| PÁPAI, Adam a Daniel NĚMEC. Labor Market Frictions in the Czech Republic and Hungary. Online. In Martinčík, D., Ircingová, J., Janeček, P. 33rd International Conference Mathematical Methods in Economics Conference Proceedings. Plzeň: University of West Bohemia, 2015, s. 606-611. ISBN 978-80-261-0539-8. |
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@inproceedings{1310598,
author = {Pápai, Adam and Němec, Daniel},
address = {Plzeň},
booktitle = {33rd International Conference Mathematical Methods in Economics Conference Proceedings},
editor = {Martinčík, D., Ircingová, J., Janeček, P.},
keywords = {DSGE; small open economy; labor market; search and matching frictions; Great Recession},
howpublished = {elektronická verze "online"},
language = {eng},
location = {Plzeň},
isbn = {978-80-261-0539-8},
pages = {606-611},
publisher = {University of West Bohemia},
title = {Labor Market Frictions in the Czech Republic and Hungary},
url = {http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf},
year = {2015}
}
TY - JOUR
ID - 1310598
AU - Pápai, Adam - Němec, Daniel
PY - 2015
TI - Labor Market Frictions in the Czech Republic and Hungary
PB - University of West Bohemia
CY - Plzeň
SN - 9788026105398
KW - DSGE
KW - small open economy
KW - labor market
KW - search and matching frictions
KW - Great Recession
UR - http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf
L2 - http://mme2015.zcu.cz/downloads/MME_2015_proceedings.pdf
N2 - The goal of this paper is to investigate and compare the structural and dynamical characteristics of the Czech and Hungarian economy. The focus lies mainly on the examination of the development of key labor market variables. We also want to capture the changes that occurred due to the Great Recession in 2008. We estimate a DSGE model with search and matching frictions, price and wage rigidities and hiring costs. The monetary authority sets the nominal interest rates according to a Taylor-type rule. The wages setting mechanism and hours worked are the result of the Nash bargaining process. This model is estimated for the quarterly data of the Czech Republic and Hungary for the period 2001Q2 – 2014Q4. The results show that the reactions of variables to monetary shock are larger in the Czech Republic. This suggests that the monetary policy is less efficient in Hungary during the examined period. The bargaining power of workers is stronger in the Czech economy. This coefficient is smaller in Hungary, which is in line with the low trade union participation of workers. The model shows the preference, foreign and disutility from work shocks to be the main cause of the Great Recession in both countries.
ER -
PÁPAI, Adam a Daniel NĚMEC. Labor Market Frictions in the Czech Republic and Hungary. Online. In Martinčík, D., Ircingová, J., Janeček, P. \textit{33rd International Conference Mathematical Methods in Economics Conference Proceedings}. Plzeň: University of West Bohemia, 2015, s.~606-611. ISBN~978-80-261-0539-8.
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