Small DSGE model for the Czech economy

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F09%3A00038079" target="_blank" >RIV/00216224:14560/09:00038079 - 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
Small DSGE model for the Czech economy
Original language description
The paper introduces a New Keynesian Dynamic Stochastic General Equilibrium (NK DSGE) model of the Czech economy. It is a closed economy model strictly based on microeconomic foundations. The model consists of three representative agents. Behavior of a representative household contains rigidities in consumption in a form of a habit formation. A production sector is divided between tradables and non-tradables. Price setting behavior of a representative firm in both sectors is described by the Calvo styleresulting into a New Keynesian Phillips Curves (NKPCs). Monetary authority implements monetary policy according to a modified Taylor rule in the inflation targeting regime. The model contains extra rigidities connected to labor market (wages NKPC and labor adjustment costs). A Bayesian method is used for the estimation of the linearized model equations. A basic analysis of the estimated model is carried out through parameters description and impulse response functions.
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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