E00 - Macroeconomics and Monetary Economics: GeneralReturn

Initiatives dealing with the creation of the European Monetary System and the zone of monetary stability in Europe emerged in the 18th century, despite the fact that greater manifestations of these considerations and efforts only started in the 1960s and early 1970s. The proof is the Marjolin Memorandum of 24 October 1962 and the Barre Plan, presented in The Hague in February 1969. In October 1970, the Commission's initiative was followed by preparation of a plan for the progressive establishment of the Economic and Monetary Union, known as the Werner Report. Fundamentally different political views and approaches in the field of economics and integration, crisis phenomena in the Member States of the European Economic Community prevented the coordination of economic and monetary policy and the expected introduction of a common system of exchange rates. Other factors that contributed to that state were the currency crisis (1971-1973) and the oil crisis (1973-1974), as well as conflicts of interest between the French and German sides.

The paper is devoted to an analysis of the impact of historical revisions of national accounts by the Czech Statistical Office (CZSO) between 2010 and 2011. The theoretical part of the paper points out the importance of revisions of national accounts, describes the different types of revisions and summarises existing results of the revisions. The empirical part is devoted to an evaluation of the impact of the revisions on individual indicators entering the estimation of total factor productivity. While the level of hours worked was revised downwards, the level of fixed capital was revised upwards. Although the extent of revisions in the different years was not the same and there were also revisions of estimates of annual changes in the estimates of parameters entering TFP, the revisions of estimates of annual changes in overall productivity were not very significant, approximately a tenth of a percentage point. A significant change occurred only in the estimate for 2009. This happened not due to revisions, but using newer estimates of annual accounts for that year.