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Implementing the New Structural Model of the Czech National Bank

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Author Info
Michal Andrle
Tibor Hledik
Ondra Kamenik
Jan Vlcek
Abstract

The purpose of the paper is to introduce the new “g3†structural model of the Czech National Bank and illustrate how it is used for forecasting and policy analysis. As from January 2007 the model was regularly used for shadowing official forecasts, and in July 2008 it became the core model of the CNB. In the paper we highlight the most important and unusual features of the model and discuss tools and procedures that help us in forecasting and assessing the economy with the model. The paper is not meant to provide a full derivation of the model or the complete characteristics of its behavior and should not be regarded as model documentation. Rather, the paper demonstrates how the model is used and how it contributes to policy analysis.

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File URL: http://www.cnb.cz/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2009_02.pdf
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Publisher Info
Paper provided by Czech National Bank, Research Department in its series Working Papers with number 2009/2.

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Date of creation: Oct 2009
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Handle: RePEc:cnb:wpaper:2009/2

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Related research
Keywords: DSGE; filtering; forecasting; general equilibrium; monetary policy.;

Find related papers by JEL classification:
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation
C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Other Model Applications

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This page was last updated on 2009-11-24.

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