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@inproceedings{695875, author = {Musil, Karel and Vašíček, Osvald}, address = {Plzeň}, booktitle = {Proceedings of the 24th International Conference Mathematical Methods in Economics 2006}, keywords = {New Keynesian DSGE model; New Open Economy Macroeconomics; monetary policy; Taylor rule; inflation targeting; rational expectations; Bayesian simulations}, language = {eng}, location = {Plzeň}, isbn = {80-7043-480-5}, pages = {401-406}, publisher = {University of West Bohemia in Pilsen}, title = {New Keynesian Model of the Small Open Czech Economy}, year = {2006} }
TY - JOUR ID - 695875 AU - Musil, Karel - Vašíček, Osvald PY - 2006 TI - New Keynesian Model of the Small Open Czech Economy PB - University of West Bohemia in Pilsen CY - Plzeň SN - 8070434805 KW - New Keynesian DSGE model KW - New Open Economy Macroeconomics KW - monetary policy KW - Taylor rule KW - inflation targeting KW - rational expectations KW - Bayesian simulations N2 - The paper introduces a New Keynesian Dynamic Stochastic General Equilibrium (NK DSGE) model. This model is related to the New Open Economy Macroeconomics (NOEM). It is strictly based on microeconomic foundations and consists of representative agents. They are representative households and firms, a central monetary authority and a foreign economy. The economic model is log–linearized and transformed to a rational expectations (LRE) model, which is solved. Parameters of the solved model are estimated by Bayesian simulation techniques using a priory set information. The estimated model together with the impulse responses seems to give a reasonable approximation of behavior of the Czech economy. ER -
MUSIL, Karel a Osvald VAŠÍČEK. New Keynesian Model of the Small Open Czech Economy. In \textit{Proceedings of the 24th International Conference Mathematical Methods in Economics 2006}. Plzeň: University of West Bohemia in Pilsen, 2006, s.~401-406. ISBN~80-7043-480-5.
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