Publication details

Strukturální změny v malé otevřené české ekonomice v období současné hospodářské krize

Title in English Structural changes in small open Czech economy during contemporary recession


Year of publication 2011
Type Chapter of a book
MU Faculty or unit

Faculty of Economics and Administration

Description The subchapter deals with identification of structural changes of the Czech economy during contemporary recession and investigation of impacts of the recession. The results indicate that although the estimates are clouded by strong uncertainty, some structural changes in the DSGE model of the Czech economy were ascertained at usual levels of significance. Changes in model parameters are also accompanied by changes of behavior of the model as a whole, which only underlines the importance of achieved results for economic policy. The most prominent changes in parameters are connected to propagation of shocks in the economy, because the contemporary recession is characteristic by unusual shocks and by changes in their propagation mechanisms. The results also show a difference in the successfulness of monetary policy conduct by the Czech National Bank and European Central Bank.
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