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Pregled bibliografske jedinice broj: 872064

Testing market structure assumptions for DSGE modelling in Croatia using the SVAR model with long-run restrictions


Palić, Irena; Dumičić, Ksenija; Barbić, Dajana
Testing market structure assumptions for DSGE modelling in Croatia using the SVAR model with long-run restrictions // Croatian operational research review, 8 (2017), 1; 19-31 doi:10.17535/crorr.2017.0002 (međunarodna recenzija, članak, znanstveni)


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Naslov
Testing market structure assumptions for DSGE modelling in Croatia using the SVAR model with long-run restrictions

Autori
Palić, Irena ; Dumičić, Ksenija ; Barbić, Dajana

Izvornik
Croatian operational research review (1848-0225) 8 (2017), 1; 19-31

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
DSGE model ; long-run restrictions ; market structure ; price rigidities ; SVAR model

Sažetak
Assumptions on market structure are crucial in formulating dynamic stochastic general equilibrium (DSGE) models. The inclusion of the price stickiness assumption in DSGE models has questioned the money neutrality, which is a characteristic of DSGE models with perfect competition, and has thus opened the space for monetary policy analysis. One of the criteria used to determine which DSGE models are better suited to the characteristics of an observed empirical economy is the impact of technology shocks in the structural vector autoregression (SVAR) model with long-run restrictions. In DSGE models, assuming perfect competition with no price rigidity, i.e. real business cycle (RBC) models, changes in productivity that are driven by productivity shocks increase employment. On the other hand, new Keynesian (NK) models that assume imperfect competition and price rigidities, suggest that technological shocks decrease employment, since companies cannot adjust to excess production by reducing prices. In order to assess the impact of productivity shocks, the SVAR model with long-run restrictions is estimated using data on labour productivity, working hours and consumption in Croatia. The estimated impact of labour productivity shocks on working hours is statistically significant and negative, whereas the estimated impact on consumption is statistically significant and positive. The conducted analysis points to the fact that the DSGE model with imperfect competition and price rigidities describes the empirical characteristics of the Croatian economy better than the model with perfect competition.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija



POVEZANOST RADA


Projekti:
IP-2013-11-9402 - Statističko modeliranje odgovora na krizu i ekonomskog rasta zemalja Zapadnog Balkana (STRENGTHS) (Dumičić, Ksenija, HRZZ - 2013-11) ( POIROT)

Ustanove:
Ekonomski fakultet, Zagreb

Profili:

Avatar Url Ksenija Dumičić (autor)

Avatar Url Dajana Barbić (autor)

Avatar Url Irena Palić (autor)

Citiraj ovu publikaciju

Palić, Irena; Dumičić, Ksenija; Barbić, Dajana
Testing market structure assumptions for DSGE modelling in Croatia using the SVAR model with long-run restrictions // Croatian operational research review, 8 (2017), 1; 19-31 doi:10.17535/crorr.2017.0002 (međunarodna recenzija, članak, znanstveni)
Palić, I., Dumičić, K. & Barbić, D. (2017) Testing market structure assumptions for DSGE modelling in Croatia using the SVAR model with long-run restrictions. Croatian operational research review, 8 (1), 19-31 doi:10.17535/crorr.2017.0002.
@article{article, year = {2017}, pages = {19-31}, DOI = {10.17535/crorr.2017.0002}, keywords = {DSGE model, long-run restrictions, market structure, price rigidities, SVAR model}, journal = {Croatian operational research review}, doi = {10.17535/crorr.2017.0002}, volume = {8}, number = {1}, issn = {1848-0225}, title = {Testing market structure assumptions for DSGE modelling in Croatia using the SVAR model with long-run restrictions}, keyword = {DSGE model, long-run restrictions, market structure, price rigidities, SVAR model} }
@article{article, year = {2017}, pages = {19-31}, DOI = {10.17535/crorr.2017.0002}, keywords = {DSGE model, long-run restrictions, market structure, price rigidities, SVAR model}, journal = {Croatian operational research review}, doi = {10.17535/crorr.2017.0002}, volume = {8}, number = {1}, issn = {1848-0225}, title = {Testing market structure assumptions for DSGE modelling in Croatia using the SVAR model with long-run restrictions}, keyword = {DSGE model, long-run restrictions, market structure, price rigidities, SVAR model} }

Časopis indeksira:


  • Web of Science Core Collection (WoSCC)
    • Emerging Sources Citation Index (ESCI)
  • Scopus
  • EconLit


Uključenost u ostale bibliografske baze podataka:


  • INSPEC
  • MathSciNet
  • Current Index to Statistics
  • Current Mathematical Publications


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