Small DSGE model for the Czech economy

Kód výsledku v IS VaVaI

RIV/00216224:14560/09:00038079 - isvavai.cz

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Small DSGE model for the Czech economy

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Small DSGE model for the Czech economy

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

1M0524: Centrum výzkumu konkurenční schopnosti české ekonomiky

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2009

Kód důvěrnosti údajů

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

Název statě ve sborníku

Mathematical Methods in Economics 2009

ISBN

978-80-213-1963-9

ISSN

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e-ISSN

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Počet stran výsledku

6

Strana od-do

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Název nakladatele

Czech University of Life Sciences Prague

Místo vydání

Praha

Místo konání akce

Kostelec nad Černými Lesy

Datum konání akce

1. 1. 2009

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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