About: Sensitivity Analysis of DSGE Model of Open Economy with Nominal Rigidities

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	This paper deals with sensitivity analysis of DSGE model estimated on data of Czech economy using Bayesian techniques. The main goal is comparison of different competing models in terms how they fit the data. The benchmark model includes four types of nominal rigidities which are based on Calvo price setting mechanism. The competing models assume flexibility in some of these prices or combinations of them. The measure of fit depends on marginal likelihood obtained from Bayesian estimation. The emphasis is also put on the sensitivity of estimated parameters for different specifications of the model. The results of estimation show that frictions in import prices and wages play the most significant role in the model of Czech economy. Sticky wages are far more important than sticky prices. The most sensitive parameters are Frisch elasticity of labor supply and openness of the economy. On the other hand, the measurement errors are quite stable across the models and have negligible effect on the results. This paper deals with sensitivity analysis of DSGE model estimated on data of Czech economy using Bayesian techniques. The main goal is comparison of different competing models in terms how they fit the data. The benchmark model includes four types of nominal rigidities which are based on Calvo price setting mechanism. The competing models assume flexibility in some of these prices or combinations of them. The measure of fit depends on marginal likelihood obtained from Bayesian estimation. The emphasis is also put on the sensitivity of estimated parameters for different specifications of the model. The results of estimation show that frictions in import prices and wages play the most significant role in the model of Czech economy. Sticky wages are far more important than sticky prices. The most sensitive parameters are Frisch elasticity of labor supply and openness of the economy. On the other hand, the measurement errors are quite stable across the models and have negligible effect on the results. (en)
Title	Sensitivity Analysis of DSGE Model of Open Economy with Nominal Rigidities Sensitivity Analysis of DSGE Model of Open Economy with Nominal Rigidities (en)
skos:prefLabel	Sensitivity Analysis of DSGE Model of Open Economy with Nominal Rigidities Sensitivity Analysis of DSGE Model of Open Economy with Nominal Rigidities (en)
skos:notation	RIV/00216224:14560/08:00026435!RIV10-MSM-14560___
http://linked.open...avai/riv/aktivita	P
http://linked.open...avai/riv/aktivity	P(1M0524)
http://linked.open...vai/riv/dodaniDat	2010
http://linked.open...aciTvurceVysledku	Vašíček, Osvald Hloušek, Miroslav
http://linked.open.../riv/druhVysledku	D - Článek ve sborníku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Masarykova univerzita / Ekonomicko-správní fakulta
http://linked.open...dnocenehoVysledku	394395
http://linked.open...ai/riv/idVysledku	RIV/00216224:14560/08:00026435
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	sensitivity analysis; nominal rigidities; DSGE model; Phillips curve; Bayesian estimation (en)
http://linked.open.../riv/klicoveSlovo	Bayesian estimation Phillips curve sensitivity analysis DSGE model nominal rigidities
http://linked.open...ontrolniKodProRIV	[A0763220C446]
http://linked.open...v/mistoKonaniAkce	Liberec
http://linked.open...i/riv/mistoVydani	Liberec
http://linked.open...i/riv/nazevZdroje	Mathematical Methods in Economics 2008
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	2 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...vavai/riv/projekt	Research center on competitiveness of Czech economy
http://linked.open...UplatneniVysledku	2008
http://linked.open...iv/tvurceVysledku	Vašíček, Osvald Hloušek, Miroslav
http://linked.open...vavai/riv/typAkce	WRD - Světová
http://linked.open...ain/vavai/riv/wos	000260962300023
http://linked.open.../riv/zahajeniAkce	2008-01-01 (xsd:date)
number of pages	6 (xsd:int)
http://purl.org/ne...btex#hasPublisher	Technická univerzita v Liberci
https://schema.org/isbn	978-80-7372-387-3
http://localhost/t...ganizacniJednotka	14560

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