Behavior of the Czech small open economy in the conditions of
occasionally binding constraints

D 2018

Behavior of the Czech small open economy in the conditions of occasionally binding constraints

TVRZ, Stanislav; Jaromír TONNER a Osvald VAŠÍČEK

Základní údaje

Originální název

Behavior of the Czech small open economy in the conditions of occasionally binding constraints

Autoři

TVRZ, Stanislav; Jaromír TONNER a Osvald VAŠÍČEK

Vydání

Prague, 36th International Conference Mathematical Methods in Economics Conference Proceedings, od s. 612-617, 6 s. 2018

Nakladatel

Faculty of Management, University of Economics

Další údaje

Jazyk

angličtina

Typ výsledku

Stať ve sborníku

Obor

50202 Applied Economics, Econometrics

Stát vydavatele

Česká republika

Utajení

není předmětem státního či obchodního tajemství

Forma vydání

elektronická verze "online"

Odkazy

URL

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/18:00103732

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-80-7378-372-3

UT WoS

000507455300106

Klíčová slova anglicky

DSGE model;simulation;non-standard monetary policy;occasionallybinding constraints

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 24. 4. 2020 10:41, Mgr. Daniela Marcollová

Anotace

V originále

The period of economic recovery after the Great Recession was marked by utilization of non-standard monetary policy tools, such as quantitative easing or exchange rate interventions, by the central banks around the globe. In this paper we model the behavior of the Czech small open economy in the conditions of nonstandard monetary policy with the use of DSGE model with occasionally binding constraints. We compare the baseline model to the alternative set-up, where the development of domestic and foreign policy interest rates and nominal exchange rate is restricted to given bounds. We investigate the behavior of model economy using the impulse response functions under the assumption that the limiting bounds are fully anticipated by the rational economic agents. We show that the effects of given constraints largely depend on the type of particular exogenous shock. While responses to some may remain unaffected, the rest gets to a certain extent amplified or dampened.

Návaznosti

MUNI/A/0966/2017, interní kód MU

Název: Nekonvenční monetární politika a instituce trhu práce pohledem dynamických stochastických modelů všeobecné rovnováhy (Akronym: Nekonvenční monetární politika)

Investor: Masarykova univerzita, Nekonvenční monetární politika a instituce trhu práce pohledem dynamických stochastických modelů všeobecné rovnováhy, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

TVRZ, Stanislav; Jaromír TONNER a Osvald VAŠÍČEK. Behavior of the Czech small open economy in the conditions of occasionally binding constraints. Online. In Váchová, L., Kratochvíl, V. 36th International Conference Mathematical Methods in Economics Conference Proceedings. Prague: Faculty of Management, University of Economics, 2018, s. 612-617. ISBN 978-80-7378-372-3.

@inproceedings{1438796,
   author = {Tvrz, Stanislav and Tonner, Jaromír and Vašíček, Osvald},
   address = {Prague},
   booktitle = {36th International Conference Mathematical Methods in Economics Conference Proceedings},
   editor = {Váchová, L., Kratochvíl, V.},
   keywords = {DSGE model;simulation;non-standard monetary policy;occasionallybinding constraints},
   howpublished = {elektronická verze "online"},
   language = {eng},
   location = {Prague},
   isbn = {978-80-7378-372-3},
   pages = {612-617},
   publisher = {Faculty of Management, University of Economics},
   title = {Behavior of the Czech small open economy in the conditions of occasionally binding constraints},
   url = {https://mme2018.fm.vse.cz/wp-content/uploads/2018/09/MME2018-Electronic_proceedings.pdf},
   year = {2018}
}

TY  - CONF
ID  - 1438796
AU  - Tvrz, Stanislav - Tonner, Jaromír - Vašíček, Osvald
PY  - 2018
TI  - Behavior of the Czech small open economy in the conditions of occasionally binding constraints
PB  - Faculty of Management, University of Economics
CY  - Prague
SN  - 9788073783723
KW  - DSGE model;simulation;non-standard monetary policy;occasionallybinding constraints
UR  - https://mme2018.fm.vse.cz/wp-content/uploads/2018/09/MME2018-Electronic_proceedings.pdf
L2  - https://mme2018.fm.vse.cz/wp-content/uploads/2018/09/MME2018-Electronic_proceedings.pdf
N2  - The period of economic recovery after the Great Recession was marked by utilization of non-standard monetary policy tools, such as quantitative easing or exchange rate interventions, by the central banks around the globe. In this paper we model the behavior of the Czech small open economy in the conditions of nonstandard monetary policy with the use of DSGE model with occasionally binding constraints. We compare the baseline model to the alternative set-up, where the development of domestic and foreign policy interest rates and nominal exchange rate is restricted to given bounds. We investigate the behavior of model economy using the impulse response functions under the assumption that the limiting bounds are fully anticipated by the rational economic agents. We show that the effects of given constraints largely depend on the type of particular exogenous shock. While responses to some may remain unaffected, the rest gets to a certain extent amplified or dampened.
ER  -

TVRZ, Stanislav; Jaromír TONNER a Osvald VAŠÍČEK. Behavior of the Czech small open economy in the conditions of occasionally binding constraints. Online. In Váchová, L., Kratochvíl, V. \textit{36th International Conference Mathematical Methods in Economics Conference Proceedings}. Prague: Faculty of Management, University of Economics, 2018, s.~612-617. ISBN~978-80-7378-372-3.

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