Strukturální rozdíly v DSGE modelech s nominálními rigiditami

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Title in English	Structural Differences in DSGE Models with Nominal Rigidities
Authors	SLANICAY Martin VAŠÍČEK Osvald
Year of publication	2010
Type	Chapter of a book
MU Faculty or unit	Faculty of Economics and Administration
Citation
Description	The goal of this paper is to evaluate whether there exist some structural differences in Czech economy and Euroarea economy, concerning modelling business cycles using DSGE approach. This paper estimates several versions of a small open economy DSGE model with nominal rigidities and these versions differ in assumptions about some structural parameters. These parameters can be assumed as common for both economies or as different in these economies. Structural differences in economies can be seen as significant differences in values of these parameters. Difference is regarded as significant, if data fit of models which allow for different values of these parameters are better than data fit of those models with the common values of these parameters. All models are estimated using Bayesian techniques, particularly Metropolis-Hastings algorithm (using Dynare toolbox for Matlab). The data fit measure is a Bayes factor calculated from marginal likelihood, acquired from Bayesian estimation.
Related projects:	Research Centre for the Competitiveness of the Czech Economy