DSGE model with government sector and inflation targeting: Structural changes of Czech economy in a period of recession

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

DSGE model with government sector and inflation targeting: Structural changes of Czech economy in a period of recession

Popis výsledku v původním jazyce

In the paper we compare the structure of the Czech economy in two periods: before and during the Great Recession. This small open economy is represented by two variations of a medium scale nonlinear dynamic stochastic model of a general equilibrium withscal and monetary policy. This model framework is based on a Portuguese approach introduced by Almeida (2009). We decided to use this model, because it captures the important features of the Czech economy in a reasonable detail. Since this concept was primarily constructed for the estimation of an economy in a currency union, we had to add a Taylor type monetary policy and a nominal exchange rate into the model. Both model variations are estimated with the use of bayesian techniques with the same priors, in order to analyse structural changes linked to the Great Recession. With the use of the shock decomposition we will analyse the impact of the exogenous shocks on the development of the Czech output.

Název v anglickém jazyce

DSGE model with government sector and inflation targeting: Structural changes of Czech economy in a period of recession

Popis výsledku anglicky

In the paper we compare the structure of the Czech economy in two periods: before and during the Great Recession. This small open economy is represented by two variations of a medium scale nonlinear dynamic stochastic model of a general equilibrium withscal and monetary policy. This model framework is based on a Portuguese approach introduced by Almeida (2009). We decided to use this model, because it captures the important features of the Czech economy in a reasonable detail. Since this concept was primarily constructed for the estimation of an economy in a currency union, we had to add a Taylor type monetary policy and a nominal exchange rate into the model. Both model variations are estimated with the use of bayesian techniques with the same priors, in order to analyse structural changes linked to the Great Recession. With the use of the shock decomposition we will analyse the impact of the exogenous shocks on the development of the Czech output.

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

2014

Kód důvěrnosti údajů

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

Název statě ve sborníku

Proceedings of the 32nd International Conference Mathematical Methods in Economics

ISBN

9788024442099

ISSN

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e-ISSN

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Počet stran výsledku

6

Strana od-do

807-812

Název nakladatele

Palacký University

Místo vydání

Olomouc

Místo konání akce

Olomouc

Datum konání akce

1. 1. 2014

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

000356417900139