A Small Open Economy Model of the Czech Republic with Frictional Labor Market
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F15%3A00084133" target="_blank" >RIV/00216224:14560/15:00084133 - isvavai.cz</a>
Result on the web
<a href="https://ece.pefka.mendelu.cz/sites/default/files/ece_2015_final.pdf" target="_blank" >https://ece.pefka.mendelu.cz/sites/default/files/ece_2015_final.pdf</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
A Small Open Economy Model of the Czech Republic with Frictional Labor Market
Original language description
The goal of this paper is to identify and quantify the interactions among monetary policy, business cycle and labor market variables for the Czech Republic during the last 15 years. A dynamic stochastic general equilibrium model is used to investigate the characteristics of the Czech economy before and after the financial crisis in 2008. This small open economy model contains Taylor-type monetary rule, price and wage rigidities, and search and matching frictions. The wages setting mechanism and hours worked are the result of the Nash bargaining process. Model parameters are estimated using the quarterly data of the Czech Republic for the period 1999:Q1 ? 2014:Q3. The model is able to match the business cycle properties of key economic variables relatively well. The results show that the reactions of variables to monetary shock are quite similar in both examined periods providing a clear path of the transmission mechanism. The wage rigidities are considerably higher after the crisis.
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 18th International Conference Enterprise and Competitive Environment
ISBN
9788075093424
ISSN
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e-ISSN
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Number of pages
9
Pages from-to
676-684
Publisher name
Mendel University
Place of publication
Brno
Event location
Brno
Event date
Jan 1, 2015
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
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