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  • This article estimates the dynamic behavior of the Czech economy and preference of the Czech National Bank. New Keynesian DSGE small open economy model developed by J.Gali and T.Monacelli with optimal commitment monetary policy is considered. The article uses the solution for optima commitment policy proposed by R.Dennis. Estimates of the model parameters are obtained by Bayesian estimation technique with use of the Metropolis-Hastings algorithm and the Kalman filter. The diagnostics proposed by R.Brooks and A.Gelman and J.Geweke are carried out to examine the convergence of the Markov chain. The behavior of the Czech economy is strongly dependent on production technology and the foreign economy development. Latter is the result of high openness of the Czech economy. Next, we found out that the Czech National Bank pays little attention to output stabilization in comparison to its concern over inflation targeting. The CNB attaches the highest importance to inflation stabilization.
  • This article estimates the dynamic behavior of the Czech economy and preference of the Czech National Bank. New Keynesian DSGE small open economy model developed by J.Gali and T.Monacelli with optimal commitment monetary policy is considered. The article uses the solution for optima commitment policy proposed by R.Dennis. Estimates of the model parameters are obtained by Bayesian estimation technique with use of the Metropolis-Hastings algorithm and the Kalman filter. The diagnostics proposed by R.Brooks and A.Gelman and J.Geweke are carried out to examine the convergence of the Markov chain. The behavior of the Czech economy is strongly dependent on production technology and the foreign economy development. Latter is the result of high openness of the Czech economy. Next, we found out that the Czech National Bank pays little attention to output stabilization in comparison to its concern over inflation targeting. The CNB attaches the highest importance to inflation stabilization. (en)
Title
  • Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework
  • Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework (en)
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  • Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework
  • Monetary policy and stability of Czech economy: optimal commitment policy in NOEM DSGE framework (en)
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  • RIV/00216224:14560/08:00027071!RIV11-MSM-14560___
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  • 380396
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  • RIV/00216224:14560/08:00027071
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  • monetary policy; optimal commitment policy; central bank's preferences; small open economy; New Keynesian; DSGE; Bayesian estimation (en)
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  • [4CC5C28CD0F3]
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  • Brno
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  • Tomeš, Zdeněk - Žídek, Libor. Determinanty hospodářského růstu v zemích východní Evropy
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  • Remo, Adam
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  • Masarykova univerzita
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  • 978-80-210-4786-0
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  • 14560
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