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Estimation of the New Keynesian Phillips Curve in the Czech Environment
Bouda, Milan - In: Acta Oeconomica Pragensia 2013 (2013) 5, pp. 31-46
The paper deals with the estimation of the New Keynesian Phillips curve (NKPC). First, the history of the Phillips … model estimation and this paper contains links to the source foreign literature. The NKPC is estimated as part of a fully … bank. The estimation is performed on the Czech data and the period is from 2001Q1 to 2012Q2. The first output of the paper …
Persistent link: https://www.econbiz.de/10011195164
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The New Keynesian Dsge Model and Alternative Monetary Policy Rules in the Czech Republic
Bouda, Milan - In: Acta Oeconomica Pragensia 2014 (2014) 1, pp. 41-55
techniques. Bayesian techniques are used for both the estimation and the subsequent model comparison. The main experiment … rules. The estimation is performed on Czech data and the period is from 2000Q1 to 2012Q3. Each specifi cation of the New … Keynesian model contains the same observed variables, GDP growth and inflation. The estimation of the benchmark model contains …
Persistent link: https://www.econbiz.de/10011195162
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An Estimated Small Open Economy Model with Labour Market Frictions
Sheen, Jeffrey; Wang, Ben Z. - Centre pour la Recherche Économique et ses … - 2014
We estimate small open economy models with involuntary unemployment using Australian data from 1993 to 2007, focusing on hiring costs and real wage rigidity. We find a strong preference for models with hiring costs, which account for 0.97% of GDP. The data favour models with real over nominal...
Persistent link: https://www.econbiz.de/10010904610
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Foreign shocks in an estimated multi-sector model
Bergholt, Drago - Centre for Applied Macro- and Petroleum economics … - 2014
How are macroeconomic fluctuations in open economies affected by interna- tional business cycles? To shed some light on this question, I develop and estimate a medium scale DSGE model for a small open economy. The model incorporates i) international markets for firm-to-firm trade in production...
Persistent link: https://www.econbiz.de/10010937990
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Financial Frictions in a DSGE Model for Latvia
Buss, Ginters - Latvijas Banka - 2014
This paper builds a dynamic stochastic general equilibrium (DSGE) model for Latvia that would be suitable for policy analysis and forecasting purposes at Latvijas Banka. For that purpose, the DSGE model with financial frictions of Christiano, Trabandt and Walentin (2011) is adapted to Latvia's...
Persistent link: https://www.econbiz.de/10010944593
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Housing and Banking in a Small Open Economy DSGE Model
Ajevskis, Viktors; Vitola, Kristine - Latvijas Banka - 2011
lending and foreign borrowing in the long run. Under a temporary shock to bank capital, asset prices and housing investment …
Persistent link: https://www.econbiz.de/10009359849
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Should Central Banks of Small Open Economies Respond to Exchange Rate Fluctuations? The Case of South Africa
Alpanda, Sami; Kotze, Kevin; Woglom, Geoffrey - Economic Research Southern Africa (ERSA) - 2010
We estimate a New Keynesian small open economy DSGE model for South Africa, using Bayesian techniques. The model features imperfect competition, incomplete asset markets, partial exchange rate pass-through, and other commonly used nominal and real rigidities, such as sticky prices, price...
Persistent link: https://www.econbiz.de/10008516086
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Estimate of the Czech National Bank’s Preferences in NOEM DSGE model
Remo, Adam; Vašíček, Osvald - In: Bulletin of the Czech Econometric Society 16 (2009)
This article deals with estimation of preferences of the Czech National Bank. New Keynesian small open economy model … Bayesian estimation technique with use of the Metropolis-Hastings algorithm and the Kalman filter. The diagnostics proposed by …
Persistent link: https://www.econbiz.de/10008528817
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Introducing financial frictions and unemployment into a small open economy model
Christiano, Lawrence J.; Trabandt, Mathias; Walentin, Karl - In: Journal of Economic Dynamics and Control 35 (2011) 12, pp. 1999-2041
main results are that (i) a financial shock is pivotal for explaining fluctuations in investment and GDP. (ii) The marginal … efficiency of investment shock has negligible importance. (iii) The labor supply shock is unimportant in explaining GDP and no … high frequency wage markup shock is needed. …
Persistent link: https://www.econbiz.de/10010573983
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The yield curve in a small open economy
Kulish, Mariano; Rees, Daniel - In: Journal of International Economics 85 (2011) 2, pp. 268-279
Long-term nominal interest rates in a number of inflation-targeting small open economies have tended to be strongly correlated with those of the United States. This observation has recently led support to the view that, in these economies, the long-end of the yield curve has decoupled from its...
Persistent link: https://www.econbiz.de/10010574423