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Zeitschriftendaten
Format
Zeitschrift
eISSN
1804-1663
Erstveröffentlichung
19 Feb 2010
Erscheinungsweise
4 Hefte pro Jahr
Sprachen
Englisch

Suche

Volumen 15 (2015): Heft 2 (June 2015)

Zeitschriftendaten
Format
Zeitschrift
eISSN
1804-1663
Erstveröffentlichung
19 Feb 2010
Erscheinungsweise
4 Hefte pro Jahr
Sprachen
Englisch

Suche

6 Artikel
access type Uneingeschränkter Zugang

Determinants of Gratuity Size in the Czech Republic: Evidence from Four Inexpensive Restaurants in Brno

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 121 - 135

Zusammenfassung

Abstract

The paper presents the results of the first study exploring what factors influence tipping in restaurants in the Czech Republic. It shows that the tipping norm evolved here into a form that has some features similar to the tipping norms known in the USA, Canada, and Israel, but there are also striking differences. As in the three countries, the gratuity increases with the bill size but the gratuity as percentage of the bill is much lower here. The bill size explains here a lower part of the gratuity variability too. Also, the service quality results in customers being more generous with their tips, and though the increase in gratuity seems to be small, it rises with a group size. Strikingly, the regular patrons tip significantly less in the Czech Republic and they stiff more often. This supports the hypothesis that the relationship between the customer frequency and the gratuity size is an artifact of a missing variable, and the regular patrons tip differently because they belong to a different social group than occasional customers. Also, the customers paying by card stiff more often here and the interaction between the amount on the bill and use of payment card is statistically insignificant. The group size lowers the percentage gratuity, which supports the diffusion of the responsibility hypothesis. There are differences between genders: Male customers leave bigger tips than female customers, and female waitresses earn more than their male colleagues. The time spent at the table, consumption of alcoholic beverage, and smoking do not change the gratuity size but it may be affected by the weather conditions. The customers tip less and stiff more often when they order a lunch special. They round the total expenditures, not the gratuities, which creates the magnitude effect.

Schlüsselwörter

  • restaurant tipping
  • the Czech Republic
access type Uneingeschränkter Zugang

Does the Credible Fiscal Policy Support the Prices Stabilization?

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 137 - 156

Zusammenfassung

Abstract

This paper aims at analyzing the co-movement between fiscal policy and monetary policy rules in the context of price stabilization. More specifically, we observe the potential impact of fiscal policy credibility on the price stabilization in the inflation targeting framework. Motivated by the fact that empirical studies concerning this aspect are still limited, we take the case of Indonesia over the period 2001-2013. Based on the quarterly data analysis, we found that the impact of credibility typically depends on characteristics of fiscal rules commitment. On one hand, the credibility of debt rule reduces the inflation rate. In contrast, the incredible deficit rule policy does not have any impact on the inflation rate and therefore does not support to inflation targeting. Given those results, we conclude that credibility matters in stabilizing price levels. Accordingly, those findings suggest tightening coordination between monetary and fiscal policy to maintain fiscal sustainability in accordance with price stabilization policy

Schlüsselwörter

  • Fiscal Rules
  • Deficit
  • Debt
  • Credibility
  • Inflation Rate
access type Uneingeschränkter Zugang

Effective Exchange Rates in Central and Eastern European Countries: Cyclicality and Relationship with Macroeconomic Fundamentals

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 157 - 177

Zusammenfassung

Abstract

This paper examines the evolution of effective exchange rates in nine Central and Eastern European countries in terms of development trends, volatility and cyclicality. Consequently, it provides direct empirical evidence on the nature of the relationship between effective exchange rates and selected macroeconomic fundamentals, addressing a key precondition of numerous exchange rate determination models and theories that attempt to explain the role of exchange rates in the economy. The results suggest that flexible exchange rate arrangements are reflected in both nominal and real effective exchange rates having higher volatility and variability. Furthermore, the results provide mixed evidence in terms of intensity, direction and cyclicality, but show a weak correlation between exchange rates and fundamentals. Sufficiently high coefficients are found only for money supply. Consequently, using fundamentals for the determination of exchange rates and using the exchange rate to explain economic development may be of limited use for the countries analyzed.

Schlüsselwörter

  • Effective exchange rates
  • Volatility
  • Variability
  • Cycle
  • High/low analysis
  • Peak/trough analysis
  • Cross-correlation
access type Uneingeschränkter Zugang

Youth Labour Flows and Unemployment in Great Recession: Comparing Spain and the Czech Republic

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 179 - 195

Zusammenfassung

Abstract

Using Spain and the Czech Republic as examples of two EU countries with different labour market performance, we apply a gross flow analysis based on EU-SILC longitudinal data. We find that while in Spain the increases in youth unemployment are driven mostly by young people who lose their jobs, in the Czech Republic, this is mainly due to new labour market entrants who failed to find a job. The analysis of flow transition rates suggests that youth labour markets with enormously high unemployment rates have not failed in all relevant respects. Their development seems to be hindered predominantly by high risk of job losses and diminishing employment prospects of the unemployed, rather than by impeded transitions from inactivity to employment. In countries with lower youth unemployment rates, unemployment policy agenda appears to be challenged by quite the opposite tendency

