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A Baseline Model for Monetary Policy Analysis


  • Jaromír Tonner


  • Jiří Polanský


  • Osvald Vašíček



The paper deals with a baseline New Keynesian DSGE model for a closed economy. The model follows the concept of the New Open Economy Macroeconomics based on microeconomic foundations enriched with real and nominal rigidities. It is estimated with Bayesian technique using quarterly Eurozone data. The estimation results are discussed and compared with related papers. Via impulse responses to unanticipated shocks, we analyze the behaviour of the model without any rigidities in order to understand essential model mechanisms. Then, we add separately real and nominal rigidities to investigate their impacts within the model.

Suggested Citation

  • Jaromír Tonner & Jiří Polanský & Osvald Vašíček, 2009. "A Baseline Model for Monetary Policy Analysis," Bulletin of the Czech Econometric Society, The Czech Econometric Society, vol. 16(26).
  • Handle: RePEc:czx:journl:v:16:y:2009:i:26:id:164

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    More about this item


    DSGE; New Keynesian model; Bayesian estimation; impulse responses;

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy


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