Does the foreign income shock in a small open economy DSGE model fit Croatian data? (CROSBI ID 636871)
Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Arčabić, Vladimir ; Globan, Tomislav ; Nadoveza, Ozana ; Rogić Dumančić, Lucija ; Tica, Josip
engleski
Does the foreign income shock in a small open economy DSGE model fit Croatian data?
The paper compares theoretical impulse response functions from a DSGE model for a small open economy with an empirical VAR model estimated for the Croatian economy. The theoretical model fits the data well as long as monetary policy is modelled as a fixed exchange rate regime. The paper considers only a foreign output gap shock. A positive foreign shock increases domestic GDP and prices and decreases terms of trade, which is in compliance with theoretical assumptions. Interest rates behave differently than suggested by the estimated DSGE model, which could be explained with an unconventional interest rate transmission channel in Croatia.
DSGE ; foreign income shocks ; exchange rate ; Croatia ; gross domestic product ; Eurozone
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Podaci o prilogu
351-357.
2016.
objavljeno
Podaci o matičnoj publikaciji
8th International Conference "An Enterprise Odyssey: Saving the Sinking Ship Through Human Capital" Proceedings
Galetić, Lovorka ; Načinović Braje, Ivana ; Jaković, Božidar
Zagreb: Ekonomski fakultet Sveučilišta u Zagrebu
978-953-346-027-7
Podaci o skupu
8th International Conference "An Enterprise Odyssey: Saving the Sinking SHip Through Human Capital
predavanje
08.06.2016-11.06.2016
Zagreb, Hrvatska