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Statements

Subject Item
n2:RIV%2F00216224%3A14560%2F08%3A00026451%21RIV10-MSM-14560___
rdf:type
skos:Concept n16:Vysledek
dcterms:description
Unemployment gap is important indicator that help monetary authority to pursue good economic policy. This indicator is based on differences between observable unemployment rate and and its equilibrium unobservable counterpart. The equilibrium unemployment rate is usually connected to the non-accelerating inflation rate of unemployment (NAIRU) because the issue of monetary stability is incorporated in this theoretical concept. Alternative estimates of the unemployment gap for a small open economy (Czech Republic) are presented and analyzed in this paper. Estimates are made within the framework of the hysteretic approach and non-hysteretic approach. We use techniques of Bayesian analysis (Gibbs sampler and Metropolis-Hastings algorithm) to identify the models. Unobserved states are estimated using Kalman filter. Non-hysteretic model is solved as Dynamic Stochastic General Equilibrium (DSGE) model with rational expectations using the Dynare toolbox. Unemployment gap is important indicator that help monetary authority to pursue good economic policy. This indicator is based on differences between observable unemployment rate and and its equilibrium unobservable counterpart. The equilibrium unemployment rate is usually connected to the non-accelerating inflation rate of unemployment (NAIRU) because the issue of monetary stability is incorporated in this theoretical concept. Alternative estimates of the unemployment gap for a small open economy (Czech Republic) are presented and analyzed in this paper. Estimates are made within the framework of the hysteretic approach and non-hysteretic approach. We use techniques of Bayesian analysis (Gibbs sampler and Metropolis-Hastings algorithm) to identify the models. Unobserved states are estimated using Kalman filter. Non-hysteretic model is solved as Dynamic Stochastic General Equilibrium (DSGE) model with rational expectations using the Dynare toolbox.
dcterms:title
Bayesian Estimation of the Unemployment Gap in the Czech Republic Bayesian Estimation of the Unemployment Gap in the Czech Republic
skos:prefLabel
Bayesian Estimation of the Unemployment Gap in the Czech Republic Bayesian Estimation of the Unemployment Gap in the Czech Republic
skos:notation
RIV/00216224:14560/08:00026451!RIV10-MSM-14560___
n4:aktivita
n9:P
n4:aktivity
P(1M0524)
n4:dodaniDat
n13:2010
n4:domaciTvurceVysledku
n10:3573648
n4:druhVysledku
n5:D
n4:duvernostUdaju
n14:S
n4:entitaPredkladatele
n18:predkladatel
n4:idSjednocenehoVysledku
357692
n4:idVysledku
RIV/00216224:14560/08:00026451
n4:jazykVysledku
n20:eng
n4:klicovaSlova
unemployment gap; NAIRU; Bayesian estimation; hysteresis
n4:klicoveSlovo
n12:Bayesian%20estimation n12:unemployment%20gap n12:hysteresis n12:NAIRU
n4:kontrolniKodProRIV
[07001FAAA7AC]
n4:mistoKonaniAkce
Liberec
n4:mistoVydani
Liberec
n4:nazevZdroje
Proceedings of 26th International conference Mathematical Methods in Economics 2008
n4:obor
n6:AH
n4:pocetDomacichTvurcuVysledku
1
n4:pocetTvurcuVysledku
1
n4:projekt
n11:1M0524
n4:rokUplatneniVysledku
n13:2008
n4:tvurceVysledku
Němec, Daniel
n4:typAkce
n21:WRD
n4:wos
000260962300047
n4:zahajeniAkce
2008-01-01+01:00
s:numberOfPages
10
n15:hasPublisher
Technická univerzita v Liberci
n19:isbn
978-80-7372-387-3
n3:organizacniJednotka
14560