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A Comparative Analysis of the Czech Republic and Hungary. Using small Continuous-Time Macroeconometric Models

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  • Stavrev, Emil

    (Economic Modelling Division, Czech National Bank)

Abstract

In this paper we estimate a continuous-time macroeconometric model of the Hungarian economy and compare it with the Czech model described in Stavrev (1998). On the basis of the estimated models we provide simulations and compare the results between the two countries for i) anti-inflationary policy; ii) monetary and fiscal policies; iii) the effect of different wage indexation schemes; iv) the effect of nominal wage rigidities and v) the effect of price and nominal wage freeze.

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File URL: http://www.ihs.ac.at/publications/tec/te-19.pdf
File Function: First version, 2000
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Transition Economics Series with number 19.

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Length: 31 pages
Date of creation: Jul 2000
Date of revision:
Handle: RePEc:ihs:ihstep:19

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Related research

Keywords: Lucas critique; Policy simulations; Macroeconometric model; Anti-inflationary policy; Effectiveness of monetary and fiscal policies;

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References

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  1. Ann P. Bartel & Frank R. Lichtenberg, 1988. "Technical Change, Learning, and Wages," NBER Working Papers 2732, National Bureau of Economic Research, Inc.
  2. Mishkin, Frederic S, 1979. "Simulation Methodology in Macroeconomics: An Innovation Technique," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 816-36, August.
  3. Jonson, P D & Trevor, R G, 1981. "Monetary Rules: A Preliminary Analysis," The Economic Record, The Economic Society of Australia, vol. 57(157), pages 150-67, June.
  4. Emil Stavrev, 2001. "A small continuous time macro-econometric model of the Czech Republic," Empirical Economics, Springer, vol. 26(4), pages 673-705.
  5. Liu, Ta-Chung, 1969. "A Monthly Recursive Econometric Model of United States: A Test of Feasibility," The Review of Economics and Statistics, MIT Press, vol. 51(1), pages 1-13, February.
  6. Hare, Paul & Revesz, Tamas & Zalai, Erno, 1993. "Modeling an economy in transition: trade adjustment policies for Hungary," Journal of Policy Modeling, Elsevier, vol. 15(5-6), pages 625-652.
  7. Breuss, Fritz & Tesche, Jean, 1993. "Hungary in transition: a computable general equilibrium model comparison with Austria," Journal of Policy Modeling, Elsevier, vol. 15(5-6), pages 581-623.
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Cited by:
  1. Jaanika Merik├╝ll, 2004. "Macroeconometric Modelling of the Estonian Economy," University of Tartu - Faculty of Economics and Business Administration, in: Modelling the Economies of the Baltic Sea Region, volume 17, chapter 5, pages 138-166 Faculty of Economics and Business Administration, University of Tartu (Estonia).

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