Naslov
Macroeconomic effects of productivity shocks - a VAR model of a small open economy

Autori
Arčabić, Vladimir ; Globan, Tomislav ; Nadoveza, Ozana ; Rogić Dumančić, Lucija ; Tica, Josip

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
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, 2016, 358-365

ISBN
978-953-346-027-7

Skup
8th International Conference "An Enterprise Odyssey: Saving the Sinking Ship Through Human Capital"

Mjesto i datum
Zagreb, Hrvatska, 08.06.2016. - 11.06.2016

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
DSGE ; productivity shocks ; small open economy ; exchange rate ; Croatia

Sažetak
The paper compares theoretical impulse response functions from a DSGE model for a small open economy with an empirical five variable VAR model estimated for the Croatian economy. In the paper we analyse the impact of productivity shock on the selected macroeconomic variables: domestic output gap, nominal interest rate, CPI inflation and terms of trade. The impulse responses from the empirical VAR model do not resemble those from the theoretical one for all the variables in any proposed monetary regimes. Results of modelling simultaneous interrelationships between variables also support the results that the productivity shocks do not play a significant role in determining the variation of selected macroeconomic variables in the case of the Croatian economy.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA