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

Author

Listed:
  • Stavrev, Emil

    (Economic Modelling Division, Czech National Bank)

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.

Suggested Citation

  • Stavrev, Emil, 2000. "A Comparative Analysis of the Czech Republic and Hungary. Using small Continuous-Time Macroeconometric Models," Transition Economics Series 19, Institute for Advanced Studies.
  • Handle: RePEc:ihs:ihstep:19
    as

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    File URL: http://www.ihs.ac.at/publications/tec/te-19.pdf
    File Function: First version, 2000
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    References listed on IDEAS

    as
    1. 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.
    2. Emil Stavrev, 2001. "A small continuous time macro-econometric model of the Czech Republic," Empirical Economics, Springer, vol. 26(4), pages 673-705.
    3. Jonson, P D & Trevor, R G, 1981. "Monetary Rules: A Preliminary Analysis," The Economic Record, The Economic Society of Australia, vol. 57(157), pages 150-167, June.
    4. 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.
    5. Mishkin, Frederic S, 1979. "Simulation Methodology in Macroeconomics: An Innovation Technique," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 816-836, August.
    6. Ann P. Bartel & Frank R. Lichtenberg, 1988. "Technical Change, Learning, and Wages," NBER Working Papers 2732, National Bureau of Economic Research, Inc.
    7. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Jaanika Merik├╝ll, 2004. "Macroeconometric Modelling of the Estonian Economy," University of Tartu - Faculty of Economics and Business Administration,in: Modelling the Economies of the Baltic Sea Region, volume 17, chapter 5, pages 138-166 Faculty of Economics and Business Administration, University of Tartu (Estonia).

    More about this item

    Keywords

    Lucas critique; Policy simulations; Macroeconometric model; Anti-inflationary policy; Effectiveness of monetary and fiscal policies;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • 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

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