HLOUŠEK, Miroslav. Zero lower bound on interest rate: application of DSGE model on Czech economy. In Talašová, J., Stoklasa, J., Talášek, T.. Proceedings of 32nd International Conference Mathematical Methods in Economics. Olomouc: Palacký University, 2014. p. 293298, 6 pp. ISBN 9788024442099. 
Other formats:
BibTeX
LaTeX
RIS
@inproceedings{1197948, author = {Hloušek, Miroslav}, address = {Olomouc}, booktitle = {Proceedings of 32nd International Conference Mathematical Methods in Economics}, editor = {Talašová, J., Stoklasa, J., Talášek, T.}, keywords = {zero lower bound on interest rate; DSGE model; occasionally binding constraint}, howpublished = {paměťový nosič}, language = {eng}, location = {Olomouc}, isbn = {9788024442099}, pages = {293298}, publisher = {Palacký University}, title = {Zero lower bound on interest rate: application of DSGE model on Czech economy}, url = {http://mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf}, year = {2014} }
TY  JOUR CY  Olomouc ID  1197948 UR  http://mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf AU  Hloušek, Miroslav N2  This paper deals with impacts of zero lower bound of interest rate on behaviour of macroeconomic variables in the Czech economy. The analysis uses DSGE model of small open economy, concretely model from Justiniano and Preston (2004), and toolkit from Guerrieri and Iacoviello (2014) that is able to solve occasionally binding constraint. The model is estimated on data of the Czech economy covering period 1996:Q2  2013:Q4. The behaviour of the model is studied using impulse responses and simulations in reaction to model specific shocks. Situation when central bank is incapable to decrease interest rate because of zero lower bound has implications for behaviour of output and consumption but not inflation. Shocks that cause binding of interest rate for most periods are domestic costpush shock and foreign preference shock. These two shocks also have nonnegligible welfare implications regarding behaviour of consumption. In reaction to three standard deviations of innovations, the drop of consumption was larger by 0.9 and 0.5 percentage points, respectively, when the interest rate hit the zero lower bound. L2  http://mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf TI  Zero lower bound on interest rate: application of DSGE model on Czech economy PY  2014 PB  Palacký University KW  zero lower bound on interest rate KW  DSGE model KW  occasionally binding constraint SN  9788024442099 ER 
HLOUŠEK, Miroslav. \textit{Zero lower bound on interest rate: application of DSGE model on Czech economy}. In Talašová, J., Stoklasa, J., Talášek, T.. \textit{Proceedings of 32nd International Conference Mathematical Methods in Economics}. Olomouc: Palacký University, 2014. p.~293298, 6 pp. ISBN~9788024442099.
