A Small Continuous Time Macro-Econometric Model of the Czech Republic
Emil Stavrev ()
No 18, Transition Economics Series from Institute for Advanced Studies
In this paper we estimate a continuous time macro-econometric model of the Czech economy. The model is built as a system of twelve non-linear differential equations. We illustrate how the model can be used to determine the nominal equilibrium exchange rate of the Czech koruna in a macro-economic framework. The paper also investigates the effectiveness of monetary and fiscal policies in the presence of a fixed exchange rate regime and massive capital inflows. The search for an equilibrium point is outlined and stability and sensitivity analyses are provided, along with in-sample static and dynamic predictions with the approximate discrete analogue.
Keywords: Macro-econometric model; Nominal equilibrium exchange rate; Effectiveness of monetary and fiscal policies (search for similar items in EconPapers)
JEL-codes: C51 C52 C53 E17 E50 (search for similar items in EconPapers)
Pages: 38 pages
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http://www.ihs.ac.at/publications/tec/te-18.pdf First version, 2000 (application/pdf)
Journal Article: A small continuous time macro-econometric model of the Czech Republic (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:ihs:ihstep:18
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