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Supply-Side Performance and Structure in the Czech Republic (1995-2005)

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  • Kamil Dybczak
  • Vladislav Flek
  • Dana Hajkova
  • Jaromir Hurnik

Abstract

In this paper, we apply the aggregate production function to approximate the path of potential output. We use a time-varying NAIRU to derive the amount of potential labour and a newly developed measure of capital services to account for the productive impact of capital. In addition, trend total factor productivity is estimated. Production functions for the key sectors (Agriculture, Industry, etc.) are also calculated, exploring the growth accounting approach and decomposition of total factor productivity growth. During 1995--2005, the growth in potential output was constrained by a gradual increase in the NAIRU, a temporary drop in investment activity and, most importantly, by only a modest rise in total factor productivity. In this period, the Czech economy also suffered from a structural burden, i.e. all growth in total factor productivity was exclusively due to better utilisation of resources, given their initial allocation, with an even negative contribution of resource reallocation. Just from 2001 onwards, we observe substantial improvements in supply-side performance, except for the functioning of the labour market.

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Bibliographic Info

Paper provided by Czech National Bank, Research Department in its series Working Papers with number 2006/4.

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Date of creation: Oct 2006
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Handle: RePEc:cnb:wpaper:2006/4

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Keywords: . Capital services; factor allocation and utilisation; growth accounting; NAIRU; potential output; production function; structural changes; total factor productivity.;

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References

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  1. Vladimir Bezdek & Kamil Dybczak & Ales Krejdl, 2003. "Czech Fiscal Policy: Introductory Analysis," Working Papers 2003/07, Czech National Bank, Research Department.
  2. Lawrence J. Christiano & Terry J. Fitzgerald, 1999. "The Band pass filter," Working Paper 9906, Federal Reserve Bank of Cleveland.
    • Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, 05.
  3. Barry P. Bosworth & Susan M. Collins, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 113-206.
  4. Barro, Robert J, 1999. " Notes on Growth Accounting," Journal of Economic Growth, Springer, vol. 4(2), pages 119-37, June.
  5. Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc.
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Cited by:
  1. Hájek Mojmír & Jiří Mihola, 2009. "Analysis of Total Factor Productivity Contribution to Economic Growth of the Czech Republic," Politická ekonomie, University of Economics, Prague, vol. 2009(6), pages 740-753.
  2. Magdalena M Borys & Roman Horvath, 2008. "The Effects of Monetary Policy in the Czech Republic: An Empirical Study," William Davidson Institute Working Papers Series wp922, William Davidson Institute at the University of Michigan.
  3. Lubomir Lizal & Kamil Galuščák, 2012. "The Impact of Capital Measurement Error Correction on Firm-Level Production Function Estimation," William Davidson Institute Working Papers Series wp1026, William Davidson Institute at the University of Michigan.
  4. Dana Hajkova, 2008. "The Measurement of Capital Services in the Czech Republic," Working Papers 2008/11, Czech National Bank, Research Department.

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