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@inproceedings{700667, author = {Polanský, Jiří and Vašíček, Osvald}, address = {Plzeň}, booktitle = {Proceedings of the 24th International Conference Mathematical Methods in Economics 2006}, keywords = {Real business cycle; two-sector model; economic growth; Kalman filter with likelihood function; Bootstrap method}, language = {eng}, location = {Plzeň}, isbn = {80-7043-480-5}, pages = {427-432}, publisher = {University of West Bohemia in Pilsen}, title = {Analysis of the Czech Real Business Cycle Model}, year = {2006} }
TY - JOUR ID - 700667 AU - Polanský, Jiří - Vašíček, Osvald PY - 2006 TI - Analysis of the Czech Real Business Cycle Model PB - University of West Bohemia in Pilsen CY - Plzeň SN - 8070434805 KW - Real business cycle KW - two-sector model KW - economic growth KW - Kalman filter with likelihood function KW - Bootstrap method N2 - The paper analyses the behavior of the two-sector real business cycle model. The model consists of the representative household's expected utility function, separate Cobb-Douglas production functions for consumption and investment goods, and capital accumulation constraints. It evaluates impacts of productivity shocks to the economy. The preference shock affects the marginal rate of substitution between consumption and leisure in the household utility function and the next two shocks are sector specific technology shocks. Each shock contains a separate autoregressive component governing its level and growth rate. The Kalman filter algorithm is used to estimate the model's structural parameters via maximum likelihood method on quarterly data series of the Czech economy. The final part investigates estimation results and impulse responses for the Czech economy. ER -
POLANSKÝ, Jiří a Osvald VAŠÍČEK. Analysis of the Czech Real Business Cycle Model. In \textit{Proceedings of the 24th International Conference Mathematical Methods in Economics 2006}. Plzeň: University of West Bohemia in Pilsen, 2006, s.~427-432. ISBN~80-7043-480-5.
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