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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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