IMPACT OF MACROECONOMIC SHOCKS ON REAL OUTPUT FLUCTUATIONS IN CROATIA (CROSBI ID 587928)
Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Erjavec, Nataša ; Cota, Boris ; Jakšić, Saša
engleski
IMPACT OF MACROECONOMIC SHOCKS ON REAL OUTPUT FLUCTUATIONS IN CROATIA
The paper investigates the sources of real output variability in Croatia by assessing the impact of macroeconomic structural shocks on fluctuations in real output. The analysis is based on a structural vector autoregressive model (SVAR) where structural shocks (demand, supply and nominal) are identified using Blanchard-Quah long run restriction technique. The findings of the empirical analysis point out the dominant role of supply shocks in explaining real output fluctuations. In the same time the results reveal negligible effects of nominal and demand shocks on the variability of real output. To get a better insight in the dynamics of real output in the aftermath of the structural shocks we also analyse the impulse response functions. The results show that a positive supply shock leads to a permanent increase in real output. A nominal shock decreases the real output marginally although the effect is only temporary and fades out quickly. Surprisingly, the effect of a demand shock is insignificant both in the short run and in the long run.
real output; structural vector autoregression; variance decomposition; impulse response function; macroeconomic shocks
Indexing/abstracting: EconLit, ProQuest, EBSCO
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Podaci o prilogu
62-71.
2012.
objavljeno
Podaci o matičnoj publikaciji
Proceedings of the 6th International Conference “An Enterprise Odyssey: Corporate governance and public policy — path to sustainable future”
Galetić, Lovorka ; Šimurina, Jurica
Zagreb: Faculty od Economics & Business Zagreb
978-953-6025-57-2
Podaci o skupu
An Enterprise Odyssey: Corporate governance and public policy- path to sustainable development
predavanje
13.06.2012-16.06.2012
Šibenik, Hrvatska