Wage rigidities and labour market performance in the Czech
Republic

D 2016

Wage rigidities and labour market performance in the Czech Republic

NĚMEC, Daniel and Martin MACÍČEK

Basic information

Original name

Wage rigidities and labour market performance in the Czech Republic

Authors

NĚMEC, Daniel (203 Czech Republic, guarantor, belonging to the institution) and Martin MACÍČEK (203 Czech Republic, belonging to the institution)

Edition

Liberec, 34th International Conference Mathematical Methods in Economics MME 2016 - Conference proceedings, p. 612-617, 6 pp. 2016

Publisher

Technical University of Liberec

Other information

Language

English

Type of outcome

Stať ve sborníku

Field of Study

50202 Applied Economics, Econometrics

Country of publisher

Czech Republic

Confidentiality degree

není předmětem státního či obchodního tajemství

Publication form

storage medium (CD, DVD, flash disk)

References:

Conference proceedings

RIV identification code

RIV/00216224:14560/16:00090784

Organization unit

Faculty of Economics and Administration

ISBN

978-80-7494-296-9

UT WoS

000385239500105

Keywords in English

wage rigidities; labour market frictions; DSGE model; hiring costs; Czech labour market

Abstract

V originále

The main goal of our contribution is to evaluate the impact of structural characteristics of the Czech labour market on the business cycle and to quantify the role of wage rigidities in the labour market performance. The Czech economy is represented by a small dynamic stochastic general equilibrium model of an open economy. The model economy consists of three types of agents: firms, households and central bank. Model parameters are estimated using the quarterly data of the Czech Republic for the period from the first quarter of 2000 to the last quarter of 2014. The comparison of two alternative wage setting model schemes shows that the Nash bargaining wage setting with the real wage persistence fits the data better than the Calvo type of wage rigidities modelling approach. The existence of hiring costs in the Czech economy was proved as significant and the estimated hiring costs account for 0.77% of the gross domestic product.

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

Files attached

mme2016.pdf

Find similar documents

Citovat

NĚMEC, Daniel and Martin MACÍČEK. Wage rigidities and labour market performance in the Czech Republic. In Aleš Kocourek, Miroslav Vavroušek. 34th International Conference Mathematical Methods in Economics MME 2016 - Conference proceedings. Liberec: Technical University of Liberec, 2016, p. 612-617. ISBN 978-80-7494-296-9.

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   address = {Liberec},
   booktitle = {34th International Conference Mathematical Methods in Economics MME 2016 - Conference proceedings},
   editor = {Aleš Kocourek, Miroslav Vavroušek},
   keywords = {wage rigidities; labour market frictions; DSGE model; hiring costs; Czech labour market},
   howpublished = {paměťový nosič},
   language = {eng},
   location = {Liberec},
   isbn = {978-80-7494-296-9},
   pages = {612-617},
   publisher = {Technical University of Liberec},
   title = {Wage rigidities and labour market performance in the Czech Republic},
   url = {http://mme2016.tul.cz/conferenceproceedings/mme2016_conference_proceedings.pdf},
   year = {2016}
}

TY  - JOUR
ID  - 1353889
AU  - Němec, Daniel - Macíček, Martin
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TI  - Wage rigidities and labour market performance in the Czech Republic
PB  - Technical University of Liberec
CY  - Liberec
SN  - 9788074942969
KW  - wage rigidities
KW  - labour market frictions
KW  - DSGE model
KW  - hiring costs
KW  - Czech labour market
UR  - http://mme2016.tul.cz/conferenceproceedings/mme2016_conference_proceedings.pdf
L2  - http://mme2016.tul.cz/conferenceproceedings/mme2016_conference_proceedings.pdf
N2  - The main goal of our contribution is to evaluate the impact of structural characteristics of the Czech labour market on the business cycle and to quantify the role of wage rigidities in the labour market performance. The Czech economy is represented by a small dynamic stochastic general equilibrium model of an open economy. The model economy consists of three types of agents: firms, households and central bank. Model parameters are estimated using the quarterly data of the Czech Republic for the period from the first quarter of 2000 to the last quarter of 2014. The comparison of two alternative wage setting model schemes shows that the Nash bargaining wage setting with the real wage persistence fits the data better than the Calvo type of wage rigidities modelling approach. The existence of hiring costs in the Czech economy was proved as significant and the estimated hiring costs account for 0.77% of the gross domestic product.
ER  -

NĚMEC, Daniel and Martin MACÍČEK. Wage rigidities and labour market performance in the Czech Republic. In Aleš Kocourek, Miroslav Vavroušek. \textit{34th International Conference Mathematical Methods in Economics MME 2016 - Conference proceedings}. Liberec: Technical University of Liberec, 2016, p.~612-617. ISBN~978-80-7494-296-9.

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