About: Alternative estimates of NAIRU for the Czech economy: Implications for economic growth and stability

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	This paper deals with alternative estimates of non-accelerating inflation rate of unemployment (NAIRU) for the Czech economy. NAIRU is meant to be an equivalent with the equilibrium unemployment. Simple hysteretic model of the Phillips curve and multi-equation dynamic macroeconomic model (with rational expectations) are presented. Parameters of these models and paths of the NAIRU are estimated using techniques of Bayesian inference (Gibbs sampler, Metropolis-Hastings algorithm) and filtration (Kalman filter). Trajectory of potential output is estimated in the case of the multi-equation model. Potential output and NAIRU are treated as unobservable states of economic system. Final part of this contribution relates to implications for the sustainable economic growth of the Czech Republic. Estimates indicate hysteretic patterns of the unemployment. The existence of hysteresis has important implications for economic policy and its tools which can be efficient in the battle against unemployment in long run. This paper deals with alternative estimates of non-accelerating inflation rate of unemployment (NAIRU) for the Czech economy. NAIRU is meant to be an equivalent with the equilibrium unemployment. Simple hysteretic model of the Phillips curve and multi-equation dynamic macroeconomic model (with rational expectations) are presented. Parameters of these models and paths of the NAIRU are estimated using techniques of Bayesian inference (Gibbs sampler, Metropolis-Hastings algorithm) and filtration (Kalman filter). Trajectory of potential output is estimated in the case of the multi-equation model. Potential output and NAIRU are treated as unobservable states of economic system. Final part of this contribution relates to implications for the sustainable economic growth of the Czech Republic. Estimates indicate hysteretic patterns of the unemployment. The existence of hysteresis has important implications for economic policy and its tools which can be efficient in the battle against unemployment in long run. (en)
Title	Alternative estimates of NAIRU for the Czech economy: Implications for economic growth and stability Alternative estimates of NAIRU for the Czech economy: Implications for economic growth and stability (en)
skos:prefLabel	Alternative estimates of NAIRU for the Czech economy: Implications for economic growth and stability Alternative estimates of NAIRU for the Czech economy: Implications for economic growth and stability (en)
skos:notation	RIV/00216224:14560/08:00026453!RIV11-MSM-14560___
http://linked.open...avai/riv/aktivita	P
http://linked.open...avai/riv/aktivity	P(1M0524)
http://linked.open...vai/riv/dodaniDat	2011
http://linked.open...aciTvurceVysledku	Vašíček, Osvald Němec, Daniel
http://linked.open.../riv/druhVysledku	O - Ostatní výsledky nezařaditelné do žádného z výše uvedených druhů výsledku
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	355483
http://linked.open...ai/riv/idVysledku	RIV/00216224:14560/08:00026453
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	NAIRU; hysteresis in unemployment; Bayesian inference (en)
http://linked.open.../riv/klicoveSlovo	NAIRU Bayesian inference hysteresis in unemployment
http://linked.open...ontrolniKodProRIV	[AEF320F4664D]
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	2 (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	2008
http://linked.open...iv/tvurceVysledku	Vašíček, Osvald Němec, Daniel
http://localhost/t...ganizacniJednotka	14560

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