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  • The goal of this paper is to examine importance of nominal rigidities, especially of wages and prices, in the Czech economy. As a tool, DSGE model of open economy with nominal rigidities is used. The model is estimated on data of the Czech economy using Bayesian techniques. The model is evaluated in terms how it fits the data and the dynamical properties of the model are studied. The emphasis is put on wage-price dynamics. Next, the relative importance of nominal rigidities is examined using sensitivity analysis. The conclusion is that wages are more rigid than prices and thus wage rigidity and price rigidity are interchangeable. This outcome should be taken into consideration for forming of monetary policy by the central bank and modelling of behaviour of the Czech economy.
  • The goal of this paper is to examine importance of nominal rigidities, especially of wages and prices, in the Czech economy. As a tool, DSGE model of open economy with nominal rigidities is used. The model is estimated on data of the Czech economy using Bayesian techniques. The model is evaluated in terms how it fits the data and the dynamical properties of the model are studied. The emphasis is put on wage-price dynamics. Next, the relative importance of nominal rigidities is examined using sensitivity analysis. The conclusion is that wages are more rigid than prices and thus wage rigidity and price rigidity are interchangeable. This outcome should be taken into consideration for forming of monetary policy by the central bank and modelling of behaviour of the Czech economy. (en)
Title
  • Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy
  • Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy (en)
skos:prefLabel
  • Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy
  • Nominal rigidities and wage-price dynamics in estimated DSGE model: application for the Czech economy (en)
skos:notation
  • RIV/00216224:14560/08:00027032!RIV10-MSM-14560___
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  • P(1M0524)
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  • 382841
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  • RIV/00216224:14560/08:00027032
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  • nominal rigidities; DSGE model; Bayesian estimation; sticky wages and prices; sensitivity analysis (en)
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  • [069D7429FE89]
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  • Brno
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  • Determinanty hospodářského růstu v zemích východní Evropy
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  • Hloušek, Miroslav
number of pages
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  • Masarykova univerzita
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  • 978-80-210-4786-0
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  • 14560
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