Non?linear restrictions in DSGE models: The effect of foreign exchange interventions in Czech economy
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F15%3A00083834" target="_blank" >RIV/00216224:14560/15:00083834 - isvavai.cz</a>
Result on the web
<a href="http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf" target="_blank" >http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Non?linear restrictions in DSGE models: The effect of foreign exchange interventions in Czech economy
Original language description
In this paper we deal with zero lower bound on interest rates and implementing this restriction into the DSGE models. As an example, we apply the zero lower bound into the relation for interest rates in the estimated DSGE model based on Czech data. Besides that, we study the foreign exchange interventions used by Czech National Bank as an unconventional monetary policy tool, when interest rates cannot be used. We implement the foreign exchange intervention function into the model and study impact of intervention on the behaviour of economy represented by model. In the first section, we describe the method and its application into the model. In the second section, we verify its robustness and consistence simulating the impulse responses to model innovations and paths of model variables for stochastically generated sets of model parameters. In the third section, we discuss results of these simulations and compare behaviour of economy represented by model with economic reality.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Proceedings of the 33rd International Conference Mathematical Methods in Economics
ISBN
9788026105398
ISSN
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e-ISSN
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Number of pages
6
Pages from-to
761-766
Publisher name
University of West Bohemia
Place of publication
Plzeň
Event location
Cheb
Event date
Jan 1, 2015
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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