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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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