Project information
Monetary politics and macroeconomic stabilization: idenfication and application of general equilibrium models
- Project Identification
- GA402/05/2172
- Project Period
- 1/2005 - 1/2007
- Investor / Pogramme / Project type
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Czech Science Foundation
- Standard Projects
- MU Faculty or unit
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Faculty of Economics and Administration
- prof. Ing. Osvald Vašíček, CSc.
- Mgr. Jaromír Beneš
- RNDr. Dalibor Moravanský, CSc.
- Keywords
- Monetary business cycle, Dynamic general equilibrum model, optimal and robustness monetary policy rule
- Cooperating Organization
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Charles University
- Responsible person doc. Ing. Michal Kejak, M.A., CSc.
- Responsible person prof. Ing. Jan Štecha, CSc.
The main of goal of the project is investigation of the impacts of the different types of economic agents behavior on the optimal monetary policy choice. The research will proceed in five basic lines. The first line will concentrate on a micro based model which will serve as a basis for larger monetary business cycle MBC models with rational and nearly rational expectations, nominal and real rigidities and monetary rules. The MBC models will represent open economy, where the position of foreign policy in business cycle plays a significant role. The second research line will be devoted to the advanced methods of MBC model control by high order approximations around stochastic steady-states. The third line covers the advanced methods of independent non-linear MBC models by the means of the extended second order Kalman filter and extended boot-strap filter-smoother. Theoretical models to be quantified, on a basis of the transmission function, will be analyzed from their dynamic stability aspects. GMM will be another method employed for the MBC model estimation. The fourth line of the research will propose and test optimal rules for monetary policy in the small open economy. The optimality will be considered not only from the viewpoint of the monetary policy loss function, but its robustness as well. The development of the stochastic dynamic general equilibrium model with endgenous demand for monetary aggregates will form the fifth line of the research.
Publications
Total number of publications: 49
2006
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Analýza chování české ekonomiky prostřednictvím modelu
Česká ekonomika v procesu globalizace, year: 2006
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Bayesian Estimation of Closed and Open Czech Economy Model
Mathematical Methods in Economics 2006, year: 2006
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Business Cycle in the Czech Republic -- The Battle of Theories
Česká ekonomika v procesu globalizace, year: 2006
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General Equilibrium Theory and its Model Applications
MendelNet 2006: sborník abstraktů z evropské vědecké konference doktorandů, year: 2006
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Jak vznikaly ekonomické modely
Sborník příspěvků z 6. doktorandské konference IMEA 2006, year: 2006
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Konceptuální model malé uzavřené ekonomiky
MEKON 2006, Sborník příspěvků VIII. ročníku mezinárodní konference EKF VŠB-TU Ostrava, year: 2006
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Matematické modely a matematizace v ekonomii
MEKON 2006, year: 2006
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Model české ekonomiky vycházející z konceptu nové otevřené makroekonomie
Year: 2006, type: R&D Presentation
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Model mzdového vyjednávání a hystereze nezaměstnanosti v ČR
Česká ekonomika v procesu globalizace - Kvantitativní metody a modely v ekonomii, year: 2006
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Monetary Policy and its Stabilization Role
Year: 2006, type: