Vliv asymetrických šoků a strukturálních rozdílů mezi českou ekonomikou a euro zónou 12

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Title in English Impact of Asymmetric Shocks and Structural Differences between the Czech Economy and 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 In this paper I present a new approach for analysis of asymmetric shocks and structural differences between two countries, using shock decomposition. An advantage of this method is that it jointly examines the impacts of asymmetric shocks and structural differences. I demonstrate this method using a DSGE model of two economies, presented in Kolasa (2009). Results suggest that impacts of structural shocks are more correlated than it seems from estimated correlations between shocks alone. The largest correlations are between impacts of shocks on inflations and interest rates. I also find that an evolution of variables in the Czech economy is relatively more influenced by shocks in productivity while the evolution of variables in Euro Area 12 is relatively more influenced by investment efficiency shocks. It also seems that the monetary policy of the ECB is relatively more discretionary than the monetary policy of the CNB, nevertheless it seems that the CNB follows the ECB in their discretionary policy.
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