Publication details
Czech and Polish Experience of the Great Recession: DSGE Model Approach
| Authors | |
|---|---|
| Year of publication | 2015 |
| Type | Article in Proceedings |
| Conference | Hradec Economic Days 2015 Peer-Reviewed Conference Proceedings |
| MU Faculty or unit | |
| Citation | |
| Web | conference proceedings |
| Field | Economy |
| Keywords | DSGE mode;particle filter;time-varying parameters;Great Recession;financial frictions |
| Attached files | |
| Description | Inspired by the radically different aftermath of the Great Recession in the Czech and Polish economy, we turn to investigate the structural differences between these two Central European economies. Both the economies are represented by a nonlinear dynamic stochastic model of a small open economy general equilibrium with financial accelerator. First, the DSGE models are estimated using Bayesian methods under the assumption of constant structural parameters. Then, the development of time-varying structural parameters is estimated by particle filter using second order approximation of a nonlinear DSGE model. It is our goal to identify the most significant differences in the underlying structure of the two economies. |
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