Title:	The basis for modelling the fiscal shocks´ impact on the business environment of Slovakia
Authors:	Horvát, Peter König, Brian Ostrihoň, Filip
Citation:	Trendy v podnikání = Business trends : vědecký časopis Fakulty ekonomické ZČU v Plzni. 2013, č. 4, s. 11-19.
Issue Date:	2013
Publisher:	Západočeská univerzita v Plzni
Document type:	článek article
URI:	http://www.fek.zcu.cz/tvp/doc/akt/tvp-4-2013-clanek-1.pdf http://hdl.handle.net/11025/16292
ISSN:	1805-0603
Keywords:	DSGE;fiskální politika;kalibrace;ekonometrický odhad
Keywords in different language:	DSGE;fiscal policy;calibration;econometric estimation
Abstract in different language:	Followingpaper deals with Japanese DSGE model used to capture the dynamics of business environment in the conditions of Slovakia.It is assumed that government sector has a significant influence on the condition of business environment in general. The main factors that affect business sector are legal framework, government expenditures, the level and structure of taxation and the interest rates. The paper is organized as follows: the first chapter contains the literature review of papers where DSGE modelhas been used to deal with the issue of fiscal policy. Furthermore, the model proposed to be applied to the Slovak economy is described in this section. Next chapter provides information of the data used for the estimation of parameters used as priors. The third part speaks about the calibration of frequently discussed parameters and estimation of selected parameters through econometric methods, according to the Slovak data. Obtained calibration was based either on available literature or estimated through econometric inference in accordance to historical data. Following this methodology the foundation for modelling the effect of fiscal shocks on the Slovak economy was introduced using DSGE approach in the last section. The calibration was subsequently used in the simulation, which resulted into figures of IRF’s of the FHC. The expectations are that the future model will be able to capture the influence of the fiscal shocks of Slovak government on the various key macroeconomic indicators of business environment, such as GDP, inflation, interest rate and wages.
Rights:	© Západočeská univerzita v Plzni
Appears in Collections:	Číslo 4 (2013) Číslo 4 (2013)

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