A Comparative Analysis of the Czech Republic and Hungary. Using small Continuous-Time Macroeconometric Models
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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- 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.
- 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.
- Stavrev, Emil, 2000.
"A Small Continuous Time Macro-Econometric Model of the Czech Republic,"
Transition Economics Series
18, Institute for Advanced Studies.
- Emil Stavrev, 2001. "A small continuous time macro-econometric model of the Czech Republic," Empirical Economics, Springer, vol. 26(4), pages 673-705.
- 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.
- 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.
- Ann P. Bartel & Frank R. Lichtenberg, 1988. "Technical Change, Learning, and Wages," NBER Working Papers 2732, National Bureau of Economic Research, Inc.
- 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.
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