HERBER, Pavel and Daniel NĚMEC. Estimating output gap in the Czech Republic: DSGE approach. In 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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Basic information
Original name Estimating output gap in the Czech Republic: DSGE approach
Name in Czech Odhady mezery výstupu v České republice: DSGE přístup
Authors HERBER, Pavel (203 Czech Republic, belonging to the institution) and Daniel NĚMEC (203 Czech Republic, guarantor, belonging to the institution).
Edition Praha, Mathematical Methods in Economics 2009, p. 117-124, 8 pp. 2009.
Publisher Czech University of Life Sciences Prague
Other information
Original language English
Type of outcome Proceedings paper
Field of Study 50200 5.2 Economics and Business
Country of publisher Czech Republic
Confidentiality degree is not subject to a state or trade secret
Publication form printed version "print"
RIV identification code RIV/00216224:14560/09:00036677
Organization unit Faculty of Economics and Administration
ISBN 978-80-213-1963-9
UT WoS 000275146900021
Keywords (in Czech) mezera výstupu; DSGE modely; bayesovský odhad
Keywords in English Output gap; DSGE models; Bayesian estimation
Tags International impact, Reviewed
Changed by Changed by: doc. Ing. Daniel Němec, Ph.D., učo 22939. Changed: 19. 3. 2013 16:09.
Abstract
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.
Abstract (in Czech)
V našem příspěvku odhadujeme mezeru výstupu konzistentní s plně specifikovaným DSGE modelem. Mezera výstupu je zde definována jako odchylka skutečného produktu od jeho rovnovážné úrovně při flexibilních cenách. Rovnováha při flexibilních cenách odpovídá stavu ekonomiky s efektivnější alokací zdrojů. Tyto odhady jsou užitečné indikátory monetární politiky. Náš odhad mezery výstupu ilustruje český hospodářský cyklus, který je odlišný od jiných odhadů (např. HP filtr). Tento výsledek může být typickou charakteristikou tranzitivních ekonomik. Výsledky pro českou ekonomiku navíc ukazují že body obratu v mezeře výstupu jsou doprovázeny i změnami vlád.
Links
1M0524, research and development projectName: Centrum výzkumu konkurenční schopnosti české ekonomiky
Investor: Ministry of Education, Youth and Sports of the CR, Research Centre for the Competitiveness of the Czech Economy
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