A Small New Keynesian Model of Slovakia

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F09%3A00036719" target="_blank" >RIV/00216224:14560/09:00036719 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
A Small New Keynesian Model of Slovakia
Original language description
This paper deals with a small open economy New Keynesian Dynamic Stochastic General Equilibrium (NK DSGE) model and its ability to describe behaviour of the Slovak economy. The model framework consists of three home subjects: households, firms and a monetary authority. The representative household maximizes its utility function which contains a real rigidity in consumption in a form of a habit formation. The monopolistic competitive firms maximize their net present value of dividends (their profits) with respect to Calvo-type price setting. The sticky price setting of home producers and importers represents nominal rigidities in the model. Monetary policy is conducted according to a Taylor-type rule. The model includes exogenous foreign sector which isrepresented by Euroarea-12. Evaluation of the model for Slovakia is based on an analysis of impulse response functions and an assessment of estimated parameters. We compare consistency of our results with similar studies.
Czech name
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Czech description
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Project
<a href="/en/project/1M0524" target="_blank" >1M0524: Research center on competitiveness of Czech economy</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>S - Specificky vyzkum na vysokych skolach

Publication year
2009
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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