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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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Vliv institucionálního rámce na výkonnost firem v období kontrakce ekonomik
Olbrecht, Vojtěch
Olbrecht, V. Impact of the Institutional Framework on Firm's Performance during the Economic Contraction. Diploma thesis. Brno: Mendel University in Brno, 2015. The diploma thesis focuses on exploring the impacts of the institutional framework on the firm's performance in the stage of economic contraction. The thesis extends current research by using microeconomic approach, the stage of economic contraction and TFP approach. By using panel regression with fixed effects it results in different effects and importance of some of the institutional factors. Political and legal environment is overvalued in the developed countries, in contradiction to the post-transition economies where improvements of this environment could contribute to economic performance. The size of government is overall negatively correlated with the performance while the openness of the economy to the foreign trade is correlated positively. Surprisingly, the worse macroeconomic condition is connected with increased firm's performance.
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Banking crises and the rules of the game
Calomiris, Charles W.
This paper is aimed to address when and why do banking crises occur, and whether financial reforms in reaction to crises are generally beneficial. It is argued that banking crises properly defined consist either of panics or of waves of costly bank failures, and they do not necessarily coincide.
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Plant-level nonconvexities and the monetary transmission mechanism
Šustek, Roman
Micro-level empirical evidence suggests that plant managers adjust production by utilizing capital along nonconvex margins. Existing models of the monetary transmission mechanism (MTM), however, assume that production units adjust output smoothly. The objective of this paper is to determine whether such plant-level nonconvexities affect the MTM in a quantitatively significant way.
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Use of Input-Output analysis on the microeconomic level
Šafr, Karel ; Potužák, Pavel (advisor) ; Tříska, Dušan (referee)
This bachelor thesis considers possibility of using IO analysis for modelling of regulatory impact. First it is focused on explanation of deriving IO models. Then the way of integrating regulation into IO theory paradigm is suggested and it is used in case study of Teplárna Strakonice a.s.( Heating plant Strakonice) which ilustrates the problem of regulation with planned price increase of emission charge and coal. Results show that modified IO model with regulatory matrix applied on this particular company predicts lower impact of price increasing than other commonly used regulatory models.
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