Analysis of Structural Differences and Asymmetry of Shocks Between the Czech Economy and the Euro Area

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F16%3A00089585" target="_blank" >RIV/00216224:14560/16:00089585 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.czso.cz/csu/czso/statistika-statistics-and-economy-journal-no-12016" target="_blank" >https://www.czso.cz/csu/czso/statistika-statistics-and-economy-journal-no-12016</a>

DOI - Digital Object Identifier

—

Jazyk výsledku

angličtina

Název v původním jazyce

Analysis of Structural Differences and Asymmetry of Shocks Between the Czech Economy and the Euro Area

Popis výsledku v původním jazyce

The goal of this paper is to examine asymmetry of shocks and structural differences between the Czech economy and the euro area. For this purpose I use a New Keynesian DSGE model of two economies. Structural differences are examined using the posterior distributions of structural parameters. Results suggest that prices are more sticky in the Czech economy, especially in the non-tradable sector, while wages are more sticky in the euro area. It seems that the ECB smooths less the interest rate and reacts more to the development in output and inflation than the Czech National Bank. It also seems that labor supply in the Czech economy is more elastic than labor supply in the euro area. Asymmetry of shocks is examined using correlations between smoothed shocks obtained from the estimation.

Název v anglickém jazyce

Analysis of Structural Differences and Asymmetry of Shocks Between the Czech Economy and the Euro Area

Popis výsledku anglicky

The goal of this paper is to examine asymmetry of shocks and structural differences between the Czech economy and the euro area. For this purpose I use a New Keynesian DSGE model of two economies. Structural differences are examined using the posterior distributions of structural parameters. Results suggest that prices are more sticky in the Czech economy, especially in the non-tradable sector, while wages are more sticky in the euro area. It seems that the ECB smooths less the interest rate and reacts more to the development in output and inflation than the Czech National Bank. It also seems that labor supply in the Czech economy is more elastic than labor supply in the euro area. Asymmetry of shocks is examined using correlations between smoothed shocks obtained from the estimation.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50200 - Economics and Business

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2016

Kód důvěrnosti údajů

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

Název periodika

Statistika: Statistics and Economy Journal

ISSN

0322-788X

e-ISSN

1804-8765

Svazek periodika

96

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

16

Strana od-do

34-49

Kód UT WoS článku

000376558500003

EID výsledku v databázi Scopus

2-s2.0-84962905982