Comment: Effects of NB interventions or when will they even suffer more?

consumer et and esk consumption recorded the most significant decline in history. In his commentary, Jan Bure, Era’s chief economist, fell in love with this. According to him, the weak koruna, which increases the price of imported goods, can last until the end of 2015.

The Czech consumer has hit the brakes hard in the past two years. Unemployment and two years of declining relative wages in the series were reflected in the historically sharp decline in Czech consumption. The main reason for the bad mood in the Czech labor market was the sharp decline in domestic investment, both in the private and public sectors.

The tensions in the household’s finances were reflected in a number of basic data on total sales. Housing and food expenditures have risen above 42 percent in recent years, and together with transport expenditures, more than 52 percent of all households are households. In developed Western European economies, there are usually two households for housing and foodstuffs known in Germany, which is about 35 percent of all expenses.

The decline in relative wages, combined with disputes over unnecessary goods and services, excluding housing and food, has sharply reduced domestic inflationary pressures. This is not to the liking of the NB, which wants to push them back into the game through interventions at the end of last year.

I see the effects of interventions only in the short-term number of speculative consumption. At the end of 2013 (compared to 2012), purchases of foreign holidays (by no more than 50 percent) or telephone (by more than 30 percent) increased sharply. However, it is highly probable that these are speculative purchases by consumers who are rising in price. However, this effect should disappear later this year.

The central bank itself will focus on the medium effects of interventions. The weak exchange rate is exportrm, and they then start investing more, hiring new employees and adding to their wages. Swine wages and you households should shake up the game’s natural inflationary pressures. However, this effect is unlikely to be so strong and may come later, not like a central bank.

Even a good export performance and a quick investment do not simply have to be reflected in a permanently sustainable household. In recent years, it has visibly increased according to the stagnation of working hours and fixed-term benefits, and employers will not be pushed into a rapid gain and increase in wages.

In my opinion, the positive effects of interventions occur less frequently and later. For now, let’s see only the short-term success of consumption and investment, which is running out. Investments will grow more slowly and companies will be careful in recruiting employees due to the high share of short-term liabilities. Wage and consumption growth will also be slower, and entry from the intervention regime is thus likely to come later, according to my estimate, and in the second half of 2015.

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