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DSGE Model-Slovakia

Author

Listed:
  • Juraj Zeman

    (Research Department, National Bank of Slovakia)

  • Matus Senaj

    (Research Department, National Bank of Slovakia)

Abstract

DSGE Slovakia is a medium size New Keynesian open economy model designed to simulate dynamic behavior of Slovak economy. It consists of about 50 equations and contains all important macroeconomic variables including real GDP and all its main components- consumption, investment, government expenditures, import and export then factors of production – labor, capital and oil and also consumer, producer, import and export price deflators, nominal interest rate and exchange rate. Most parameters of the model are calibrated and remaining ones are estimated by various estimation technique. Appropriateness of the model is judged by comparing statistics of simulated data with real ones, by analyzing impulse response functions and by reproducing historical time series.

Suggested Citation

  • Juraj Zeman & Matus Senaj, 2009. "DSGE Model-Slovakia," Working and Discussion Papers WP 3/2009, Research Department, National Bank of Slovakia.
    • Handle: RePEc:svk:wpaper:1004
    as

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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Mădălin Viziniuc, 2017. "Potential Gains from Cooperation Between Monetary and Macroprudential Policies: The Case of an Emerging Economy," Eastern European Economics, Taylor & Francis Journals, vol. 55(5), pages 420-452, September.
    2. Aliya Algozhina, 2012. "Monetary and Fiscal Policy Interactions in an Emerging Open Economy: a Non-Ricardian DSGE Approach," FIW Working Paper series 094, FIW, revised Dec 2012.
    3. Zuzana Mucka & Michal Horvath, 2015. "Fiscal Policy Matters A New DSGE Model for Slovakia," Discussion Papers Discussion Paper No. 1/20, Council for Budget Responsibility.
    4. Melecky, Martin, 2012. "Macroeconomic dynamics in Macedonia and Slovakia: Structural estimation and comparison," Economic Modelling, Elsevier, vol. 29(4), pages 1377-1387.
    5. Zuzana Mucka, 2016. "Fiscal Policy Matters A New DSGE Model for Slovakia," Discussion Papers Discussion Paper No. 1/20, Council for Budget Responsibility.
    6. Copaciu, Mihai & Nalban, Valeriu & Bulete, Cristian, 2015. "R.E.M. 2.0, An estimated DSGE model for Romania," Dynare Working Papers 48, CEPREMAP.
    7. Pápai Adam, 2017. "A DSGE Model of Slovakia with Frictional Labor Market and Monetary Regime Switch," Review of Economic Perspectives, Sciendo, vol. 17(3), pages 287-313, September.
    8. Matus Senaj & Milan Vyskrabka & Juraj Zeman, 2010. "MUSE: Monetary Union and Slovak Economy model," Working and Discussion Papers WP 1/2010, Research Department, National Bank of Slovakia.
    9. Matus Senaj & Milan Vyskrabka, 2015. "Labor Tax Harmonization in a Multi-Country Model," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 65(3), pages 192-210, May.

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    More about this item

    Keywords

    General equilibrium model; Slovakia;

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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