National Repository of Grey Literature 6 records found  Search took 0.00 seconds. 
Essays on Exporting Behavior of Firms and on Inflation Persistence
Saxa, Branislav ; Hanousek, Jan (advisor) ; Kmenta, Jan (referee) ; Švejnar, Jan (referee)
Research Journal Articles Working Papers Research in Brief Series Dissertations Other Publications Featured Article Dissertations Date: Tuesday, June 02, 2009 - 10:30 Branislav Saxa: "Essays on Exporting Behavior of Firms and on Inflation Persistence" Dissertation Committee: Jan Hanousek (chair) Evžen Kočenda Lubomír Lízal Krešimir Žigić Abstract: In the first two essays, I examine the behavior of exporters and non-exporters using a rich firmlevel panel data source from the Czech Republic. The first essay reacts to recent literature on learning-by exporting and explores whether exporting firms are more productive because initially more productive firms self-select themselves into exporting or because exporting firms are becoming more productive. To provide convincing estimates, one must be able to disentangle learning-by-exporting from changes in company management that induce the company to both start exporting and introduce productivity increasing measures. Therefore, I compare estimates based on matching on propensity score, which do not control for potential management changes, to estimates based on an instrumental variables strategy. Specifically, I focus on firms that start exporting due to changes in the industry-specific ratio of producer prices on domestic and foreign markets. The results suggest...
Forecasting Mortgages: Internet Search Data as a Proxy for Mortgage Credit Demand
Saxa, Branislav
This paper examines the usefulness of Google Trends data for forecasting mortgage lending in the Czech Republic. While the official monthly statistics on mortgage lending come with a publication lag of one month, the data on how often people search for mortgage-related terms on the internet are available without any lag on a weekly basis. Growth in searches for mortgages and growth in mortgages actually provided are strongly correlated. The lag between these two growth rates is two months. Evaluation of out-of-sample forecasts shows that internet search data improve mortgage lending predictions significantly. In addition to forecasting performance evaluation, an experimental indicator of restrictively tight mortgage credit standards and conditions is proposed. Nowadays many countries run bank lending surveys to monitor the tightness of bank lending standards and conditions. The proposed indicator represents a complementary tool to such a survey.
Fulltext: Download fulltextPDF
What We Know About Monetary Policy Transmission in the Czech Republic: Collection of Empirical Results
Babecká Kucharčuková, Oxana ; Franta, Michal ; Hájková, Dana ; Král, Petr ; Kubicová, Ivana ; Podpiera, Anca ; Saxa, Branislav
This paper concentrates on describing the available empirical findings on monetary policy transmission in the Czech Republic. Besides the overall impact of monetary policy on inflation and output, it is useful to study its individual channels, in particular the interest rate channel, the exchange rate channel, and the wealth channel. The results confirm that the transmission of monetary impulses to the real economy works in an intuitive direction and to an intuitive extent. Our analyses show, however, that the global financial and economic crisis might have somewhat slowed and weakened the transmission. We found an indication of such a change in the functioning of the interest rate channel, where elevated risk premiums played a major role.
Fulltext: Download fulltextPDF
Hedging behaviour of Czech exporting firms
Čadek, Vlastimil ; Rottová, Helena ; Saxa, Branislav
The hedging behaviour of Czech exporting firms is analysed using questionnaire information and interviews with banks. Approximately 60% of the 184 firms surveyed hedge their FX exposures, and about 88% of their exports are hedged. Most exporters use natural hedging, i.e. they balance incoming and outgoing payments in foreign currency as well as foreign currency assets and liabilities.
Fulltext: Download fulltextPDF
Central bank forecasts as a coordination device
Filáček, Jan ; Saxa, Branislav
Do private analysts coordinate their forecasts via central bank forecasts? In this paper, writers examine private and central bank forecasts for the Czech Republic. The evolution of the standard deviation of private forecasts as well as the distance from the central bank’s forecasts are used to study whether a coordination effect exists, how it is influenced by uncertainty, and the effects of changes in central bank communication. The results suggest that private analysts coordinate their forecasts for the interest rate and inflation, while no or limited evidence exists for the exchange rate and GDP growth.
Fulltext: Download fulltextPDF
Inflation persistence in new EU member states: Is it different than in the euro area members?
Franta, Michal ; Saxa, Branislav ; Šmídková, Kateřina
Writors of this paper confirm that one should work carefully with the usual estimation methods when analyzing the NMS, given the scope of the convergence process they went through. They show that due to frequent breaks in inflation time series in the NMS, parametric statistical measures assuming a constant mean deliver substantially higher persistence estimates for the NMS than for the euro area countries.
Fulltext: Download fulltextPDF

See also: similar author names
2 Saxa, Bronislav
Interested in being notified about new results for this query?
Subscribe to the RSS feed.