Měření mezery výstupu pro českou ekonomiku pomocí novokeynesiánského modelu

Title in English Measuring output gap using New Keynesian model: application to the Czech economy

HLOUŠEK Miroslav SLANÝ Antonín a kol. (ed.)

Year of publication 2010
Type Chapter of a book
MU Faculty or unit

Faculty of Economics and Administration

Description This contribution deals with estimation of output gap in the Czech economy using New Keynesian model. The output gap is then compared to traditional measure -- detrended GDP. The main difference is that New Keynesian output gap is negative in the whole analyzed period which means that economy is operating under potential. Sensitivity analysis with respect to structural parameters is carried out and implications for welfare are derived. The results show that most of the inefficiencies and fluctuations stem from labor market. Utility losses from existence of output gap are nearly one per cent of steady state consumption on average. Welfare losses that comes only from fluctuations around given steady state are negligible.
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