Other formats:
BibTeX
LaTeX
RIS
@inproceedings{725150, author = {Musil, Karel and Vašíček, Osvald}, address = {Ostrava}, booktitle = {Mathematical Methods in Economics 2007}, keywords = {New Keynesian DSGE model; partial model of the Czech economy; monetary policy; Taylor rule; inflation targeting; rational expectations; Bayesian estimation}, language = {eng}, location = {Ostrava}, isbn = {978-80-248-1457-5}, pages = {197-204}, publisher = {Faculty of Economics, VŠB-Technical University of Ostrava}, title = {A Partial Dynamic Stochastic General Equilibrium Model of the Czech Economy}, year = {2007} }
TY - JOUR ID - 725150 AU - Musil, Karel - Vašíček, Osvald PY - 2007 TI - A Partial Dynamic Stochastic General Equilibrium Model of the Czech Economy PB - Faculty of Economics, VŠB-Technical University of Ostrava CY - Ostrava SN - 9788024814575 KW - New Keynesian DSGE model KW - partial model of the Czech economy KW - monetary policy KW - Taylor rule KW - inflation targeting KW - rational expectations KW - Bayesian estimation N2 - The paper introduces a partial New Keynesian Dynamic Stochastic General Equilibrium (NK DSGE) model of the Czech economy. It is a closed economy model based on microeconomic foundations. The model consists of four representative agents. These are households (optimizing behavior contains habit formation in consumption), firms (forming a New Keynesian Phillips Curve as a result of Calvo style price policy), central bank (implementing monetary policy in accordance with a modified Taylor rule), and government (as an exogenous sector). For the estimation of the log linearized model is employed a Bayesian estimation technique. Estimated parameters are analyzed in a form of a description of their values and impulse response functions of a monetary policy shock. The model can be extended to a form of a two economy model (open economy model with endogenous foreign sector). ER -
MUSIL, Karel and Osvald VAŠÍČEK. A Partial Dynamic Stochastic General Equilibrium Model of the Czech Economy. In \textit{Mathematical Methods in Economics 2007}. Ostrava: Faculty of Economics, VŠB-Technical University of Ostrava, 2007, p.~197-204. ISBN~978-80-248-1457-5.
|