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@inproceedings{1197957,
author = {Reichel, Vlastimil and Hloušek, Miroslav},
address = {Olomouc},
booktitle = {Proceedings of 32nd International Conference Mathematical Methods in Economics},
editor = {Talašová, J., Stoklasa, J., Talášek, T.},
keywords = {VAR model; Real Business Cycle Theory; New Keynesian Theory},
howpublished = {paměťový nosič},
language = {eng},
location = {Olomouc},
isbn = {978-80-244-4209-9},
pages = {855-860},
publisher = {Palacký University},
title = {RBC model vs. New Keynesian model: time series analysis of Czech data},
url = {http://mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf},
year = {2014}
}
TY - JOUR
ID - 1197957
AU - Reichel, Vlastimil - Hloušek, Miroslav
PY - 2014
TI - RBC model vs. New Keynesian model: time series analysis of Czech data
PB - Palacký University
CY - Olomouc
SN - 9788024442099
KW - VAR model
KW - Real Business Cycle Theory
KW - New Keynesian Theory
UR - http://mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf
L2 - http://mme2014.upol.cz/downloads/MME_2014_Proceedings.pdf
N2 - The aim of this paper is to analyse the macroeconomic data of Czech economy and to discuss whether they correspond to RBC or New Keynesian theory. Firstly, we focus on non-neutrality of monetary policy. Secondly, using Blanchar-Quah decomposition in bivariate VAR model we identify technology and nontechnology shocks. The technology shocks produces negative correlation between hours worked and productivity, while nontechnology shocks implies positive correlation between these two variables. This result is in contrast with RBC model which shows positive correlation between hours worked and productivity in reaction to technology shocks, as main source of fluctuations. On the other hand, New Keynesians models are consistent with these empirical findings.
ER -
REICHEL, Vlastimil a Miroslav HLOUŠEK. RBC model vs. New Keynesian model: time series analysis of Czech data. In Talašová, J., Stoklasa, J., Talášek, T. \textit{Proceedings of 32nd International Conference Mathematical Methods in Economics}. Olomouc: Palacký University, 2014, s.~855-860. ISBN~978-80-244-4209-9.
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