Investigating structural differences of the Czech economy: Does asymmetry of shocks matter?

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F12%3A00059319" target="_blank" >RIV/00216224:14560/12:00059319 - isvavai.cz</a>

Výsledek na webu

<a href="http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/viewFile/188/173" target="_blank" >http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/viewFile/188/173</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Investigating structural differences of the Czech economy: Does asymmetry of shocks matter?

Popis výsledku v původním jazyce

The goal of this paper is to evaluate heterogeneity between the Czech Republic and the Euro area, because different behavior of agents or asymmetric shocks cut benefits from the entering monetary union. For this purpose, we introduce a two-country dynamic stochastic general equilibrium model that allows different sources of heterogeneity between countries. We focus on differences in structural parameters and asymmetry of shocks hitting the two economies. Using Bayesian techniques, we estimate various specifications of log-linear models (unrestricted and nested) and then we test different sources of heterogeneity. Our results indicate that the main sources of heterogeneity are price and wage rigidities and the asymmetry of shocks. On the other hand, wehave found strong evidence in favor of homogeneity in parameters describing utility function of households.

Název v anglickém jazyce

Investigating structural differences of the Czech economy: Does asymmetry of shocks matter?

Popis výsledku anglicky

The goal of this paper is to evaluate heterogeneity between the Czech Republic and the Euro area, because different behavior of agents or asymmetric shocks cut benefits from the entering monetary union. For this purpose, we introduce a two-country dynamic stochastic general equilibrium model that allows different sources of heterogeneity between countries. We focus on differences in structural parameters and asymmetry of shocks hitting the two economies. Using Bayesian techniques, we estimate various specifications of log-linear models (unrestricted and nested) and then we test different sources of heterogeneity. Our results indicate that the main sources of heterogeneity are price and wage rigidities and the asymmetry of shocks. On the other hand, wehave found strong evidence in favor of homogeneity in parameters describing utility function of households.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

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)<br>S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2012

Kód důvěrnosti údajů

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

Název periodika

Bulletin of the Czech Econometric Society

ISSN

1212-074X

e-ISSN

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Svazek periodika

19

Číslo periodika v rámci svazku

29

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

22

Strana od-do

28-49

Kód UT WoS článku

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EID výsledku v databázi Scopus

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