Analysis of the behaviour of a small open economy in period of dramatic economic events

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Analysis of the behaviour of a small open economy in period of dramatic economic events

Popis výsledku v původním jazyce

We study structural changes in the characteristics of the Czech economy and the sources of the recent economic downturn two methods of quantitative analysis: recursive estimation of parameters and shock decomposition. The main tool used for the analysisis a New Keynesian DSGE model following New Open Economy Macroeconomics small open economy concept, which allows for incomplete exchange rate pass-through. We assess the ability of the utilized model to explain recent severe economic downturn. The results suggest that the structural characteristics of the Czech economy, given by the values of structural parameters, have not changed during the recent recession. It also suggests that most of the observed data dynamics in the Czech economy can be attributed to outside causes. In particular, the main driving force of the decline in output was the decline in foreign demand. Using those findings, we produce a conditional forecast of the development of the Czech economy for the years 2010 and

Název v anglickém jazyce

Analysis of the behaviour of a small open economy in period of dramatic economic events

Popis výsledku anglicky

We study structural changes in the characteristics of the Czech economy and the sources of the recent economic downturn two methods of quantitative analysis: recursive estimation of parameters and shock decomposition. The main tool used for the analysisis a New Keynesian DSGE model following New Open Economy Macroeconomics small open economy concept, which allows for incomplete exchange rate pass-through. We assess the ability of the utilized model to explain recent severe economic downturn. The results suggest that the structural characteristics of the Czech economy, given by the values of structural parameters, have not changed during the recent recession. It also suggests that most of the observed data dynamics in the Czech economy can be attributed to outside causes. In particular, the main driving force of the decline in output was the decline in foreign demand. Using those findings, we produce a conditional forecast of the development of the Czech economy for the years 2010 and

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2010

Kód důvěrnosti údajů

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

Název statě ve sborníku

Mathematical Methods in Economics 2010

ISBN

978-80-7394-218-2

ISSN

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e-ISSN

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Počet stran výsledku

6

Strana od-do

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Název nakladatele

University of South Bohemia, Faculty of Economics

Místo vydání

České Budějovice

Místo konání akce

České Budějovice

Datum konání akce

1. 1. 2010

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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