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

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Author Info
Stavrev, Emil (Economic Modelling Division, Czech National Bank)

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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 Format: application/pdf
File Function: First version, 2000
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Publisher 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;

Find related papers by JEL classification:
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation and Testing
C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Other Model Applications
E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. 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. [Downloadable!] (restricted)
  2. 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.
  3. 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. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
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