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@inproceedings{580981,
author = {Vašíček, Osvald and Musil, Karel},
address = {Hradec Králové},
booktitle = {Proceedings of the 23rd International Conference Mathematical Methods in Economics 2005},
keywords = {DSGE model; New Keynesian model; monetary policy; Taylor rule; inflation targeting; rational expectations; Kalman filter with likelihood function; Kalman filter smoother},
language = {eng},
location = {Hradec Králové},
isbn = {80-7041-535-5},
pages = {408-413},
publisher = {Nakladatelství Gaudeamus Univerzity Hradec Králové},
title = {A Model Interpretation of the Czech Inflation Targeting and the Monetary Policy},
year = {2005}
}
TY - JOUR
ID - 580981
AU - Vašíček, Osvald - Musil, Karel
PY - 2005
TI - A Model Interpretation of the Czech Inflation Targeting and the Monetary Policy
PB - Nakladatelství Gaudeamus Univerzity Hradec Králové
CY - Hradec Králové
SN - 8070415355
KW - DSGE model
KW - New Keynesian model
KW - monetary policy
KW - Taylor rule
KW - inflation targeting
KW - rational expectations
KW - Kalman filter with likelihood function
KW - Kalman filter smoother
N2 - The paper introduces a New Keynesian DSGE model that describes the inflation targeting policy in the Czech economy. This model is based strictly on microfoundations and consists of representative finished and intermediate goods-producing firms, representative households and a cetral bank. The central bank implements its policy according to the generalized Taylor rule. A suitable method for solving the model is the Kalman filter evaluating a likelihood function and the Kalman smoother evaluating a time series of a smoothed estimate of the unobserved variable (target inflation). The model seems to give an approximation of the behavior of the Czech economy.
ER -
VAŠÍČEK, Osvald and Karel MUSIL. A Model Interpretation of the Czech Inflation Targeting and the Monetary Policy. In \textit{Proceedings of the 23rd International Conference Mathematical Methods in Economics 2005}. Hradec Králové: Nakladatelství Gaudeamus Univerzity Hradec Králové, 2005, p.~408-413. ISBN~80-7041-535-5.
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