Browsing by Author "Verner, Tomáš"

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    Estimating the regional natural rate of unemployment: the evidence from the Czech Republic
    (Technická Univerzita v Liberci, 2013-08-01) Tvrdoň, Michal; Verner, Tomáš; Ekonomická fakulta
    The paper deals with development of the regional unemployment rate in the Czech Republic. The unemployment rate differed significantly among the Czech NUTS 3 regions during the period 2005 and 2012. According to previous studies high unemployment is caused by drop in economic performance or by some structural problems in the region. We can see that the development of the Czech national unemployment rate was correlated with the economic cycle. In other words, it means that during economic growth the unemployment rate is decreasing and during economic downturn it is increasing. We used Czech Ministry of Labour and Social Affairs monthly seasonally adjusted data during the observed period between the years 2005 and 2012. We have applied 2005 registered unemployment methodology. In total, we had 96 observations. We also applied the Hodrick-Prescott filter for estimating the natural rate of unemployment. This method is often used for estimating the potential output and is possible to use in the case of unemployment. Our empirical results show that in most regions the real unemployment rate was lower than the natural rate of unemployment during the pre-crisis period. In other words, it means that the Czech labour market was in positive unemployment gap. However, this gap was not the same in all regions. We found that the positive unemployment gap was lower in the problematic regions like the Ustecky and Moravskoslezsky region. These findings suggest that these regions still have to face some structural problems and the labour market is not so flexible as in the rest of regions. In addition, we also found that the natural rate of unemployment has shifted permanently higher in comparison with the pre-crisis period.
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    The economic growth and human capital: the case of Visegrad countries
    (Technická Univerzita v Liberci, 2013-08-01) Verner, Tomáš; Chudárková, Silvie; Ekonomická fakulta
    Impact of education, more precisely impact of skills and knowledge (human capital) to increase individual productivity and wealth of nation, was already emphasized by classical economists. Comprehensive concepts of theory of human capital appeared in the early Sixties of 20th century. In the last two decades, the influence of human capital, more precisely influence of education on economic growth and productivity was confirmed by many economic studies. Human capital as an additional production factor is included in the new theories of economic growth. On the contrary, some experts criticize this unambiguous and inconclusive relation and some of them even disprove this hypothesis, publishing their studies. A lot of researchers expressed human capital as investment or expenditure in education, schooling enrollments or average length of education. In authors’ opinion, these variables do not seem to be appropriate indicators of human capital. This paper deals with the relationship of human capital and economic growth in Visegrad group countries during the period 1999-2010. We consider increasing in human capital will tend to economic growth and thus will contribute to improvement of national competitiveness. Because of the lack of observations the importance of human capital in the economic growth of these countries is being proven by using panel data analysis. The value of human capital is expressed by the graduates’ groups at the educational level, while economic growth is expressed by gross domestic product per capita. Annual data collected from Eurostat and converted into logs were employed. We found out the positive relationship between tertiary graduates and economic growth, on the other hand negative link between secondary graduates and economic growth.