Strukturální rozdíly a asymetrické šoky mezi českou ekonomikou a euro zónou 12

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Title in English Structural Differences and Asymmetric Shocks between the Czech Economy and the Euro Area 12
Authors

SLANICAY Martin SLANÝ Antonín

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

Faculty of Economics and Administration

Citation
Description The goal of this paper is to determine whether there exist asymmetric shocks and structural differences between the Czech economy and the Euro Area 12. A New Keynesian DSGE model of a small open economy is used for this purpose. Asymmetric shocks and structural differences are examined in two ways. Firstly, I examine asymmetry of shocks and sources of structural differences, using model comparison based on the Bayes factor. Secondly, I investigate impact of structural differences and differences in persistence and volatility of structural shocks on the behavior of both economies, using analysis of impulse-response functions.
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