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Wage rigidities and labour market performance in the Czech Republic

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NĚMEC, Daniel and Martin MACÍČEK. Wage rigidities and labour market performance in the Czech Republic. In 34th International Conference Mathematical Methods in Economics MME 2016 - Conference proceedings. Liberec: Technical University of Liberec, 2016. p. 612-617. ISBN 978-80-7494-296-9.
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Basic information
Original name Wage rigidities and labour market performance in the Czech Republic
Authors NĚMEC, Daniel (203 Czech Republic, guarantor, belonging to the institution) and Martin MACÍČEK (203 Czech Republic, belonging to the institution).
Edition Liberec, 34th International Conference Mathematical Methods in Economics MME 2016 - Conference proceedings, p. 612-617, 6 pp. 2016.
Publisher Technical University of Liberec
Other information
Original language English
Type of outcome Proceedings paper
Field of Study Economics
Country of publisher Czech Republic
Confidentiality degree is not subject to a state or trade secret
Publication form storage medium (CD, DVD, flash disk)
WWW URL
RIV identification code RIV/00216224:14560/16:00090784
Organization Ekonomicko-správní fakulta - Repository
ISBN 978-80-7494-296-9
UT WoS 000385239500105
Keywords in English wage rigidities; labour market frictions; DSGE model; hiring costs; Czech labour market
Links MUNI/A/1040/2015.
Changed by Changed by: RNDr. Daniel Jakubík, učo 139797. Changed: 3/9/2020 05:15.
Abstract
The main goal of our contribution is to evaluate the impact of structural characteristics of the Czech labour market on the business cycle and to quantify the role of wage rigidities in the labour market performance. The Czech economy is represented by a small dynamic stochastic general equilibrium model of an open economy. The model economy consists of three types of agents: firms, households and central bank. Model parameters are estimated using the quarterly data of the Czech Republic for the period from the first quarter of 2000 to the last quarter of 2014. The comparison of two alternative wage setting model schemes shows that the Nash bargaining wage setting with the real wage persistence fits the data better than the Calvo type of wage rigidities modelling approach. The existence of hiring costs in the Czech economy was proved as significant and the estimated hiring costs account for 0.77% of the gross domestic product.
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mme2016.pdf Licence Creative Commons  File version 3/9/2020

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