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Erscheinungsjahr: 
2019
Quellenangabe: 
[Journal:] Review of Economic Perspectives [ISSN:] 1804-1663 [Volume:] 19 [Issue:] 2 [Publisher:] De Gruyter [Place:] Warsaw [Year:] 2019 [Pages:] 137-156
Verlag: 
De Gruyter, Warsaw
Zusammenfassung: 
This paper presents three measures of the output gap estimated by a dynamic stochastic general equilibrium model of the Czech economy. We argue that the most plausible description of the business cycle provides the output gap defined as a deviation from a flexible price level of output, which is generated solely by permanent growth shocks. Our model shows that 2006-2008 overheating of the economy and the following 2008-2009 slump can be largely attributed to development in a world economy and export and import sectors, while the 2012-2013 recession was caused mainly by a combination of adverse domestic demand and cost shocks.
Schlagwörter: 
DSGE model
labour market
output gap
small open economy
JEL: 
C32
E32
E47
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