Labour market frictions and vacancies: small open economy DSGE
model

D 2019

Labour market frictions and vacancies: small open economy DSGE model

BECHNÝ, Jakub a Osvald VAŠÍČEK

Základní údaje

Originální název

Labour market frictions and vacancies: small open economy DSGE model

Autoři

BECHNÝ, Jakub a Osvald VAŠÍČEK

Vydání

České Budějovice, 37th International Conference Mathematical Methods in Economics Conference Proceedings, od s. 150-155, 6 s. 2019

Nakladatel

University of South Bohemia in České Budějovice, Faculty 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

tištěná verze "print"

Odkazy

URL

Označené pro přenos do RIV

Ano

Kód RIV

RIV/00216224:14560/19:00110716

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-80-7394-760-6

Klíčová slova anglicky

Bayesian estimation; DSGE model; in-sample forecasts; job vacancies; labour market; predictive ability; small open economy

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 31. 3. 2020 14:16, Mgr. Daniela Marcollová

Anotace

V originále

The goal of this paper is to incorporate job vacancies into a small open economy dynamic stochastic general equilibrium model with involuntary unemployment. The observed vacancies are introduced into the model by using a variant of matching function. The model is estimated by using a Bayesian approach and 16 observed variables from 2001Q1 to 2018Q4 for the Czech economy. The observed vacancies allow us to identify hiring cost shock which has a moderate impact on inflation. However, the observed vacancies do not improve the overall predictive ability of the model, since the model over-predicts the vacancies’ volatility.

Návaznosti

MUNI/A/0963/2018, interní kód MU

Název: Trh práce, finanční frikce a růst v malé otevřené ekonomice: DSGE přístup

Investor: Masarykova univerzita, Trh práce, finanční frikce a růst v malé otevřené ekonomice: DSGE přístup, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

BECHNÝ, Jakub a Osvald VAŠÍČEK. Labour market frictions and vacancies: small open economy DSGE model. In Michal Houda, Radim Remeš. 37th International Conference Mathematical Methods in Economics Conference Proceedings. České Budějovice: University of South Bohemia in České Budějovice, Faculty of Economics, 2019, s. 150-155. ISBN 978-80-7394-760-6.

@inproceedings{1558879,
   author = {Bechný, Jakub and Vašíček, Osvald},
   address = {České Budějovice},
   booktitle = {37th International Conference Mathematical Methods in Economics Conference Proceedings},
   editor = {Michal Houda, Radim Remeš},
   keywords = {Bayesian estimation; DSGE model; in-sample forecasts; job vacancies; labour market; predictive ability; small open economy},
   howpublished = {tištěná verze "print"},
   language = {eng},
   location = {České Budějovice},
   isbn = {978-80-7394-760-6},
   pages = {150-155},
   publisher = {University of South Bohemia in České Budějovice, Faculty of Economics},
   title = {Labour market frictions and vacancies: small open economy DSGE model},
   url = {http://mme2019.ef.jcu.cz/files/conference_proceedings.pdf},
   year = {2019}
}

TY  - CONF
ID  - 1558879
AU  - Bechný, Jakub - Vašíček, Osvald
PY  - 2019
TI  - Labour market frictions and vacancies: small open economy DSGE model
PB  - University of South Bohemia in České Budějovice, Faculty of Economics
CY  - České Budějovice
SN  - 9788073947606
KW  - Bayesian estimation
KW  - DSGE model
KW  - in-sample forecasts
KW  - job vacancies
KW  - labour market
KW  - predictive ability
KW  - small open economy
UR  - http://mme2019.ef.jcu.cz/files/conference_proceedings.pdf
L2  - http://mme2019.ef.jcu.cz/files/conference_proceedings.pdf
N2  - The goal of this paper is to incorporate job vacancies into a small open economy dynamic stochastic general equilibrium model with involuntary unemployment. The observed vacancies are introduced into the model by using a variant of matching function. The model is estimated by using a Bayesian approach and 16 observed variables from 2001Q1 to 2018Q4 for the Czech economy. The observed vacancies allow us to identify hiring cost shock which has a moderate impact on inflation. However, the observed vacancies do not improve the overall predictive ability of the model, since the model over-predicts the vacancies’ volatility.
ER  -

BECHNÝ, Jakub a Osvald VAŠÍČEK. Labour market frictions and vacancies: small open economy DSGE model. In Michal Houda, Radim Remeš. \textit{37th International Conference Mathematical Methods in Economics Conference Proceedings}. České Budějovice: University of South Bohemia in České Budějovice, Faculty of Economics, 2019, s.~150-155. ISBN~978-80-7394-760-6.

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