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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Nejistota českých makroekonomických dat: úvodní analýza: HDP
MendelNet 2006, year: 2006
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New Keynesian Model of the Small Open Czech Economy
Proceedings of the 24th International Conference Mathematical Methods in Economics 2006, year: 2006
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Novokeyneslánský DSGE model české otevřené ekonomiky
Year: 2006, type:
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Pojetí efektivnosti monetární politiky v historii a nyní
Česká ekonomika v procesu globalizace, Kvantitativní metody a modely v ekonomii, year: 2006
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RBC teorie - dvousektorový přístup
Česká ekonomika v procesu globalizace: kvantitativní metody a modely v ekonomii, year: 2006
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Strukturální makroekonomické modely
MendelNet 2006, year: 2006
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Stylized Facts of Business Cycle in the Czech Republic
Mathematical Methods in Economics 2006, year: 2006
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Testing of Hysteresis in Unemployment
Proceedings of the 24th International Conference Mathematical Methods in Economics 2006., year: 2006
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Vliv změny produktivity práce na českou ekonomiku: modelový přístup
Česká ekonomika v procesu globalizace - kvantitativní metody a modely v ekonomii, year: 2006
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Wage Bargaining Model As Microfoundation Of Hysteresis Hypothesis
Bulletin of the Czech Econometric Society, year: 2006, volume: 23, edition: 13