Další formáty:
BibTeX
LaTeX
RIS
@inbook{800245, author = {Remo, Adam}, address = {Brno}, booktitle = {Tomeš, Zdeněk - Žídek, Libor. Determinanty hospodářského růstu v zemích východní Evropy}, keywords = {monetary policy; optimal commitment policy; central bank's preferences; small open economy; New Keynesian; DSGE; Bayesian estimation}, language = {eng}, location = {Brno}, isbn = {978-80-210-4786-0}, pages = {409-460}, publisher = {Masarykova Univerzita}, title = {Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework}, year = {2008} }
TY - CHAP ID - 800245 AU - Remo, Adam PY - 2008 TI - Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework VL - CVKS PB - Masarykova Univerzita CY - Brno SN - 9788021047860 KW - monetary policy KW - optimal commitment policy KW - central bank's preferences KW - small open economy KW - New Keynesian KW - DSGE KW - Bayesian estimation N2 - This article estimates the dynamic behavior of the Czech economy and preference of the Czech National Bank. New Keynesian DSGE small open economy model developed by J.Gali and T.Monacelli with optimal commitment monetary policy is considered. The article uses the solution for optima commitment policy proposed by R.Dennis. Estimates of the model parameters are obtained by Bayesian estimation technique with use of the Metropolis-Hastings algorithm and the Kalman filter. The diagnostics proposed by R.Brooks and A.Gelman and J.Geweke are carried out to examine the convergence of the Markov chain. The behavior of the Czech economy is strongly dependent on production technology and the foreign economy development. Latter is the result of high openness of the Czech economy. Next, we found out that the Czech National Bank pays little attention to output stabilization in comparison to its concern over inflation targeting. The CNB attaches the highest importance to inflation stabilization. This result is in accordance with proclaimed monetary policy of the Czech National Bank. ER -
REMO, Adam. Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework. In \textit{Tomeš, Zdeněk - Žídek, Libor. Determinanty hospodářského růstu v zemích východní Evropy}. Brno: Masarykova Univerzita, 2008, s.~409-460. CVKS. ISBN~978-80-210-4786-0.
|