Arbeitspapier
A calibrated structural model of the Czech economy
The paper presents a structural model framework for a small open economy.The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic s anticipated EMU accession.In order to be able to use the model for assessing both pre- and post-accession policy issues, two versions of the model fixed and flexible exchange rate versions were developed.The suitability of the two alternative models for policy analysis was subsequently tested on a series of impulse response exercises.The dynamic responses of the two models to selected shocks and policy experiments are plausible.Hence these results suggest that the presented analytic framework can serve as a good starting point for analysing complex policy issues facing the Czech Republic.
- ISBN
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952-462-110-X
- Language
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Englisch
- Bibliographic citation
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Series: Bank of Finland Discussion Papers ; No. 35/2003
- Classification
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Wirtschaft
Monetary Policy
Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
Price Level; Inflation; Deflation
Open Economy Macroeconomics
- Subject
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monetary policy
monetary union
EMU accession
- Event
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Geistige Schöpfung
- (who)
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Hlédik, Tibor
- Event
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Veröffentlichung
- (who)
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Bank of Finland
- (where)
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Helsinki
- (when)
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2003
- Handle
- Last update
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10.03.2025, 11:43 AM CET
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
- Arbeitspapier
Associated
- Hlédik, Tibor
- Bank of Finland
Time of origin
- 2003
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