<abstract xmlns="http://www.w3.org/1999/xhtml">We show an example of a small open economy – the Czech Republic – where the fiscal restriction was put in place between 2010 and 2013 in a negative output gap and zero lower bound on nominal interest rates. According to our results, such fiscal policy seems to have been mistaken, as the restriction may apparently have caused a second recession in the Czech Republic in 2012/2013 (after the global recession in 2008/2009). Instead of the dynamic stochastic general equilibrium approach (DSGE), we applied a tractable static deterministic partial equilibrium approach using the IS-LM framework. We derived mathematically from the IS-LM model that expansionary fiscal policy acting via higher government investment can be an appropriate tool for reacting to a crisis in the very short run when interest rates hit the zero lower bound. Expansionary fiscal policy after the 2008/2009 crisis would probably have led to faster stabilisation of the Czech economy. We simulate a potential increase in government investment of 8% yearly between 2011 and 2013. This would have added 0.4 pp to GDP growth and increased the inflation rate by about 0.5 pp. Hence, the inflation outlook in 2013 would not have been negative and would consequently have led to less pressure for monetary policy expansion using unconventional interventions against the Czech koruna.</abstract>

Ten Years Later: Lessons for DSGE Builders and Czech Policy Makers

<abstract xmlns="http://www.w3.org/1999/xhtml">The research address a partial issue of market failure in the form of information asymmetry. Within the public sector, social services, together with health services, belong to typical sectors where the information superiority of supply against demand is detected. The presence of asymmetrical/imperfect information within the social care has a significant effect on retired people who demand the services of retirement homes, and this effect occurs before as well as during the consumption of this service. The paper aims to identify and evaluate the information gaps of 159 official websites of retirement homes in the Czech Republic that are related to the supply of offered services. The evaluated websites of the retirement homes were selected in a way including all three types of the legal form of retirement homes (semi-budgetary units of regions, limited liability companies, church legal entities) that are present in this category of social services in the Czech Republic. The multi-criteria evaluation, performed by using the TOPSIS method, included 14 types of information (criteria). The TOPSIS method is based on the selection of the variant that is the closest one to the ideal variant and that is characterized by a vector. The results show that retirement homes insufficiently disclose several types of information. These include the conditions of acceptance into the retirement home, annual reports, some types of contact information, internal rules of the home, and the electronic link for the communication with the retirement home. In relation to the evaluation of the total level of 14 types of information being disclosed on the websites of retirement homes, it was revealed that 3% of them achieve an excellent level, 30% achieve a lesser than excellent level, 60% achieve a low level, and 7% of retirement homes achieve a very low level.</abstract>

Information gaps in the market for social services: retirement homes in the Czech Republic

<abstract xmlns="http://www.w3.org/1999/xhtml">The paper deals with the issue of lobbying, defined as a democratic means of promoting interests. The text tries to find answers to the problems in the current economic theory. The basic links are defined by using a simple graphic model, which are further examined by the SWOT analysis. The result is the knowledge that the basic coordination mechanism is the market – the information market. The role of government lies above all in creating a favourable institutional environment that does not interfere with spontaneous market relations. However, there are certain situations that the government could or should regulate. These situations are described by three hypothetical scenarios – a society without lobbying, a society where lobbing exists, but it is not transparent, and a society where lobbing is transparent, leading to a final discussion of possible directions and ways of its regulation.</abstract>

Democracy, Lobbying and Economics

<abstract xmlns="http://www.w3.org/1999/xhtml">Good Governance presents the contemporary trend of managing public affairs worldwide. This concept is promoting the basic elements of subsidiarity, participation, and democracy in modern public administration. Presented article is focused on the evaluation of Good Governance development in the European Union countries in the long-term, in the period 2007–2017. The evaluation is based on the application of multiple criteria decision-making methods, concrete The Technique for Order Preference by Similarity to Ideal Solution. The original data used in the research were the values of Worldwide Governance Indicators monitored and processed by the World Bank. The article presents a complete assessment of European Union countries according to the level of Good Governance. There are identified countries that have been successful in this area in the long-term, in particular the Nordic countries - Finland, Sweden and Denmark. On the contrary, there are countries that show greater shortcomings in terms of Good Governance as Romania, Bulgaria or Greece. The European Union countries were also grouped into clusters and the overview of rankings of individual countries for the period 2007–2017 was completed.</abstract>

Use of TOPSIS Method for Assessing of Good Governance in European Union Countries

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 Review of Economic Perspectives (REP) – Národohospodářský obzor (in Czech) is a peer-reviewed scientific quarterly focused on issues in economic policy, economics and econometrics that have practical relevance for Central and Eastern European countries. The articles are published in English, in print and online versions. The journal has freely continued the tradition of Obzor národohospodářský, a Czech economic journal, first issue of which was published in 1895.  Why submit    Free of charge submission and no publication fees  Fast review and editing process  High quality of editing and language revision services by native speaker   Beyond scientific articles REP welcomes and publishes also other works related to its aim like    Reports from important scientific conferences and workshops  Book reviews    Rejection Rate    42 % (2012–2015 average)   Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 