Dynamické stochastické modely všeobecné rovnováhy pro Českou ekonomiku
| Title in English | Dynamic Stochastic General Equlibrium Models for the Czech Economy |
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| Authors | |
| Year of publication | 2007 |
| Type | Workshop |
| MU Faculty or unit | |
| Citation | |
| Description | Presentation of New-Keynesian Dynamic Stochastic General Equilibrium model (NK DSGE model) of the Czech economy. It is model of small open economy based on microeconomic foundations. Model consists of following representative agents -- households, firms, central bank and government. Behavior of households includes habit in consumption. Price setting of firms (domestic producers and importers) is desribed in Calvo style (that results in New-Keynesian Phillips curve -- NKPC). Model includes also rigidities in wage setting. Central monetary authority conducts monetary policy following modified Taylor rule in regime of inflation targeting. Governement sector is approximated by exogenous process. Bayesian technique is used for estimation of parameters of log-linearized model equations. Basic analysis of the results is made by interpretation of parameter values, impulse responses and variance decomposition. |
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