Analysis of the open macroeconomy model with rational expectations
AbstractThe article focuses on the multiple-equations closed-economy macroeconomic model to illustrate the impact of the rational expectation hypothesis. The first stage of the analysis introduces a theoretical model. It contains Phillips curve, IS curve and Taylor policy rule. The second stage of the analysis estimates the states and parameters of the model on the quarterly data of the Czech economy. The third stage of the analysis focuses on the theoretical approach, how to compute rational expectations. In the final stage, the article demonstrates implications of the hypothesis through the response of the model. This shows response on the outputs of the macroeconomic model to anticipated and unanticipated shocks.
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Bibliographic InfoArticle provided by The Czech Econometric Society in its journal Bulletin of the Czech Econometric Society.
Volume (Year): 11 (2004)
Issue (Month): 20 ()
Macroeconomic model; stability; zeros and poles; rational expectations;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
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