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Makroekonomický model produktu neakcelerujícího inflaci

Author

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  • Martin Fukaè
  • Osvald Vašíèek

Abstract

In this paper the authors try to measure production gap in the Czech Republic and, consequently, non-accelerating inflation product (NAIP) as an approximation of potential product. NAIP is treated as an unobservable variable, to which an augmented Phillips curve plays a key role in its identification. The analysis is conducted on quarterly economic data provided by the Czech Statistical Office. An iterated extended Kalman filter is employed as an estimation method. The results indicate that the supply side of the Czech economy is more flexible than has been suggested in previous literature on the topic.

Suggested Citation

  • Martin Fukaè & Osvald Vašíèek, 2002. "Makroekonomický model produktu neakcelerujícího inflaci," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 52(5), pages 258-274, May.
    • Handle: RePEc:fau:fauart:v:52:y:2002:i:5:p:258-274
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    More about this item

    Keywords

    steady-state product; non-accelerating inflation product; augmented Phillips curve; iterated Kalman filter;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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