\ud83d\udcda My new book, Inflation in the Czech Economy and the Role of Economic Policy: Causes and Analysis of the Post-Pandemic Inflation Wave, has just been published. Given the subject matter, I decided to publish it in Czech this time.<\/p>\n\n\n\n
For me personally, this is the most comprehensive academic text I have written so far on Czech macroeconomics and economic policy. The analysis of inflation is one of the most demanding areas of macroeconomics, as it requires the simultaneous consideration of domestic and external factors, monetary and fiscal policy, supply shocks, demand pressures, and the interactions between them. In the publication, I have sought to combine empirical analysis, macroeconomic interpretation, and practical lessons for the design of economic policy.<\/p>\n\n\n\n
\ud83c\udf93 This is not a title aimed at the general public. The publication is intended primarily for the professional economics community, analysts, and economic policymakers who are interested in detailed macroeconomic analysis without oversimplification.<\/p>\n\n\n\n
\ud83d\udd0e The text goes into considerable technical depth and evaluates the stance of both monetary and fiscal policy. Among other things, it includes estimates of the neutral interest rate, the structural balance of the general government sector, decompositions of inflationary pressures, an analysis of monetary and fiscal policy responses using a Bayesian VAR model, an assessment of two episodes of foreign exchange intervention, and more.<\/p>\n\n\n\n
\ud83d\udcc9 The Czech inflation wave of 2022\u20132023 was not \u201cimported\u201d or purely supply-driven. Without the preceding strong stimulus to aggregate demand and without mistakes in economic policy, the path of inflation would very likely have looked different.<\/p>\n\n\n\n
\ud83c\udfdb\ufe0f The book is published by a small university publishing house at the Prague University of Economics and Business. Given the low-volume nature of academic printing, the price is unfortunately higher. In order to reduce it at least somewhat for interested readers, I waived my author\u2019s royalties.<\/p>\n\n\n\n