Labour Market Frictions in the Visegrad Group

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F16%3A00095932" target="_blank" >RIV/00216224:14560/16:00095932 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Labour Market Frictions in the Visegrad Group

Popis výsledku v původním jazyce

In this paper we examine the dynamical and structural properties of the economies of the Visegrad Group. Our focus lies mainly in the investigation and comparison of the labour market frictions present in these countries. We estimate a dynamic stochastic general equilibrium model for small open economies on four data sets between periods 2002Q1 and 2015Q4. The selected model contains several labour market and other types of rigidities, like wage and price adjustment costs. The explicitly defined labour market consists of a search and matching function and a Nash-type wage and working hours bargaining process. A switching mechanism is implemented for the Slovak Republic to differentiate between autonomous and joint monetary policies for periods before and after 2009. The model matches the behaviour of real macroeconomic variables relatively well. Our results suggest that the wage rigidities are weaker compared to the price frictions in all examined economies. Also, in most cases the monetary authority is capable of influencing the labour market variables. Finally, all countries except Poland show signs of high degree of openness.

Název v anglickém jazyce

Labour Market Frictions in the Visegrad Group

Popis výsledku anglicky

In this paper we examine the dynamical and structural properties of the economies of the Visegrad Group. Our focus lies mainly in the investigation and comparison of the labour market frictions present in these countries. We estimate a dynamic stochastic general equilibrium model for small open economies on four data sets between periods 2002Q1 and 2015Q4. The selected model contains several labour market and other types of rigidities, like wage and price adjustment costs. The explicitly defined labour market consists of a search and matching function and a Nash-type wage and working hours bargaining process. A switching mechanism is implemented for the Slovak Republic to differentiate between autonomous and joint monetary policies for periods before and after 2009. The model matches the behaviour of real macroeconomic variables relatively well. Our results suggest that the wage rigidities are weaker compared to the price frictions in all examined economies. Also, in most cases the monetary authority is capable of influencing the labour market variables. Finally, all countries except Poland show signs of high degree of openness.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50200 - Economics and Business

Projekt

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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 statě ve sborníku

3nd International Multidisciplinary Scientific Conference on Social Sciences & Arts SGEM 2016

ISBN

9786197105766

ISSN

2367-5659

e-ISSN

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Počet stran výsledku

8

Strana od-do

417-424

Název nakladatele

SGEM international multidisciplinary scientific conference on social sciences and arts

Místo vydání

Sofia, Bulgaria

Místo konání akce

Albena, Bulgaria

Datum konání akce

1. 1. 2016

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000395727200054