About: Business Cycle Synchronization through the Lens of a DSGE Model

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An Entity of Type : http://linked.opendata.cz/ontology/domain/vavai/Vysledek, within Data Space : linked.opendata.cz associated with source document(s)

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
rdfs:seeAlso	http://journal.fsv.cuni.cz/mag/article/show/id/1272
Description	The goal of this paper is to examine business cycle synchronization between the Czech economy and the euro area via a fully specified DSGE model. Using a two-country DSGE model I decompose the observed variables into the contributions of structural shocks and then compute conditional correlations. I also examine how these correlations evolve over time. The results indicate that productivity shocks in the tradable sector are the driving forces of different business cycle behavior, while investment efficiency shocks contribute to symmetric behavior of the two economies. The impact of shocks is most symmetric in the case of investment, output, and interest rates; the impact of shocks on these variables is highly correlated. There seems to be convergence of business cycles in the case of consumption, investment, and output, as the overall impact of shocks on these variables is getting more and more symmetric over time. The goal of this paper is to examine business cycle synchronization between the Czech economy and the euro area via a fully specified DSGE model. Using a two-country DSGE model I decompose the observed variables into the contributions of structural shocks and then compute conditional correlations. I also examine how these correlations evolve over time. The results indicate that productivity shocks in the tradable sector are the driving forces of different business cycle behavior, while investment efficiency shocks contribute to symmetric behavior of the two economies. The impact of shocks is most symmetric in the case of investment, output, and interest rates; the impact of shocks on these variables is highly correlated. There seems to be convergence of business cycles in the case of consumption, investment, and output, as the overall impact of shocks on these variables is getting more and more symmetric over time. (en)
Title	Business Cycle Synchronization through the Lens of a DSGE Model Business Cycle Synchronization through the Lens of a DSGE Model (en)
skos:prefLabel	Business Cycle Synchronization through the Lens of a DSGE Model Business Cycle Synchronization through the Lens of a DSGE Model (en)
skos:notation	RIV/00216224:14560/13:00068340!RIV14-MSM-14560___
http://linked.open...avai/riv/aktivita	P
http://linked.open...avai/riv/aktivity	P(1M0524)
http://linked.open...iv/cisloPeriodika	2
http://linked.open...vai/riv/dodaniDat	2014
http://linked.open...aciTvurceVysledku	Slanicay, Martin
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	64053
http://linked.open...ai/riv/idVysledku	RIV/00216224:14560/13:00068340
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	DSGE model; Bayesian estimation; shock decomposition; business cycle synchronization (en)
http://linked.open.../riv/klicoveSlovo	Bayesian estimation DSGE model business cycle synchronization shock decomposition
http://linked.open...odStatuVydavatele	CZ - Česká republika
http://linked.open...ontrolniKodProRIV	[86255F57DA85]
http://linked.open...i/riv/nazevZdroje	Finance a úvěr - Czech Journal of Economics and Finance
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (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	2013
http://linked.open...v/svazekPeriodika	63
http://linked.open...iv/tvurceVysledku	Slanicay, Martin
http://linked.open...ain/vavai/riv/wos	000319494900004
issn	0015-1920
number of pages	17 (xsd:int)
http://localhost/t...ganizacniJednotka	14560

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