A Small Open Economy Model of the Czech Republic with Frictional Labor Market

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F15%3A00084133" target="_blank" >RIV/00216224:14560/15:00084133 - isvavai.cz</a>

Výsledek na webu

<a href="https://ece.pefka.mendelu.cz/sites/default/files/ece_2015_final.pdf" target="_blank" >https://ece.pefka.mendelu.cz/sites/default/files/ece_2015_final.pdf</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

A Small Open Economy Model of the Czech Republic with Frictional Labor Market

Popis výsledku v původním jazyce

The goal of this paper is to identify and quantify the interactions among monetary policy, business cycle and labor market variables for the Czech Republic during the last 15 years. A dynamic stochastic general equilibrium model is used to investigate the characteristics of the Czech economy before and after the financial crisis in 2008. This small open economy model contains Taylor-type monetary rule, price and wage rigidities, and search and matching frictions. The wages setting mechanism and hours worked are the result of the Nash bargaining process. Model parameters are estimated using the quarterly data of the Czech Republic for the period 1999:Q1 ? 2014:Q3. The model is able to match the business cycle properties of key economic variables relatively well. The results show that the reactions of variables to monetary shock are quite similar in both examined periods providing a clear path of the transmission mechanism. The wage rigidities are considerably higher after the crisis.

Název v anglickém jazyce

A Small Open Economy Model of the Czech Republic with Frictional Labor Market

Popis výsledku anglicky

The goal of this paper is to identify and quantify the interactions among monetary policy, business cycle and labor market variables for the Czech Republic during the last 15 years. A dynamic stochastic general equilibrium model is used to investigate the characteristics of the Czech economy before and after the financial crisis in 2008. This small open economy model contains Taylor-type monetary rule, price and wage rigidities, and search and matching frictions. The wages setting mechanism and hours worked are the result of the Nash bargaining process. Model parameters are estimated using the quarterly data of the Czech Republic for the period 1999:Q1 ? 2014:Q3. The model is able to match the business cycle properties of key economic variables relatively well. The results show that the reactions of variables to monetary shock are quite similar in both examined periods providing a clear path of the transmission mechanism. The wage rigidities are considerably higher after the crisis.

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

2015

Kód důvěrnosti údajů

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

Název statě ve sborníku

Proceedings of 18th International Conference Enterprise and Competitive Environment

ISBN

9788075093424

ISSN

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e-ISSN

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Počet stran výsledku

9

Strana od-do

676-684

Název nakladatele

Mendel University

Místo vydání

Brno

Místo konání akce

Brno

Datum konání akce

1. 1. 2015

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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