Artikel
Output gap in the Czech economy4DDSGE approach
This paper presents three measures of the output gap estimated by a dynamic stochastic general equilibrium model of the Czech economy. We argue that the most plausible description of the business cycle provides the output gap defined as a deviation from a flexible price level of output, which is generated solely by permanent growth shocks. Our model shows that 2006-2008 overheating of the economy and the following 2008-2009 slump can be largely attributed to development in a world economy and export and import sectors, while the 2012-2013 recession was caused mainly by a combination of adverse domestic demand and cost shocks.
- Language
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Englisch
- Bibliographic citation
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Journal: Review of Economic Perspectives ; ISSN: 1804-1663 ; Volume: 19 ; Year: 2019 ; Issue: 2 ; Pages: 137-156 ; Warsaw: De Gruyter
- Classification
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Wirtschaft
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Business Fluctuations; Cycles
Money and Interest Rates: Forecasting and Simulation: Models and Applications
- Subject
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DSGE model
labour market
output gap
small open economy
- Event
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Geistige Schöpfung
- (who)
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Bechný, Jakub
- Event
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Veröffentlichung
- (who)
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De Gruyter
- (where)
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Warsaw
- (when)
-
2019
- DOI
-
doi:10.2478/revecp-2019-0008
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Bechný, Jakub
- De Gruyter
Time of origin
- 2019
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