About: Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	The goal of this paper is to examine importance of nominal rigidities, especially of wages and prices, in the Czech economy. As a tool, DSGE model of open economy with nominal rigidities is used. The model is estimated on data of the Czech economy using Bayesian techniques. The model is evaluated in terms how it fits the data and the dynamical properties of the model are studied. The emphasis is put on wage-price dynamics. Next, the relative importance of nominal rigidities is examined using sensitivity analysis. The conclusion is that wages are more rigid than prices and thus wage rigidity and price rigidity are interchangeable. This outcome should be taken into consideration for forming of monetary policy by the central bank and modelling of behaviour of the Czech economy. The goal of this paper is to examine importance of nominal rigidities, especially of wages and prices, in the Czech economy. As a tool, DSGE model of open economy with nominal rigidities is used. The model is estimated on data of the Czech economy using Bayesian techniques. The model is evaluated in terms how it fits the data and the dynamical properties of the model are studied. The emphasis is put on wage-price dynamics. Next, the relative importance of nominal rigidities is examined using sensitivity analysis. The conclusion is that wages are more rigid than prices and thus wage rigidity and price rigidity are interchangeable. This outcome should be taken into consideration for forming of monetary policy by the central bank and modelling of behaviour of the Czech economy. (en)
Title	Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy (en)
skos:prefLabel	Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy (en)
skos:notation	RIV/00216224:14560/08:00027032!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	Hloušek, Miroslav
http://linked.open.../riv/druhVysledku	C - Kapitola v knize
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	382841
http://linked.open...ai/riv/idVysledku	RIV/00216224:14560/08:00027032
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	nominal rigidities; DSGE model; Bayesian estimation; sticky wages and prices; sensitivity analysis (en)
http://linked.open.../riv/klicoveSlovo	Bayesian estimation sensitivity analysis DSGE model nominal rigidities sticky wages and prices
http://linked.open...ontrolniKodProRIV	[069D7429FE89]
http://linked.open...i/riv/mistoVydani	Brno
http://linked.open...vEdiceCisloSvazku	CVKS, 1. vydání
http://linked.open...i/riv/nazevZdroje	Determinanty hospodářského růstu v zemích východní Evropy
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...v/pocetStranKnihy	458 (xsd:int)
http://linked.open...cetTvurcuVysledku	1 (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	Hloušek, Miroslav
number of pages	77 (xsd:int)
http://purl.org/ne...btex#hasPublisher	Masarykova univerzita
https://schema.org/isbn	978-80-210-4786-0
http://localhost/t...ganizacniJednotka	14560

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