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  • This paper illustrates behaviour of two models estimated on the Czech economy data. Presented models are DSGE models with monetary policy rule, inflation targeting and rational expectations. The first model is a forward-looking closed economy model with Taylor rule. The second model is a small scale new open economy forward-looking model also with Taylor rule. Both models are estimated by Bayesian estimation technique, concretely by the Metropolis-Hastings algorithm in Matlab. The estimation of the closed economy model does not represent any larger problem because the model is very robust. The open economy model better represents the Czech economy, but the estimation is more disputable. Important results of the estimation are discussed and illustrated in graphs.
  • This paper illustrates behaviour of two models estimated on the Czech economy data. Presented models are DSGE models with monetary policy rule, inflation targeting and rational expectations. The first model is a forward-looking closed economy model with Taylor rule. The second model is a small scale new open economy forward-looking model also with Taylor rule. Both models are estimated by Bayesian estimation technique, concretely by the Metropolis-Hastings algorithm in Matlab. The estimation of the closed economy model does not represent any larger problem because the model is very robust. The open economy model better represents the Czech economy, but the estimation is more disputable. Important results of the estimation are discussed and illustrated in graphs. (en)
Title
  • Bayesian Estimation of Closed and Open Czech Economy Model
  • Bayesian Estimation of Closed and Open Czech Economy Model (en)
skos:prefLabel
  • Bayesian Estimation of Closed and Open Czech Economy Model
  • Bayesian Estimation of Closed and Open Czech Economy Model (en)
skos:notation
  • RIV/00216224:14560/06:00016202!RIV10-GA0-14560___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(GA402/05/2172)
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
  • 466655
http://linked.open...ai/riv/idVysledku
  • RIV/00216224:14560/06:00016202
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • macroeconomic model; DSGE model; closed economy; open economy; Taylor rule; Bayesian estimation; Metropolis-Hastings algorithm (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...ontrolniKodProRIV
  • [2DC822D5472F]
http://linked.open...v/mistoKonaniAkce
  • Plzeň
http://linked.open...i/riv/mistoVydani
  • Plzeň
http://linked.open...i/riv/nazevZdroje
  • Mathematical Methods in Economics 2006
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...ain/vavai/riv/wos
  • 000262064700014
http://linked.open.../riv/zahajeniAkce
number of pages
http://purl.org/ne...btex#hasPublisher
  • Západočeská univerzita v Plzni
https://schema.org/isbn
  • 80-7043-480-5
http://localhost/t...ganizacniJednotka
  • 14560
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