About: Investigating structural differences of the Czech economy: Does asymmetry of shocks matter?

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
rdfs:seeAlso	http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/viewFile/188/173
Description	The goal of this paper is to evaluate heterogeneity between the Czech Republic and the Euro area, because different behavior of agents or asymmetric shocks cut benefits from the entering monetary union. For this purpose, we introduce a two-country dynamic stochastic general equilibrium model that allows different sources of heterogeneity between countries. We focus on differences in structural parameters and asymmetry of shocks hitting the two economies. Using Bayesian techniques, we estimate various specifications of log-linear models (unrestricted and nested) and then we test different sources of heterogeneity. Our results indicate that the main sources of heterogeneity are price and wage rigidities and the asymmetry of shocks. On the other hand, we have found strong evidence in favor of homogeneity in parameters describing utility function of households. The goal of this paper is to evaluate heterogeneity between the Czech Republic and the Euro area, because different behavior of agents or asymmetric shocks cut benefits from the entering monetary union. For this purpose, we introduce a two-country dynamic stochastic general equilibrium model that allows different sources of heterogeneity between countries. We focus on differences in structural parameters and asymmetry of shocks hitting the two economies. Using Bayesian techniques, we estimate various specifications of log-linear models (unrestricted and nested) and then we test different sources of heterogeneity. Our results indicate that the main sources of heterogeneity are price and wage rigidities and the asymmetry of shocks. On the other hand, we have found strong evidence in favor of homogeneity in parameters describing utility function of households. (en)
Title	Investigating structural differences of the Czech economy: Does asymmetry of shocks matter? Investigating structural differences of the Czech economy: Does asymmetry of shocks matter? (en)
skos:prefLabel	Investigating structural differences of the Czech economy: Does asymmetry of shocks matter? Investigating structural differences of the Czech economy: Does asymmetry of shocks matter? (en)
skos:notation	RIV/00216224:14560/12:00059319!RIV13-MSM-14560___
http://linked.open...avai/riv/aktivita	P S
http://linked.open...avai/riv/aktivity	P(1M0524), S
http://linked.open...iv/cisloPeriodika	29
http://linked.open...vai/riv/dodaniDat	2013
http://linked.open...aciTvurceVysledku	Herber, Pavel
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
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	142858
http://linked.open...ai/riv/idVysledku	RIV/00216224:14560/12:00059319
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Two-country DSGE model; Bayesian estimation; Structural heterogeneity; Asymmetric shocks (en)
http://linked.open.../riv/klicoveSlovo	Bayesian estimation Asymmetric shocks Structural heterogeneity Two-country DSGE model
http://linked.open...odStatuVydavatele	CZ - Česká republika
http://linked.open...ontrolniKodProRIV	[299CEE7085C1]
http://linked.open...i/riv/nazevZdroje	Bulletin of the Czech Econometric Society
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (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	2012
http://linked.open...v/svazekPeriodika	19
http://linked.open...iv/tvurceVysledku	Němec, Daniel Herber, Pavel
issn	1212-074X
number of pages	22 (xsd:int)
http://localhost/t...ganizacniJednotka	14560

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