Estimating structural changes of the Czech economy: How convincing are the symptoms of the economic crisis?

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F10%3A00045341" target="_blank" >RIV/00216224:14560/10:00045341 - isvavai.cz</a>

Výsledek na webu

—

DOI - Digital Object Identifier

—

Jazyk výsledku

angličtina

Název v původním jazyce

Estimating structural changes of the Czech economy: How convincing are the symptoms of the economic crisis?

Popis výsledku v původním jazyce

The goal of our contribution is to find possible changes in the Czech economy in the last fifteen years. We are concerned with the questions of stability of the relationships among the key economic variables. These relationships are expressed particularly by the dynamic Okun's law, Phillips curve, IS curve or the Taylor's rule. The cyclical development of the economy is based on the simultaneous estimation of the four (unobserved) natural rates: potential output, NAIRU, equilibrium real interest rate and equilibrium real exchange rate. Unlike the mainstream (DSGE) models we use an alternative, non general equilibrium model without any strong restrictions on the parameter and model equations. Our results (among others) show that the significant changesof parameters are identified only in the period of the last economic downturn beginning the fourth quarter 2008 and that these changes influenced only a part of the key model parameters.

Název v anglickém jazyce

Estimating structural changes of the Czech economy: How convincing are the symptoms of the economic crisis?

Popis výsledku anglicky

The goal of our contribution is to find possible changes in the Czech economy in the last fifteen years. We are concerned with the questions of stability of the relationships among the key economic variables. These relationships are expressed particularly by the dynamic Okun's law, Phillips curve, IS curve or the Taylor's rule. The cyclical development of the economy is based on the simultaneous estimation of the four (unobserved) natural rates: potential output, NAIRU, equilibrium real interest rate and equilibrium real exchange rate. Unlike the mainstream (DSGE) models we use an alternative, non general equilibrium model without any strong restrictions on the parameter and model equations. Our results (among others) show that the significant changesof parameters are identified only in the period of the last economic downturn beginning the fourth quarter 2008 and that these changes influenced only a part of the key model parameters.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

—

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

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

—

e-ISSN

—

Počet stran výsledku

8

Strana od-do

—

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

—