Impact of Labour and Growth Shocks in Small Open Economy: DSGE
Approach

D 2020

Impact of Labour and Growth Shocks in Small Open Economy: DSGE Approach

BECHNÝ, Jakub

Základní údaje

Originální název

Impact of Labour and Growth Shocks in Small Open Economy: DSGE Approach

Autoři

BECHNÝ, Jakub

Vydání

Brno, 38th International Conferenceon Mathematical Methods in Economics (MME 2020) Conference Proceedings, od s. 39-45, 7 s. 2020

Nakladatel

Mendel University Publishing Center

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/00216224:14560/20:00116413

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-80-7509-734-7

UT WoS

000668460800005

Klíčová slova anglicky

Bayesian estimation; DSGE model; labour market; small open economy

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 27. 6. 2024 10:50, Mgr. Michal Petr

Anotace

V originále

This paper aims to identify the impacts of the labour market shocksfor economic growth, and the impact of the growth shocks for the labour marketvariables. We use a small open economy dynamic stochastic general equilibrium model with real wage rigidity and involuntary unemployment. The model is estimated by using a Bayesian approach and 16 observed variables from 2001Q1 to2019Q4 for the Czech economy. The main results are as follows: (i) The labour supply shocks contributed to the economic growth and induced disinflationary pressure during 2010–2017 period, but are the barrier of growth from 2018 on-wards; (ii) Productivity and domestic cost shocks are the dominant determinants of real wage growth; (iii) The effect of the domestic demand shock on the unemployment is twice as large as the foreign demand shock.

Návaznosti

MUNI/A/1191/2019, interní kód MU

Název: Chování a růst malé otevřené ekonomiky s frikcemi trhu práce a finančního sektoru: DSGE přístup

Investor: Masarykova univerzita, Chování a růst malé otevřené ekonomiky s frikcemi trhu práce a finančního sektoru: DSGE přístup, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

BECHNÝ, Jakub. Impact of Labour and Growth Shocks in Small Open Economy: DSGE Approach. Online. In Svatopluk Kapounek, Hana Vránová. 38th International Conferenceon Mathematical Methods in Economics (MME 2020) Conference Proceedings. Brno: Mendel University Publishing Center, 2020, s. 39-45. ISBN 978-80-7509-734-7.

@inproceedings{1678877,
   author = {Bechný, Jakub},
   address = {Brno},
   booktitle = {38th International Conferenceon Mathematical Methods in Economics (MME 2020) Conference Proceedings},
   editor = {Svatopluk Kapounek, Hana Vránová},
   keywords = {Bayesian estimation; DSGE model; labour market; small open economy},
   howpublished = {elektronická verze "online"},
   language = {eng},
   location = {Brno},
   isbn = {978-80-7509-734-7},
   pages = {39-45},
   publisher = {Mendel University Publishing Center},
   title = {Impact of Labour and Growth Shocks in Small Open Economy: DSGE Approach},
   url = {https://mme2020.mendelu.cz/wcd/w-rek-mme/mme2020_conference_proceedings_final.pdf},
   year = {2020}
}

TY  - CONF
ID  - 1678877
AU  - Bechný, Jakub
PY  - 2020
TI  - Impact of Labour and Growth Shocks in Small Open Economy: DSGE Approach
PB  - Mendel University Publishing Center
CY  - Brno
SN  - 9788075097347
KW  - Bayesian estimation
KW  - DSGE model
KW  - labour market
KW  - small open economy
UR  - https://mme2020.mendelu.cz/wcd/w-rek-mme/mme2020_conference_proceedings_final.pdf
N2  - This paper aims to identify the impacts of the labour market shocksfor economic growth, and the impact of the growth shocks for the labour marketvariables. We use a small open economy dynamic stochastic general equilibrium model with real wage rigidity and involuntary unemployment. The model is estimated by using a Bayesian approach and 16 observed variables from 2001Q1 to2019Q4 for the Czech economy. The main results are as follows: (i) The labour supply shocks contributed to the economic growth and induced disinflationary pressure during 2010–2017 period, but are the barrier of growth from 2018 on-wards; (ii) Productivity and domestic cost shocks are the dominant determinants of real wage growth; (iii) The effect of the domestic demand shock on the unemployment is twice as large as the foreign demand shock.
ER  -

BECHNÝ, Jakub. Impact of Labour and Growth Shocks in Small Open Economy: DSGE Approach. Online. In Svatopluk Kapounek, Hana Vránová. \textit{38th International Conferenceon Mathematical Methods in Economics (MME 2020) Conference Proceedings}. Brno: Mendel University Publishing Center, 2020, s.~39-45. ISBN~978-80-7509-734-7.

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