Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F08%3A00027071" target="_blank" >RIV/00216224:14560/08:00027071 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework

Popis výsledku v původním jazyce

This article estimates the dynamic behavior of the Czech economy and preference of the Czech National Bank. New Keynesian DSGE small open economy model developed by J.Gali and T.Monacelli with optimal commitment monetary policy is considered. The articleuses the solution for optima commitment policy proposed by R.Dennis. Estimates of the model parameters are obtained by Bayesian estimation technique with use of the Metropolis-Hastings algorithm and the Kalman filter. The diagnostics proposed by R.Brooks and A.Gelman and J.Geweke are carried out to examine the convergence of the Markov chain. The behavior of the Czech economy is strongly dependent on production technology and the foreign economy development. Latter is the result of high openness of theCzech economy. Next, we found out that the Czech National Bank pays little attention to output stabilization in comparison to its concern over inflation targeting. The CNB attaches the highest importance to inflation stabilization.

Název v anglickém jazyce

Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework

Popis výsledku anglicky

This article estimates the dynamic behavior of the Czech economy and preference of the Czech National Bank. New Keynesian DSGE small open economy model developed by J.Gali and T.Monacelli with optimal commitment monetary policy is considered. The articleuses the solution for optima commitment policy proposed by R.Dennis. Estimates of the model parameters are obtained by Bayesian estimation technique with use of the Metropolis-Hastings algorithm and the Kalman filter. The diagnostics proposed by R.Brooks and A.Gelman and J.Geweke are carried out to examine the convergence of the Markov chain. The behavior of the Czech economy is strongly dependent on production technology and the foreign economy development. Latter is the result of high openness of theCzech economy. Next, we found out that the Czech National Bank pays little attention to output stabilization in comparison to its concern over inflation targeting. The CNB attaches the highest importance to inflation stabilization.

Druh

C - Kapitola v odborné knize

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

<a href="/cs/project/1M0524" target="_blank" >1M0524: Centrum výzkumu konkurenční schopnosti české ekonomiky</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2008

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název knihy nebo sborníku

Tomeš, Zdeněk - Žídek, Libor. Determinanty hospodářského růstu v zemích východní Evropy

ISBN

978-80-210-4786-0

Počet stran výsledku

52

Strana od-do

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Počet stran knihy

458

Název nakladatele

Masarykova Univerzita

Místo vydání

Brno

Kód UT WoS kapitoly

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