MEASURING THE NAIRU FOR CZECH AND SLOVAK LABOUR MARKETS: BAYESIAN APPROACH
| Authors | |
|---|---|
| Year of publication | 2016 |
| Type | Article in Proceedings |
| Conference | PROCEEDINGS OF THE INTERNATIONAL CONFERENCE: QUANTITATIVE METHODS IN ECONOMICS: MULTIPLE CRITERIA DECISION MAKING XVIII |
| MU Faculty or unit | |
| Citation | |
| Web | http://www.fhi.sk/en/katedry-fakulty/kove/ssov/papers/ |
| Field | Economy |
| Keywords | Bayesian estimation; Gibbs sampler; Kalman filter; Non-accelerating inflation rate of unemployment; Unobserved components model |
| Description | The purpose of this contribution is to present and compare estimates of non-accelerating inflation rate of unemployment and corresponding unemployment gap in the Czech Republic and the Slovak Republic. The estimates of these indicators are based on a bivariate Phillips curve model, as an unobserved components model, where use is made of Bayesian estimation and diffuse Kalman filtering techniques. Since the data on unemployment rate for the Slovak economy shows some evidence of structural changes, the model for this country has to be modified to allow for such behaviour. Eventually, results for both economies are compared mostly on the basis of their statistical properties. |
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