MEASURING THE NAIRU FOR CZECH AND SLOVAK LABOUR MARKETS: BAYESIAN APPROACH

CHALMOVIANSKÝ, Jakub. MEASURING THE NAIRU FOR CZECH AND SLOVAK LABOUR MARKETS: BAYESIAN APPROACH. In Reiff, M Gezik, P. PROCEEDINGS OF THE INTERNATIONAL CONFERENCE: QUANTITATIVE METHODS IN ECONOMICS: MULTIPLE CRITERIA DECISION MAKING XVIII. BRATISLAVA: LETRA INTERACTIVE, SRO. p. 158-164. ISBN 978-80-972328-0-1. 2016.

Basic information

• Original name: MEASURING THE NAIRU FOR CZECH AND SLOVAK LABOUR MARKETS: BAYESIAN APPROACH
• Authors: CHALMOVIANSKÝ, Jakub (703 Slovakia, guarantor, belonging to the institution).
• Edition: BRATISLAVA, PROCEEDINGS OF THE INTERNATIONAL CONFERENCE: QUANTITATIVE METHODS IN ECONOMICS: MULTIPLE CRITERIA DECISION MAKING XVIII, p. 158-164, 7 pp. 2016.
• Publisher: LETRA INTERACTIVE, SRO

Other information

• Original language: English
• Type of outcome: Proceedings paper
• Field of Study: 50200 5.2 Economics and Business
• Country of publisher: Slovakia
• Confidentiality degree: is not subject to a state or trade secret
• Publication form: printed version "print"
• WWW: URL
• RIV identification code: RIV/00216224:14560/16:00090055
• Organization unit: Faculty of Economics and Administration
• ISBN: 978-80-972328-0-1
• UT WoS: 000394099300025
• Keywords in English: Bayesian estimation; Gibbs sampler; Kalman filter; Non-accelerating inflation rate of unemployment; Unobserved components model
• Tags: International impact, Reviewed

Abstract

The purpose of this contribution is to present and compare estimates of non-accelerating inflation rate of unemployment and corresponding unemployment gap in the Czech Republic and the Slovak Republic. The estimates of these indicators are based on a bivariate Phillips curve model, as an unobserved components model, where use is made of Bayesian estimation and diffuse Kalman filtering techniques. Since the data on unemployment rate for the Slovak economy shows some evidence of structural changes, the model for this country has to be modified to allow for such behaviour. Eventually, results for both economies are compared mostly on the basis of their statistical properties.

Links

• MUNI/A/1040/2015, interní kód MU: Name: Dynamické makroekonomické modely malých otevřených ekonomik – aktuální problémy a výzvy (Acronym: Dynamické makroekonomické modely)

Investor: Masaryk University, Category A