Schlüsselwörter

  • Flow transition rates
  • Gross labour market flows
  • Unemployment
access type Uneingeschränkter Zugang

Measuring Inefficiency of the Czech Labour Market

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 197 - 220

Zusammenfassung

Abstract

This paper aims to quantify the performance of the Czech regional labour markets and to reveal the most influential economic factors standing behind its dynamics in the last fifteen years. Investigated labour markets are described using matching function approach. The successful matches are treated as an output of production process, where the unemployed are paired with vacancies. Efficiency of this matching process plays an important role in determining unemployment outflows. Using stochastic frontier model approach, dynamics of quantified efficiency terms is revealed and differences among regions are evaluated. The model specification includes a fixed effect term, where individual effect terms and inefficiency terms are estimated jointly. The stochastic frontier is estimated using monthly and quarterly regional panel data of 77 districts for the period 1999-2014. Matching efficiency of the Czech regional labour markets is negatively influenced people who have been unemployed for a long time and by the unemployed aged over 50 years. Although all districts were able to operate at their stochastic frontiers of matching, an upward trend in the inefficiency has been found within the investigated period. These tendencies are accompanied by rising disparities among the regions. Low levels of estimated matching inefficiency do not necessary mean the low unemployment in the corresponding districts.

Schlüsselwörter

  • Matching efficiency
  • Matching function
  • Regional labour markets
  • Stochastic frontier model
  • Panel data
  • Czech Republic
access type Uneingeschränkter Zugang

An Evaluation of Selected Economic Areas according to Similarity of Supply and Demand Shocks

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 221 - 240

Zusammenfassung

Abstract

The Euro Area remains a well-known monetary union in the World. But the possibilities of creation of new monetary unions are discussed. It is spoken about NAFTA (Canada, Mexico and the United States) or MERCOSUR (Argentina, Brazil, Paraguay, Uruguay and Venezuela). The aim of this paper is to assess the similarity of demand and supply shocks in the countries of NAFTA and MERCOSUR, and to compare it with the countries of the Euro Area. For these aims, correlation and structural vector autoregression methods are used. Methods are based on Blanchard and Quah (1989) and Bayoumi and Eichengreen (1993). We confirm the existence of core states and periphery states in the Euro Area with some exceptions. If we compare supply and demand shocks, we find more similarity in the case of supply shocks in the countries of the Euro Area. According to the results, the countries of NAFTA are more appropriate for the creation of monetary union than the countries of MERCOSUR. The countries of NAFTA achieve high correlation coefficients of supply and demand shocks (except Mexico for supply shocks).

Schlüsselwörter

  • OCA theory
  • supply and demand shocks
  • the Euro Area
  • NAFTA
  • MERCOSUR
6 Artikel
access type Uneingeschränkter Zugang

Determinants of Gratuity Size in the Czech Republic: Evidence from Four Inexpensive Restaurants in Brno

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 121 - 135

Zusammenfassung

Abstract

The paper presents the results of the first study exploring what factors influence tipping in restaurants in the Czech Republic. It shows that the tipping norm evolved here into a form that has some features similar to the tipping norms known in the USA, Canada, and Israel, but there are also striking differences. As in the three countries, the gratuity increases with the bill size but the gratuity as percentage of the bill is much lower here. The bill size explains here a lower part of the gratuity variability too. Also, the service quality results in customers being more generous with their tips, and though the increase in gratuity seems to be small, it rises with a group size. Strikingly, the regular patrons tip significantly less in the Czech Republic and they stiff more often. This supports the hypothesis that the relationship between the customer frequency and the gratuity size is an artifact of a missing variable, and the regular patrons tip differently because they belong to a different social group than occasional customers. Also, the customers paying by card stiff more often here and the interaction between the amount on the bill and use of payment card is statistically insignificant. The group size lowers the percentage gratuity, which supports the diffusion of the responsibility hypothesis. There are differences between genders: Male customers leave bigger tips than female customers, and female waitresses earn more than their male colleagues. The time spent at the table, consumption of alcoholic beverage, and smoking do not change the gratuity size but it may be affected by the weather conditions. The customers tip less and stiff more often when they order a lunch special. They round the total expenditures, not the gratuities, which creates the magnitude effect.

Schlüsselwörter

  • restaurant tipping
  • the Czech Republic
access type Uneingeschränkter Zugang

Does the Credible Fiscal Policy Support the Prices Stabilization?

