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@inproceedings{846858,
author = {Herber, Pavel and Němec, Daniel},
address = {Praha},
booktitle = {Mathematical Methods in Economics 2009},
keywords = {Output gap; DSGE models; Bayesian estimation},
howpublished = {tištěná verze "print"},
language = {eng},
location = {Praha},
isbn = {978-80-213-1963-9},
pages = {117-124},
publisher = {Czech University of Life Sciences Prague},
title = {Estimating output gap in the Czech Republic: DSGE approach},
year = {2009}
}
TY - JOUR
ID - 846858
AU - Herber, Pavel - Němec, Daniel
PY - 2009
TI - Estimating output gap in the Czech Republic: DSGE approach
PB - Czech University of Life Sciences Prague
CY - Praha
SN - 9788021319639
KW - Output gap
KW - DSGE models
KW - Bayesian estimation
N2 - In our contribution, we estimate the output gap that is consistent with a fully specified DSGE model. The output gap is defined in this framework as a deviation of actual output from its flexible-price equilibrium level. The flexible-price equilibrium corresponds to the state of the economy with more efficient allocation. These estimates are thus useful indicators for monetary policy. Our output gap illustrates Czech business cycles which are rather different to other estimates (e.g. HP filter). This result may be typical for economies in transition. Moreover, our results for the Czech economy show that the turning points in the gaps are accompanied by government changes.
ER -
HERBER, Pavel and Daniel NĚMEC. Estimating output gap in the Czech Republic: DSGE approach. In \textit{Mathematical Methods in Economics 2009}. Praha: Czech University of Life Sciences Prague, 2009, p.~117-124. ISBN~978-80-213-1963-9.
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