Aplikace modelu monetární politiky na českou ekonomiku
| Title in English | Application of the monetary policy model to the Czech economy |
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| Authors | |
| Year of publication | 2003 |
| Type | Article in Proceedings |
| Conference | MendelNET 2003 - Sborník příspěvků z konference studentů doktorského studia |
| MU Faculty or unit | |
| Citation | |
| Field | Economy |
| Keywords | Keywords: monetary policy; forward-looking model; inflation targeting; discretion; adaptive expectations; impulse responses; iterative Kalman Filter Smoother |
| Description | Monetary policy is one of important parts of economic policy. This paper deals with monetary policy models and with a possibility of application of model approach to the Czech economy. Model equations describe demand side of economy, supply side of economy and stochastic (demand and supply) disturbances. Optimal monetary policy rule is derived on the basis of loss function minimization. The second part presents practical application of monetary policy model to the Czech economy. Parameters are estimated and are interpreted from the view of economic theory. Impulse reactions of economy (to three types of simulated shocks) are tested and are presented graphically. Obtained knowledge is summarized and the possibility of future research is suggested in conclusions. |
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