Publication details
Analýza chování české ekonomiky prostřednictvím modelu
| Title in English | Behaviour Analysis of the Czech Economy Model |
|---|---|
| Authors | |
| Year of publication | 2006 |
| Type | Article in Proceedings |
| Conference | Česká ekonomika v procesu globalizace |
| MU Faculty or unit | |
| Citation | |
| Field | Economy |
| Keywords | macroeconomic model; open economy; Czech economy; dynamic stochastic general equilibrium model; Taylor rule; Bayesian estimation |
| Description | This paper illustrates behaviour of a macroeconomic open economy model estimated on the Czech economy data. Presented model is a small scale dynamic stochastic general equilibrium model with monetary policy rule, inflation targeting and rational expectations. The model is estimated by Bayesian estimation technique, concretely by the Metropolis-Hastings algorithm. Estimations of closed economy models do not usually represent any larger problem because of the robustness of the models. Open economy models are more suitable for the representation of the Czech economy, but the estimation is more disputable. Important results and impacts of the estimation are discussed and illustrated in graphs. The paper presents regression diagnostic of the estimated model, impulse response analysis and random shocks analysis. Forecast of basic economic indicators is also made. |
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