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  • The goal of our contribution is to find possible changes in the Czech economy in the last fifteen years. We are concerned with the questions of stability of the relationships among the key economic variables. These relationships are expressed particularly by the dynamic Okun's law, Phillips curve, IS curve or the Taylor's rule. The cyclical development of the economy is based on the simultaneous estimation of the four (unobserved) natural rates: potential output, NAIRU, equilibrium real interest rate and equilibrium real exchange rate. Unlike the mainstream (DSGE) models we use an alternative, non general equilibrium model without any strong restrictions on the parameter and model equations. Our results (among others) show that the significant changes of parameters are identified only in the period of the last economic downturn beginning the fourth quarter 2008 and that these changes influenced only a part of the key model parameters.
  • The goal of our contribution is to find possible changes in the Czech economy in the last fifteen years. We are concerned with the questions of stability of the relationships among the key economic variables. These relationships are expressed particularly by the dynamic Okun's law, Phillips curve, IS curve or the Taylor's rule. The cyclical development of the economy is based on the simultaneous estimation of the four (unobserved) natural rates: potential output, NAIRU, equilibrium real interest rate and equilibrium real exchange rate. Unlike the mainstream (DSGE) models we use an alternative, non general equilibrium model without any strong restrictions on the parameter and model equations. Our results (among others) show that the significant changes of parameters are identified only in the period of the last economic downturn beginning the fourth quarter 2008 and that these changes influenced only a part of the key model parameters. (en)
Title
  • Estimating structural changes of the Czech economy: How convincing are the symptoms of the economic crisis?
  • Estimating structural changes of the Czech economy: How convincing are the symptoms of the economic crisis? (en)
skos:prefLabel
  • Estimating structural changes of the Czech economy: How convincing are the symptoms of the economic crisis?
  • Estimating structural changes of the Czech economy: How convincing are the symptoms of the economic crisis? (en)
skos:notation
  • RIV/00216224:14560/10:00045341!RIV11-MSM-14560___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(1M0524)
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
  • 257540
http://linked.open...ai/riv/idVysledku
  • RIV/00216224:14560/10:00045341
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • recursive estimation; recursive forecast; natural rates; Bayesian estimation (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...ontrolniKodProRIV
  • [838946A38BE6]
http://linked.open...v/mistoKonaniAkce
  • České Budějovice
http://linked.open...i/riv/mistoVydani
  • České Budějovice
http://linked.open...i/riv/nazevZdroje
  • Mathematical Methods in Economics 2010
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
  • Vašíček, Osvald
  • Němec, Daniel
http://linked.open...vavai/riv/typAkce
http://linked.open.../riv/zahajeniAkce
number of pages
http://purl.org/ne...btex#hasPublisher
  • University of South Bohemia, Faculty of Economics
https://schema.org/isbn
  • 978-80-7394-218-2
http://localhost/t...ganizacniJednotka
  • 14560
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