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A calibrated structural model of the Czech economy

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  • Tibor Hlédik

    (Czech National Bank)

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    Abstract

    The paper presents a structural model framework for a small open economy. The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic’s anticipated EMU accession. In order to be able to use the model for assessing both pre- and post-accession policy issues, two versions of the model – fixed and flexible exchange rate versions – were developed. The suitability of the two alternative models for policy analysis was subsequently tested on a series of impulse response exercises. The dynamic responses of the two models to selected shocks and policy experiments are plausible. Hence these results suggest that the presented analytic framework can serve as a good starting point for analysing complex policy issues facing the Czech Republic.

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    File URL: http://128.118.178.162/eps/mac/papers/0404/0404027.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 0404027.

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    Date of creation: 27 Apr 2004
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    Handle: RePEc:wpa:wuwpma:0404027

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    Web page: http://128.118.178.162

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    Keywords: monetary policy; monetary union; EMU accession;

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    1. R. Glenn Hubbard & Anil K Kashyap & Toni M. Whited, 1993. "Internal Finance and Firm Investment," NBER Working Papers 4392, National Bureau of Economic Research, Inc.
    2. Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc.
    3. Rotemberg, Julio J, 1982. "Monopolistic Price Adjustment and Aggregate Output," Review of Economic Studies, Wiley Blackwell, vol. 49(4), pages 517-31, October.
    4. Kortelainen, Mika, 2002. "EDGE: a model of the euro area with applications to monetary policy," Scientific Monographs E:23/2002, Bank of Finland.
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