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@inproceedings{580942,
author = {Vašíček, Osvald and David, Stanislav},
address = {Hradec Králové},
booktitle = {Proceedings of the 23rd International Conference Mathematical Methods in Economics 2005},
keywords = {Business cycle; Monetary policy; Linearized DSGE model; solution of DSGE model; Kalman Filter with log likelihood optimalization},
language = {eng},
location = {Hradec Králové},
isbn = {80-7041-535-5},
pages = {47-52},
publisher = {Nakladelství Gaudeamus Univerzity Hradec Králové},
title = {Money's Function in the Czech Monetary Business Cycle},
year = {2005}
}
TY - JOUR
ID - 580942
AU - Vašíček, Osvald - David, Stanislav
PY - 2005
TI - Money's Function in the Czech Monetary Business Cycle
PB - Nakladelství Gaudeamus Univerzity Hradec Králové
CY - Hradec Králové
SN - 8070415355
KW - Business cycle
KW - Monetary policy
KW - Linearized DSGE model
KW - solution of DSGE model
KW - Kalman Filter with log likelihood optimalization
N2 - Analysts have devoted considerable time and effort towards developing new and improved models for monetary policy evaluation. These newly developed models differ considerably in details. Do these existing models provide an accurate and complete description of moneys role in the monetary business cycle? That is the question addressed here. The paper begins by constructing small New Keynesian DSGE model. It goes on to estimate the model with quarterly time-series data of the Czech economy. Maximum likelihood estimates of the model's parameters suggest that money plays a nonessential role in the Czech monetary business cycle. The Kalman filter was used to evaluate negative log likelihood function of the model.
ER -
VAŠÍČEK, Osvald a Stanislav DAVID. Money's Function in the Czech Monetary Business Cycle. In \textit{Proceedings of the 23rd International Conference Mathematical Methods in Economics 2005}. Hradec Králové: Nakladelství Gaudeamus Univerzity Hradec Králové, 2005, s.~47-52. ISBN~80-7041-535-5.
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