Implementing the New Structural Model of the Czech National Bank

Michal Andrle, Tibor Hledik, Ondra Kamenik and Jan Vlcek

Working Papers from Czech National Bank, Research and Statistics Department

Abstract: The purpose of the paper is to introduce the new “g3†structural model of the Czech National Bank and illustrate how it is used for forecasting and policy analysis. As from January 2007 the model was regularly used for shadowing official forecasts, and in July 2008 it became the core model of the CNB. In the paper we highlight the most important and unusual features of the model and discuss tools and procedures that help us in forecasting and assessing the economy with the model. The paper is not meant to provide a full derivation of the model or the complete characteristics of its behavior and should not be regarded as model documentation. Rather, the paper demonstrates how the model is used and how it contributes to policy analysis.

Keywords: DSGE; filtering; forecasting; general equilibrium; monetary policy. (search for similar items in EconPapers)
JEL-codes: C53 D58 E32 E47 E58 (search for similar items in EconPapers)
Date: 2009-10
New Economics Papers: this item is included in nep-cba, nep-dge, nep-for, nep-mon and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (72)

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Persistent link: https://EconPapers.repec.org/RePEc:cnb:wpaper:2009/2

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