Význam nominálních rigidit v České ekonomice, odhad a analýza DSGE modelu

Title in English Importance of nominal rigidities in the Czech economy, estimation and analysis of DSGE model

HLOUŠEK Miroslav SLANÝ Antonín a kol.

Year of publication 2008
Type Chapter of a book
MU Faculty or unit

Faculty of Economics and Administration

Description The subsection deals with importance of nominal rigidities in the Czech economy. It is especially focused on relationship between prices and wages. Based on estimated macroeconomic model, it was found out that wages are far more rigid than prices. This result comes from two findings. Firstly, the length of contracts is longer for wages than prices. Secondly, sensitivity analysis showed that model with flexible wages does not fit data well.
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