A Simple Real Business Cycle Model - An Application on the Czech Economy.
| Autor: | PhDr. Jaromír Baxa Ph.D., |
|---|---|
| Typ: | Články ve sborníku |
| Rok: | 2008 |
| Číslo: | 0 |
| ISSN / ISBN: | ISBN 978-80-7372-387-3 |
| Publikováno v: | Proceedings of 26th International conference Mathematical Methods in Economics |
| Místo vydání: | Liberec |
| Klíčová slova: | Business Cycles, Simulation of business cycles, Calibration. |
| JEL kódy: | C59, E32, E37 |
| Citace: | Baxa, J. (2008): A Simple Real Business Cycle Model - An Application on the Czech Economy. In: Proceedings of 26th International conference Mathematical Methods in Economics, Liberec: Technical University of Liberec. |
| Granty: | GAUK 46108: Nové nelineární teorie kapitálových trhů: fraktální, bifurkační a behaviorální přístup |
| Abstrakt: | This paper presents a simple real business cycle model calibrated for the Czech economy. Despite the simplicity of the model as well as the fact that the turbulent years of the transition period were included in the dataset, the resulting behavior of the simulated variables can explain the observed fluctuations of the main macroeconomic variables to a large extent, but not perfectly. The deviations between the behavior of the simulated and observed variables were, however, caused either by theoretical assumptions of the model or they are in accordance with the common knowledge of the Czech economy with its labor market rigidities, volatile trend growth or initial undercapitalization of the economy. |