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 137 - 156

Zusammenfassung

Abstract

This paper aims at analyzing the co-movement between fiscal policy and monetary policy rules in the context of price stabilization. More specifically, we observe the potential impact of fiscal policy credibility on the price stabilization in the inflation targeting framework. Motivated by the fact that empirical studies concerning this aspect are still limited, we take the case of Indonesia over the period 2001-2013. Based on the quarterly data analysis, we found that the impact of credibility typically depends on characteristics of fiscal rules commitment. On one hand, the credibility of debt rule reduces the inflation rate. In contrast, the incredible deficit rule policy does not have any impact on the inflation rate and therefore does not support to inflation targeting. Given those results, we conclude that credibility matters in stabilizing price levels. Accordingly, those findings suggest tightening coordination between monetary and fiscal policy to maintain fiscal sustainability in accordance with price stabilization policy

Schlüsselwörter

  • Fiscal Rules
  • Deficit
  • Debt
  • Credibility
  • Inflation Rate
access type Uneingeschränkter Zugang

Effective Exchange Rates in Central and Eastern European Countries: Cyclicality and Relationship with Macroeconomic Fundamentals

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 157 - 177

Zusammenfassung

Abstract

This paper examines the evolution of effective exchange rates in nine Central and Eastern European countries in terms of development trends, volatility and cyclicality. Consequently, it provides direct empirical evidence on the nature of the relationship between effective exchange rates and selected macroeconomic fundamentals, addressing a key precondition of numerous exchange rate determination models and theories that attempt to explain the role of exchange rates in the economy. The results suggest that flexible exchange rate arrangements are reflected in both nominal and real effective exchange rates having higher volatility and variability. Furthermore, the results provide mixed evidence in terms of intensity, direction and cyclicality, but show a weak correlation between exchange rates and fundamentals. Sufficiently high coefficients are found only for money supply. Consequently, using fundamentals for the determination of exchange rates and using the exchange rate to explain economic development may be of limited use for the countries analyzed.

Schlüsselwörter

  • Effective exchange rates
  • Volatility
  • Variability
  • Cycle
  • High/low analysis
  • Peak/trough analysis
  • Cross-correlation
access type Uneingeschränkter Zugang

Youth Labour Flows and Unemployment in Great Recession: Comparing Spain and the Czech Republic

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 179 - 195

Zusammenfassung

Abstract

Using Spain and the Czech Republic as examples of two EU countries with different labour market performance, we apply a gross flow analysis based on EU-SILC longitudinal data. We find that while in Spain the increases in youth unemployment are driven mostly by young people who lose their jobs, in the Czech Republic, this is mainly due to new labour market entrants who failed to find a job. The analysis of flow transition rates suggests that youth labour markets with enormously high unemployment rates have not failed in all relevant respects. Their development seems to be hindered predominantly by high risk of job losses and diminishing employment prospects of the unemployed, rather than by impeded transitions from inactivity to employment. In countries with lower youth unemployment rates, unemployment policy agenda appears to be challenged by quite the opposite tendency

Schlüsselwörter

  • Flow transition rates
  • Gross labour market flows
  • Unemployment
access type Uneingeschränkter Zugang

Measuring Inefficiency of the Czech Labour Market

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 197 - 220

Zusammenfassung

Abstract

This paper aims to quantify the performance of the Czech regional labour markets and to reveal the most influential economic factors standing behind its dynamics in the last fifteen years. Investigated labour markets are described using matching function approach. The successful matches are treated as an output of production process, where the unemployed are paired with vacancies. Efficiency of this matching process plays an important role in determining unemployment outflows. Using stochastic frontier model approach, dynamics of quantified efficiency terms is revealed and differences among regions are evaluated. The model specification includes a fixed effect term, where individual effect terms and inefficiency terms are estimated jointly. The stochastic frontier is estimated using monthly and quarterly regional panel data of 77 districts for the period 1999-2014. Matching efficiency of the Czech regional labour markets is negatively influenced people who have been unemployed for a long time and by the unemployed aged over 50 years. Although all districts were able to operate at their stochastic frontiers of matching, an upward trend in the inefficiency has been found within the investigated period. These tendencies are accompanied by rising disparities among the regions. Low levels of estimated matching inefficiency do not necessary mean the low unemployment in the corresponding districts.

Schlüsselwörter

  • Matching efficiency
  • Matching function
  • Regional labour markets
  • Stochastic frontier model
  • Panel data
  • Czech Republic
access type Uneingeschränkter Zugang

An Evaluation of Selected Economic Areas according to Similarity of Supply and Demand Shocks

Online veröffentlicht: 16 Jul 2015
Seitenbereich: 221 - 240

Zusammenfassung

Abstract

The Euro Area remains a well-known monetary union in the World. But the possibilities of creation of new monetary unions are discussed. It is spoken about NAFTA (Canada, Mexico and the United States) or MERCOSUR (Argentina, Brazil, Paraguay, Uruguay and Venezuela). The aim of this paper is to assess the similarity of demand and supply shocks in the countries of NAFTA and MERCOSUR, and to compare it with the countries of the Euro Area. For these aims, correlation and structural vector autoregression methods are used. Methods are based on Blanchard and Quah (1989) and Bayoumi and Eichengreen (1993). We confirm the existence of core states and periphery states in the Euro Area with some exceptions. If we compare supply and demand shocks, we find more similarity in the case of supply shocks in the countries of the Euro Area. According to the results, the countries of NAFTA are more appropriate for the creation of monetary union than the countries of MERCOSUR. The countries of NAFTA achieve high correlation coefficients of supply and demand shocks (except Mexico for supply shocks).

Schlüsselwörter

  • OCA theory
  • supply and demand shocks
  • the Euro Area
  • NAFTA
  • MERCOSUR

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