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4 Ekonomický časopis (Journal of Economics)

4 Benčík M.

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CAPTURING CHANGES IN FACTOR EFFECTIVITY WITH ESTIMATES OF A CES PRODUCTION FUNCTION WITH FLEXIBLE TRENDS

100%

Benčík M.

tom 68

nr 6

563 – 579

Constant Elasticity of Substitution production function allows us, compared with a Cobb-Douglas function, to model different efficiency trends of labour and capital. In this article, we explore the efficiency trends of labour and capital in supply systems for the private and public sectors in Slovakia independently. If a single exponential trend for technical progress is used, the Cobb-Douglas production function can be used for the private sector and Leontieff production function for the public sector. We, however find a CES function with separate trends based on Box-Cox transformations outperforms capturing technological progress by models with a single exponential trend. Labour and capital efficiency gains in our preferred model are converging downwards to a positive constant for labour and increasing over time for capital in the private sector, whereas they are gradually decreasing for both factors in the public sector. The elasticity of substitution between labour and capital is significantly greater than zero, but also lower than 0.5 in preferred models for both sectors.

SYNCHRONIZÁCIA HOSPODÁRSKYCH CYKLOV KRAJÍN V4 A EUROZÓNY V ROKOCH 1996-2010

100%

Benčík M.

Ekonomický časopis (Journal of Economics)

2012

tom 60

nr 1

3 – 18

Business cycle synchronisation between V4 countries and the euro area is important in regard to the costs of the common monetary policy. This paper addresses the issue of business cycle synchronisation by directly calculating cross correlations, by calculating cross correlations from primary impulses, and finally by calculating output gap component correlations from common and country-specific shocks. In regard to the output gap, the results of all three methods are approximately the same: before 2001, the business cycles of V4 countries were not synchronised with the euro area (low or negative correlations); between 2001 and 2007, the correlations turned positive as V4 countries joined EU and trade between V4 countries and the euro area increased; and during the economic crisis of 2008 – 2009, synchronisation increased still further.

DO FISCAL MULTIPLIERS VARY WITH DIFFERENT CHARACTER OF MONETARY-FISCAL INTERACTIONS?

100%

Benčík M.

nr 8

753 – 770

We investigate the fiscal multiplier in normal times and in the presence of a binding zero lower bound on interest rates with SVARs. We construct shocks to interest rates that compensate their reactions to fiscal expansion and hold them constant we apply the shocks to the United States, the Euro area and Slovakia. We find that for the former case, the multiplier decreases in the ZLB, but it increases sharply in the ZLB for the latter two cases. The sign of its change is determined by the coordination of fiscal and monetary policy i.e. whether the interest rates drop or rise in response to fiscal expansion.

UNITED IN DIVERSITY. LABOUR MARKETS IN THE CEE COUNTRIES

100%

Benčík M.

Ekonomický časopis (Journal of Economics)

2022

tom 70

nr 4

333 – 348

We study supply side factors of the labour market in the Czech Republic, Hungary, Poland and Slovakia. The common economic history of these Central European economies suggests that long-run relationships should have similar patterns. While we find that for the Czech Republic and Hungary there exists a long-run relation of equilibrium unemployment rate to real wages, capital stock and terms of trade, such relationship does not hold for Poland and Slovakia. Instead, labour market trends are better described by the relationship of equilibrium real wages. This finding uncovers structural differences within the Visegrad countries. These differences relate to the extent to which labour supply can adapt to shocks. In practice this would suggest that it was more efficient for Slovakia to conduct supply-oriented policies to stabilize labour market conditions. On the contrary, the more efficient tools for the Czech Republic are wage-oriented policies, connected to the demand side.