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@inproceedings{1360829,
author = {Chalmovianský, Jakub},
address = {NORRISTOWN},
booktitle = {VISION 2020: INNOVATION MANAGEMENT, DEVELOPMENT SUSTAINABILITY, AND COMPETITIVE ECONOMIC GROWTH, 2016, VOLS I - VII},
editor = {Soliman, KS},
keywords = {Bayesian estimation; Kalman filter; Non-accelerating inflation rate of unemployment; Unobserved components model},
howpublished = {paměťový nosič},
language = {eng},
location = {NORRISTOWN},
isbn = {978-0-9860419-8-3},
pages = {2831-2838},
publisher = {INT BUSINESS INFORMATION MANAGEMENT ASSOC-IBIMA},
title = {How Do Labor Markets of Central European Small Open Economies Perform? Measuring the NAIRU Using Bayesian Approach},
year = {2016}
}
TY - JOUR
ID - 1360829
AU - Chalmovianský, Jakub
PY - 2016
TI - How Do Labor Markets of Central European Small Open Economies Perform? Measuring the NAIRU Using Bayesian Approach
PB - INT BUSINESS INFORMATION MANAGEMENT ASSOC-IBIMA
CY - NORRISTOWN
SN - 9780986041983
KW - Bayesian estimation
KW - Kalman filter
KW - Non-accelerating inflation rate of unemployment
KW - Unobserved components model
N2 - Small open economies of the Central European region, namely the Czech Republic, Hungary and Slovakia, have historically experienced very similar development, not only from the economic point of view. Thanks to their close economic cooperation and integration efforts in the Visegrad Group, and after 2004 also in the European Union, they experience the same economic conditions, share the same single market for labor, goods, services and capital, and most importantly, face more or less the same external disturbances. As a result, one would believe that response of their labor markets to these disturbances has to be roughly the same. In this contribution we will take a closer look on the recent labor markets developments of the countries mentioned above. For this purpose, estimates of non-accelerating inflation rate of unemployment (NAIRU) are presented and dynamics of the estimated trajectories before and after the onset of The Great Financial Crisis in 2008 is analyzed. In order to estimate the NAIRU a bivariate unobserved components model is constructed and Bayesian estimation framework together with Kalman filtering techniques are used.
ER -
CHALMOVIANSKÝ, Jakub. How Do Labor Markets of Central European Small Open Economies Perform? Measuring the NAIRU Using Bayesian Approach. In Soliman, KS. \textit{VISION 2020: INNOVATION MANAGEMENT, DEVELOPMENT SUSTAINABILITY, AND COMPETITIVE ECONOMIC GROWTH, 2016, VOLS I - VII}. NORRISTOWN: INT BUSINESS INFORMATION MANAGEMENT ASSOC-IBIMA, 2016, s.~2831-2838. ISBN~978-0-9860419-8-3.
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