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  • This paper shows the optimal monetary policy rule problem in theoretical frameworks based on the work of R. Clarida, J. Gali and M. Gertler (1999). The policy design problem is to characterize how should the interest rate adjust to the current state of the economy. Optimal monetary policy rule is derived. Inflation targeting is incorporated then. The behaviour of the models is illustrated on the Czech economy data. Model parameters are estimated simultaneously by the "Iterative Extended Kalman Filter Smoother". Impulse responses are tested and results are economically interpreted.
  • This paper shows the optimal monetary policy rule problem in theoretical frameworks based on the work of R. Clarida, J. Gali and M. Gertler (1999). The policy design problem is to characterize how should the interest rate adjust to the current state of the economy. Optimal monetary policy rule is derived. Inflation targeting is incorporated then. The behaviour of the models is illustrated on the Czech economy data. Model parameters are estimated simultaneously by the "Iterative Extended Kalman Filter Smoother". Impulse responses are tested and results are economically interpreted. (en)
  • Článek pojednává o problému optimální monetární politiky v rámci jednoduchého teoretického modelu ekonomiky založeném na práci R. Clarida, J. Gali and M. Gertler (1999). Úkolem monetární politiky je charakteristika nastavení úrokové míry v reakci na stav ekonomiky. Je odvozeno optimální monetární pravidlo. Po té je dále do modelu začleněno inflační cílování. Chování modelů je předvedeno na datech české ekonomiky. Parametry modelu jsou odhadnuty simultálně pomocí iterativního Kalmanova filtru-smootheru. Jsou zkoumány reakce systému na impulsní šoky a výsledky jsou interpretovány z ekonomického hlediska. (cs)
Title
  • Estimation of the Czech Economy Monetary Policy Rule under Discretion
  • Estimation of the Czech Economy Monetary Policy Rule under Discretion (en)
  • Odhad optimálního monetárního pravidla při diskreci pro českou ekonomiku (cs)
skos:prefLabel
  • Estimation of the Czech Economy Monetary Policy Rule under Discretion
  • Estimation of the Czech Economy Monetary Policy Rule under Discretion (en)
  • Odhad optimálního monetárního pravidla při diskreci pro českou ekonomiku (cs)
skos:notation
  • RIV/00216224:14560/04:00011488!RIV08-GA0-14560___
http://linked.open.../vavai/riv/strany
  • 325-334
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(GA402/02/0393)
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 563188
http://linked.open...ai/riv/idVysledku
  • RIV/00216224:14560/04:00011488
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • monetary policy; discretion; forward-looking model; adaptive expectations; inflation targeting; Iterative Extended Kalman Filter Smoother (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...ontrolniKodProRIV
  • [3498904454C6]
http://linked.open...v/mistoKonaniAkce
  • Brno
http://linked.open...i/riv/mistoVydani
  • Brno
http://linked.open...i/riv/nazevZdroje
  • DATASTAT 2003 Proceedings
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...vavai/riv/projekt
http://linked.open...UplatneniVysledku
http://linked.open...iv/tvurceVysledku
  • Fitzová, Hana
http://linked.open...vavai/riv/typAkce
http://linked.open.../riv/zahajeniAkce
number of pages
http://purl.org/ne...btex#hasPublisher
  • Masaryk University
https://schema.org/isbn
  • 80-210-3564-1
http://localhost/t...ganizacniJednotka
  • 14560
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