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@inproceedings{951802, author = {Tvrz, Stanislav and Vašíček, Osvald}, address = {Praha}, booktitle = {Mathematical Methods in Economics 2011}, edition = {1.}, keywords = {RBC; Bayesian methods; recursive estimation; labour market frictions; economic crisis}, howpublished = {paměťový nosič}, language = {eng}, location = {Praha}, isbn = {978-80-7431-058-4}, pages = {739-744}, publisher = {University of Economics in Prague, University of Economics in Bratislava}, title = {Labour market frictions in global economic crisis: RBC model of Czech economy}, year = {2011} }
TY - JOUR ID - 951802 AU - Tvrz, Stanislav - Vašíček, Osvald PY - 2011 TI - Labour market frictions in global economic crisis: RBC model of Czech economy PB - University of Economics in Prague, University of Economics in Bratislava CY - Praha SN - 9788074310584 KW - RBC KW - Bayesian methods KW - recursive estimation KW - labour market frictions KW - economic crisis N2 - This paper deals with analysis of labour market frictions of Czech economy based on RBC model framework. Labour market frictions are modelled as aggregate costs that firms and workers face in the process of forming a match. The question of interest is how do the labour market frictions behave during business cycle and what are the implications for development of unemployment rate. The role of labour market frictions during recent global financial and subsequent economic crisis is investigated. Possible structural changes of economy caused by global crisis are considered as well. Explaining potential of labour market frictions concept is evaluated by comparison of marginal likelihood of different specifications of the model. To capture the changing structure of economy a recursive estimation method is employed. Sensitivity and identification analysis of estimated parameters is performed as well. Results confirm the importance of labour market frictions and suggest their procyclical nature. ER -
TVRZ, Stanislav and Osvald VAŠÍČEK. Labour market frictions in global economic crisis: RBC model of Czech economy. In \textit{Mathematical Methods in Economics 2011}. 1st ed. Praha: University of Economics in Prague, University of Economics in Bratislava, 2011, p.~739-744. ISBN~978-80-7431-058-4.
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