An Estimated Model of the Small Open Czech Economy with a Non-tradable Sector

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F09%3A00038078" target="_blank" >RIV/00216224:14560/09:00038078 - 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
An Estimated Model of the Small Open Czech Economy with a Non-tradable Sector
Original language description
The article presents a dynamic stochastic general equilibrium (DSGE) model of a small open economy. It is based on the New Open Economy Macroeconomics (NOEM) concept and derived from microeconomic foundations. Behavior of representative households and firms contains rigidities. Structure of goods is composed of tradables and non-tradables. Monetary policy implementation is represented by a generalized Taylor rule within the inflation targeting regime. Foreign sector is exogenous, however, it is described by structural equations for a closed economy model structure. A Bayesian technique using prior information is employed for an estimation of parameters of a solved model. The estimated model and impulse response functions seem to present a suitable approximation of behavior for the small open Czech economy with inflation targeting regime.
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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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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