Bayesian Estimation of a Comprehensive Small Open Economy Model on the Czech Data

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Authors	TONNER Jaromír POLANSKÝ Jiří VAŠÍČEK Osvald
Year of publication	2011
Type	Article in Proceedings
Conference	Proceedings of the 29th International Conference on Mathematical Methods of Economics 2011
MU Faculty or unit	Faculty of Economics and Administration
Citation
Field	Economy
Keywords	DSGE models; Bayesian methods
Description	The contribution deals with the development and Bayesian estimation of the SOE model suitable for Czech data based analyses. The model follows recent development in monetary New Keynesian DSGE models and is extended with several technology processes to fit Czech stylized facts. The model is thus sufficiently rich and general for time varying parameters estimations and non-linear filtrations. The second part of the contribution presents results of the Bayesian estimation of the model. Estimations of such complex models on Czech data are not usual in the literature, and we thus believe that such results might be informative.
Related projects:	Research Centre for the Competitiveness of the Czech Economy