Multiple constraints applied into the DSGE model: The case of
unconventional monetary easing in the Czech economy

D 2016

Multiple constraints applied into the DSGE model: The case of unconventional monetary easing in the Czech economy

SÚKUPOVÁ, Karolína a Osvald VAŠÍČEK

Základní údaje

Originální název

Multiple constraints applied into the DSGE model: The case of unconventional monetary easing in the Czech economy

Autoři

SÚKUPOVÁ, Karolína a Osvald VAŠÍČEK

Vydání

Bratislava, Proceedings of the International Scientific Conference QUANTITATIVE METHODS IN ECONOMICS Multiple Criteria Decision Making XVIII. Vrátna, Slovakia, 2016, od s. 356-361, 6 s. 2016

Nakladatel

University of Economics, Bratislava

Další údaje

Jazyk

angličtina

Typ výsledku

Stať ve sborníku

Obor

50202 Applied Economics, Econometrics

Stát vydavatele

Slovensko

Utajení

není předmětem státního či obchodního tajemství

Forma vydání

tištěná verze "print"

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/16:00090019

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-80-972328-0-1

UT WoS

000394099300058

Klíčová slova anglicky

Zero Lowe Bound; unconventional monetary policy; constraints in DSGE models

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 17. 4. 2019 14:25, Mgr. Daniela Marcollová

Anotace

V originále

In this paper, we deal with the nonlinear constraints applied into the standard small open economy DSGE model. As a real economy example, we study a case of the zero lower bound on the interest rate and the lower bound on the foreign exchange rate. We analyze the simulated trajectories of the model variables that represent the economy during a period of low interest rates that reach the zero lower bound. The second constraint represents the usage of the foreign exchange rate as an unconventional tool for monetary easing. The tool used for our analysis is called DynareOBC and it was developed by Tom Holden. Its basic principle is based on the quadratic optimization. The toolbox is an extension of well-known toolbox Dynare and it is suitable for using under computational system Matlab. The results suggest that the foreign exchange rate may substitute the interest rate as a monetary tool when necessary.

Návaznosti

MUNI/A/1040/2015, interní kód MU

Název: Dynamické makroekonomické modely malých otevřených ekonomik – aktuální problémy a výzvy (Akronym: Dynamické makroekonomické modely)

Investor: Masarykova univerzita, Dynamické makroekonomické modely malých otevřených ekonomik – aktuální problémy a výzvy, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

SÚKUPOVÁ, Karolína a Osvald VAŠÍČEK. Multiple constraints applied into the DSGE model: The case of unconventional monetary easing in the Czech economy. In M. Reiff, P. Gežík. Proceedings of the International Scientific Conference QUANTITATIVE METHODS IN ECONOMICS Multiple Criteria Decision Making XVIII. Vrátna, Slovakia, 2016. Bratislava: University of Economics, Bratislava, 2016, s. 356-361. ISBN 978-80-972328-0-1.

@inproceedings{1345947,
   author = {Súkupová, Karolína and Vašíček, Osvald},
   address = {Bratislava},
   booktitle = {Proceedings of the International Scientific Conference QUANTITATIVE METHODS IN ECONOMICS Multiple Criteria Decision Making XVIII. Vrátna, Slovakia, 2016},
   editor = {M. Reiff, P. Gežík},
   keywords = {Zero Lowe Bound; unconventional monetary policy; constraints in DSGE models},
   howpublished = {tištěná verze "print"},
   language = {eng},
   location = {Bratislava},
   isbn = {978-80-972328-0-1},
   pages = {356-361},
   publisher = {University of Economics, Bratislava},
   title = {Multiple constraints applied into the DSGE model: The case of unconventional monetary easing in the Czech economy},
   year = {2016}
}

TY  - CONF
ID  - 1345947
AU  - Súkupová, Karolína - Vašíček, Osvald
PY  - 2016
TI  - Multiple constraints applied into the DSGE model: The case of unconventional monetary easing in the Czech economy
PB  - University of Economics, Bratislava
CY  - Bratislava
SN  - 9788097232801
KW  - Zero Lowe Bound
KW  - unconventional monetary policy
KW  - constraints in DSGE models
N2  - In this paper, we deal with the nonlinear constraints applied into the standard small open economy DSGE model. As a real economy example, we study a case of the zero lower bound on the interest rate and the lower bound on the foreign exchange rate. We analyze the simulated trajectories of the model variables that represent the economy during a period of low interest rates that reach the zero lower bound. The second constraint represents the usage of the foreign exchange rate as an unconventional tool for monetary easing. The tool used for our analysis is called DynareOBC and it was developed by Tom Holden. Its basic principle is based on the quadratic optimization. The toolbox is an extension of well-known toolbox Dynare and it is suitable for using under computational system Matlab. The results suggest that the foreign exchange rate may substitute the interest rate as a monetary tool when necessary.
ER  -

SÚKUPOVÁ, Karolína a Osvald VAŠÍČEK. Multiple constraints applied into the DSGE model: The case of unconventional monetary easing in the Czech economy. In M. Reiff, P. Gežík. \textit{Proceedings of the International Scientific Conference QUANTITATIVE METHODS IN ECONOMICS Multiple Criteria Decision Making XVIII. Vrátna, Slovakia, 2016}. Bratislava: University of Economics, Bratislava, 2016, s.~356-361. ISBN~978-80-972328-0-1.

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