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| Description
| - This paper describes the impact of selected domestic and external shocks on selected macroeconomic variables in the Czech economy. For this purpose a long-run macroeconomic model of a small open economy developed by Garratt, Lee, Pesaran and Shin (2006) has been modified and estimated. A macroeconomic core model includes five long-run relationships (the relative purchasing power parity, the real money market equilibrium condition, the output gap, the interest rate parity and the interest rate relationship – Fisher inflation parity). It is estimated through a structural cointegrating vector error correction model using data covering the period 1996q1 – 2010q4. We identify the long-run structure of the Czech economy and study the effects of domestic supply, demand and also monetary shocks. The external exchange rate shocks are also studied. The effects of these shocks were investigated for selected macroeconomic variables (domestic interest rate, domestic output, domestic monetary demand and exchange rate). The results of general impulse response functions (GIRF) analysis have showed the occurrence of price puzzle as an short-run phenomena and we reject the evidence of the exchange rate puzzle.
- This paper describes the impact of selected domestic and external shocks on selected macroeconomic variables in the Czech economy. For this purpose a long-run macroeconomic model of a small open economy developed by Garratt, Lee, Pesaran and Shin (2006) has been modified and estimated. A macroeconomic core model includes five long-run relationships (the relative purchasing power parity, the real money market equilibrium condition, the output gap, the interest rate parity and the interest rate relationship – Fisher inflation parity). It is estimated through a structural cointegrating vector error correction model using data covering the period 1996q1 – 2010q4. We identify the long-run structure of the Czech economy and study the effects of domestic supply, demand and also monetary shocks. The external exchange rate shocks are also studied. The effects of these shocks were investigated for selected macroeconomic variables (domestic interest rate, domestic output, domestic monetary demand and exchange rate). The results of general impulse response functions (GIRF) analysis have showed the occurrence of price puzzle as an short-run phenomena and we reject the evidence of the exchange rate puzzle. (en)
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| Title
| - The effects of domestic and external shocks on a small open country: the evidence from the Czech Economy
- The effects of domestic and external shocks on a small open country: the evidence from the Czech Economy (en)
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| skos:prefLabel
| - The effects of domestic and external shocks on a small open country: the evidence from the Czech Economy
- The effects of domestic and external shocks on a small open country: the evidence from the Czech Economy (en)
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| skos:notation
| - RIV/61989100:27510/12:86079551!RIV13-GA0-27510___
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| http://linked.open...avai/riv/aktivita
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| http://linked.open...avai/riv/aktivity
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| http://linked.open...iv/cisloPeriodika
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| http://linked.open...vai/riv/dodaniDat
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| http://linked.open...aciTvurceVysledku
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| http://linked.open.../riv/druhVysledku
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| http://linked.open...iv/duvernostUdaju
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| http://linked.open...titaPredkladatele
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| http://linked.open...dnocenehoVysledku
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| http://linked.open...ai/riv/idVysledku
| - RIV/61989100:27510/12:86079551
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| http://linked.open...riv/jazykVysledku
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| http://linked.open.../riv/klicovaSlova
| - long-run relationships; monetary shocks; general impulse response functions; external shocks; exchange rate shocks; Czech economy; cointegrating VAR model; domestic shocks (en)
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| http://linked.open.../riv/klicoveSlovo
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| http://linked.open...odStatuVydavatele
| - US - Spojené státy americké
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| http://linked.open...ontrolniKodProRIV
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| http://linked.open...i/riv/nazevZdroje
| - INTERNATIONAL JOURNAL OF MATHEMATICAL MODELS AND METHODS IN APPLIED SCIENCES
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| http://linked.open...in/vavai/riv/obor
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| http://linked.open...ichTvurcuVysledku
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| http://linked.open...cetTvurcuVysledku
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| http://linked.open...vavai/riv/projekt
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| http://linked.open...UplatneniVysledku
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| http://linked.open...v/svazekPeriodika
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| http://linked.open...iv/tvurceVysledku
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| issn
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| number of pages
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| http://localhost/t...ganizacniJednotka
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