Monetary Policy in an Economy with Frictional Labor Market - Case of Poland

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F16%3A00108676" target="_blank" >RIV/00216224:14560/16:00108676 - isvavai.cz</a>

Výsledek na webu

<a href="http://mme2016.tul.cz/conferenceproceedings/mme2016_conference_proceedings.pdf" target="_blank" >http://mme2016.tul.cz/conferenceproceedings/mme2016_conference_proceedings.pdf</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Monetary Policy in an Economy with Frictional Labor Market - Case of Poland

Popis výsledku v původním jazyce

The aim of this paper is to investigate the impacts and effectiveness of the monetary policy in the Polish economy during the last 14 years. Furthermore, we are interested in the effects of the Great Recession, which was caused by the financial crisis in 2007, on the behavior of key macroeconomic variables. To achieve our goals, we choose and estimate a dynamic stochastic general equilibrium model specified for a small open economy. The model is characterized by an explicitly defined labor market. The model version of this sector of the economy contains several frictions in form of a search and matching function, wage adjustment costs, hiring costs and wage bargaining processes. We implement a few different Taylor-type equations, which represent the decision making rule of the monetary authority. This approach helps us identify the main relationships, which the monetary policy maker takes into consideration while setting the interest rates. We then examine the impacts of monetary policy shock on the output and labor market.

Název v anglickém jazyce

Monetary Policy in an Economy with Frictional Labor Market - Case of Poland

Popis výsledku anglicky

The aim of this paper is to investigate the impacts and effectiveness of the monetary policy in the Polish economy during the last 14 years. Furthermore, we are interested in the effects of the Great Recession, which was caused by the financial crisis in 2007, on the behavior of key macroeconomic variables. To achieve our goals, we choose and estimate a dynamic stochastic general equilibrium model specified for a small open economy. The model is characterized by an explicitly defined labor market. The model version of this sector of the economy contains several frictions in form of a search and matching function, wage adjustment costs, hiring costs and wage bargaining processes. We implement a few different Taylor-type equations, which represent the decision making rule of the monetary authority. This approach helps us identify the main relationships, which the monetary policy maker takes into consideration while setting the interest rates. We then examine the impacts of monetary policy shock on the output and labor market.

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

Proceedings of 34th International Conference Mathematical Methods in Economics

ISBN

9788074942969

ISSN

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e-ISSN

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Počet stran výsledku

6

Strana od-do

629-634

Název nakladatele

Technical University of Liberec

Místo vydání

Liberec

Místo konání akce

Liberec

Datum konání akce

1. 1. 2016

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000385239500108