A Medium-Scale DSGE Model with Labour Market Frictions
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F17%3A00102069" target="_blank" >RIV/00216224:14560/17:00102069 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
A Medium-Scale DSGE Model with Labour Market Frictions
Original language description
The aim of our research is to find the most appropriate approach to the labour market within a DSGE model estimated on the Czech Republic's data. We use slightly modified medium-scale small open economy model originally proposed by Sheen and Wang [10]. This model incorporates a standard set of rigidities such as investment adjustment cost, habit formation, external risk premium, and incomplete exchange rate pass-through. The model allows for two approaches to the labour market - the real wage rigidity specified in spirit of the search and matching models, and the nominal wage rigidity a la Calvo wage setting. The model is estimated on a set of fourteen observable variables, including the unemployment rate. Our research is in the early stage, however, preliminary results suggest that the real wage rigidity is more appropriate modelling approach. Empirical performance of our model is illustrated by means of the variance decomposition and historical shock decomposition of selected observable variables.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
50200 - Economics and Business
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2017
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
The 35th International Conference Mathematical Methods in Economics, Conference Proceedings
ISBN
9788074356780
ISSN
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e-ISSN
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Number of pages
6
Pages from-to
42-47
Publisher name
Gaudeamus, University of Hradec Králové
Place of publication
Hradec Králové
Event location
Hradec Králové
Event date
Jan 1, 2017
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
000427151400008