Publication details
Analýza adaptability malého DSGE modelu na důsledky hospodářské krize
| Title in English | Adaptability analysis of a small DSGE model to the consequences of economic recession |
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| Authors | |
| Year of publication | 2009 |
| Type | Chapter of a book |
| MU Faculty or unit | |
| Citation | |
| Description | This work analyzes ongoing economic recession. A small structural DSGE model is used for this purpose. The model is estimated on real economic data for two alternative historic intervals. One model alternative encompasses pre-crisis data, the other alternative includes also data from the beginning of the crisis. Estimation results for the model with and without crisis data clearly demonstrate adaptation to the beginning of the crisis. Model predictions are economically interpretable, yet they show limits of the chosen simple economic concept. Foreign exogenous processes fit foreign data very well even though foreign data are not a part of the model used. Mapping-the-fit results show more trade-off relationships in the model with crisis data. This is quite intuitive result, since it is understandable that major changes in data are connected with rather complicated economic connections. |
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