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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 and 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, p.~401-406. ISBN~80-7043-480-5.
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