Structural Differences and Asymmetric Shocks between the Czech Economy and the Euro Area 12
| Autoři | |
|---|---|
| Rok publikování | 2011 |
| Druh | Článek v odborném periodiku |
| Časopis / Zdroj | Národohospodářský obzor – Review of Economic Perspectives |
| Fakulta / Pracoviště MU | |
| Citace | |
| Obor | Ekonomie |
| Klíčová slova | New Keynesian; DSGE model; Bayes factor; Bayesian estimation; structural differences; asymmetric shocks; model comparison |
| Popis | The goal of this paper is to determine whether there exist asymmetric shocks and structural differences between the Czech economy and the Euro Area 12. A New Keynesian DSGE model of a small open economy is used for this purpose. Asymmetric shocks and structural differences are examined in two ways. Firstly, I examine asymmetry of shocks and sources of structural differences, using model comparison based on the Bayes factor. Secondly, I investigate impact of structural differences and differences in persistence and volatility of structural shocks on the behavior of both economies, using analysis of impulse-response functions. |
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