisioning rules; and loan eligibility criteria - might have been effective in taming bank credit growth. The second essay contributes to the existing literature on early warning indicators as well as to the discussion on the appropriateness of credit-to-GDP gap as a leading variable for any country for activation of the countercyclical capital buffer instrument in Basel III. We exploit long-run credit series for 36 emerging markets and evaluate their quality to signal a crisis by using receiver operating characteristics...
Six Essays on Meta-Regression Analysis
Havránková, Zuzana ; Dědek, Oldřich (advisor) ; Cahlík, Tomáš (referee) ; Babecký, Jan (referee) ; Fidrmuc, Jarko (referee)
This dissertation thesis consists of six papers on macroeconomics, international economics, and energy economics. All the papers are tied together by the use of meta-regression analysis, which is essential for the derivation of robust policy-relevant conclusions from often conflicting results presented in the empirical literature. I use meta-analysis to quantitatively synthesize the reported research results on a given topic, correct the literature for publication selection bias, and filter out the effect of various misspecifications present in some primary studies. My results can be summarized as follows: 1) The elasticity of intertemporal substitution in consumption, a key input to all dynamic models in finance and macroeconomics, varies significantly across countries. The differences can be explained by the level of stock market participation, when countries with higher participation exhibit larger values of the elasticity; the mean reported elasticity is 0.5. 2) The effect of borders on international trade, which most authors find to be surprisingly large, can be explained away by innovations in methodology introduced in the last decade. When these innovations are taken into account jointly, the border effect disappears for developed countries, and is relatively small for developing countries. 3) When...
Empirical Essays on Crises, Reforms and Growth
Stankov, Petar ; Lízal, Lubomír (advisor) ; Kraft, Evan (referee) ; Babecký, Jan (referee)
Introduction This work addresses three policy-relevant empirical issues. First, how do banking crises affect financial reforms? It turns out that banking crises pro- duce a variety of reform patterns in the financial sector over time. Second, do countries which reform their financial, product, and labor markets grow similarly? The results suggest that some countries benefit more from market- oriented reforms than others. Third, if some countries benefit more, could it be because various economies have markedly different firm-size distributions, and firms of different size grow differently after identical reforms? If firms of different size indeed grow differently after identical reforms, this could produce diverse growth outcomes across countries after similar reforms. The first study has been motivated by the fact that a number of coun- tries have gone through banking crises since the early 1970s. It links those episodes with the patterns of various financial reforms within those countries. As banking crises are endogenous, crisis exposures to major trading partners help identify the causality between crises and reforms. Consistent with the previous literature, the results of this work demonstrate that systemic bank- ing crises reverse most financial reforms. However, they do so with various lags, whereas the impact of...
Effects of Fiscal Policy in the DSGE-VAR Framework: The Case of the Czech Republic
Babecký, Jan ; Franta, Michal ; Ryšánek, Jakub
In this paper we explore the potential of the DSGE-VAR modelling approach for examining the effects of fiscal policy. The combination of the VAR and DSGE frameworks leads theoretically to more accurate estimates of impulse responses and consequently of fiscal multipliers. Moreover, the framework allows for discussion about the differences of the effects of fiscal shocks in DSGE and VAR models and to some extent discussion about misspecification in fiscal DSGE models. The DSGE-VAR model is estimated on Czech data covering the period from 1996 to 2011 at quarterly frequency. The government consumption multiplier attains a value close to 0.4 at the horizon of four years. The public investment multiplier is about 0.4 higher, which confirms findings in the literature. On the other hand, the DSGE model alone implies a similar government consumption multiplier but a much lower public investment multiplier, suggesting misspecification of the fiscal DSGE model.
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Labour Market Adjustment since the Global Financial Crisis: Evidence from a Survey of Czech Firms
Babecký, Jan ; Galuščák, Kamil ; Žigraiová, Diana
The paper reports how Czech firms reacted to changes in economic conditions in the aftermath of the global financial crisis of 2008–2009 until 2013 and identifies specific patterns of employment, wage and price adjustment by firms. The results are drawn from a survey of firms conducted within the third wave of the ESCB Wage Dynamics Network (WDN3). Overall, while changes in demand were both positive and negative over the period, aggregate wage growth remained low, although more firms experienced an increase in average productivity over labour costs than a decline. Labour cost reduction was achieved mainly by reduction of new hires and by individual layoffs. The main obstacles to hiring workers were uncertainty about economic conditions, high payroll taxes and a shortage of labour with the required skills. The frequency of wage changes was lower in 2010–2013 than before and was attributed by firms inter alia to stronger competition. Wage freezes and wage cuts were still in use, while wage growth was more likely to be observed in very small and large firms and firms with a foreign owner. The frequency of price changes in 2010–2013 compared to 2008–2009 remained unchanged for more than 80% of firms. More frequent price changes were due to stronger competition and volatility in demand, while exchange rate changes contributed to higher frequency of price changes on foreign markets.
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Structural Reforms and Economic Growth: A Meta-Analysis
Babecký, Jan ; Havránek, Tomáš
This paper evaluates the impact of structural reforms, mainly liberalization and privatiza- tion, on economic growth. To provide stylized facts on how such reforms worked in the past, we quantitatively review 60 studies that estimate the relation between reforms and growth empirically. These studies examine structural reforms carried out in 26 transition and post-transition countries around the world. Our results show that a typical reform caused costs in the short run, but had strong positive effects on long-run growth. Reforms focused on external liberalization proved to be more beneficial than other types of reform in both the short and long run. The findings hold even after correction for publication bias and misspecifications present in some primary studies
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Assessing the Impact of Fiscal Measures on the Czech Economy
Ambriško, Róbert ; Babecký, Jan ; Ryšánek, Jakub ; Valenta, Vilém
We build a satellite DSGE model to investigate the transmission of fiscal policy to the real economy in the Czech Republic. Our model shares features of the Czech National Bank’s current g3 forecasting model (Andrle, Hl´edik, Kamen´ık, and Vlˇcek, 2009), but contains a more comprehensive fiscal sector. Crucial fiscal parameters, related mainly to the specified fiscal rule, are estimated using Bayesian techniques. We calculate a set of fiscal multipliers for individual revenue and expenditure items of the government budget. We find that the largest real GDP fiscal multipliers in the first year are associated with government investment (0.4) and social security contributions paid by employers (0.3), followed by government consumption (0.2).
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Firm-level labour demand: adjustment in good times and during the crisis
Babecký, Jan ; Galuščák, Kamil ; Lízal, Lubomír
Using a large panel of Czech manufacturing firms with 50 or more employees, we update the firm-level labour demand elasticity estimates for 2002–2009. The economic crisis of 2008–2009 provides a source of variation needed for getting estimates that cover not only times of growth, but also a period of economic contraction.
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1 Babecký, J.
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