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National Repository of Grey Literature

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Jak nová keynesiánská phillipsova křivka odhaduje míru inflace v české ekonomice? Dřímal, Marek ; Pošta, Vít (advisor) ; Čadil, Jan (referee) This analysis studies the phenomenon of the New Keynesian Phillips Curve - its inception from the RBC theory and DSGE modelling via incorporation of nominal rigidities, and its various specifications and empirical issues. The estimates on Czech macroeconomic data using the Generalised Method of Moments show that the hybrid New Keynesian Phillips Curve with the labour income share or the real unit labour cost as driving variables can be considered as an appropriate model describing inflation in the Czech Republic. Compared to other analyses, we show that the inflation process in the Czech Republic exhibits higher backwardness vis-a-vis other researchers' estimates based on US data. Detailed record

Changes in Inflation Dynamics under Inflation Targeting? Evidence from Central European Countries Baxa, Jaromír ; Plašil, Miroslav ; Vašíček, Bořek The purpose of this paper is to provide a novel look at the evolution of inflation dynamics in selected Central European (CE) countries. We use the lens of the New Keynesian Phillips Curve (NKPC) nested within a time-varying framework. Exploiting a time-varying regression model with stochastic volatility estimated using Bayesian techniques, we analyze both the closed and open-economy version of the NKPC. The results point to significant differences between the inflation processes in three CE countries. Fulltext: PDF Detailed record

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