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  • The goal of this paper is to examine structural differences between the Czech economy and the euro area. For this purpose I use New Keynesian DSGE model of two economies which I estimate on the data of the Czech economy and the euro area, using Bayesian techniques. The applied method is based on comparison of impulse responses and examines differences in behavior of both economies in responses to macroeconomic shocks. Results suggest that in general responses of domestic variables have the same shape as responses of foreign variables. However, the responses of domestic variables are always larger, more persistent, and more hump-shaped. The main differences are in responses to productivity shocks in tradables and to shocks in government expenditures, while the biggest similarities are in responses to productivity shocks in non-tradables and to shocks in investment efficiency.
  • The goal of this paper is to examine structural differences between the Czech economy and the euro area. For this purpose I use New Keynesian DSGE model of two economies which I estimate on the data of the Czech economy and the euro area, using Bayesian techniques. The applied method is based on comparison of impulse responses and examines differences in behavior of both economies in responses to macroeconomic shocks. Results suggest that in general responses of domestic variables have the same shape as responses of foreign variables. However, the responses of domestic variables are always larger, more persistent, and more hump-shaped. The main differences are in responses to productivity shocks in tradables and to shocks in government expenditures, while the biggest similarities are in responses to productivity shocks in non-tradables and to shocks in investment efficiency. (en)
Title
  • Analysis of Structural Differences between Czech Economy and Euro Area using Impulse Responses
  • Analysis of Structural Differences between Czech Economy and Euro Area using Impulse Responses (en)
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  • Analysis of Structural Differences between Czech Economy and Euro Area using Impulse Responses
  • Analysis of Structural Differences between Czech Economy and Euro Area using Impulse Responses (en)
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  • RIV/00216224:14560/14:00076473!RIV15-MSM-14560___
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  • S
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  • 2775
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  • RIV/00216224:14560/14:00076473
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  • DSGE model; Bayesian estimation; structural differences; impulse responses (en)
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  • [9C220223C4CC]
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  • Olomouc
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  • Olomouc
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  • 32nd International Conference Mathematical Methods in Eocnomics Conference Proceedings
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  • Slanicay, Martin
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  • Univerzita Palackého v Olomouci
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  • 9788024442099
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  • 14560
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