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@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 - JOUR
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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