Přehled o publikaci

The paper shows some interesting results of Global Sensitivity Analysis on a particular dynamic stochastic general equilibrium model. The key behavior of the Czech economy is approximated by Lubik and Schorfheide model, which is a small-scale structural general equilibrium model of a small open economy. The sensitivity analysis class of methods presented in the paper consists of various individual analyses. Stability mapping analysis detects the parameters which are responsible for potential instability or indeterminacy in the model. Mapping the fit is a useful tool to learn about the linkages that drive the fit of trajectories of particular variables to data. Information provided by the results of mapping the fit can be used to unveil possible trade-offs between the fit of individual observables and maybe also to amend model structure or calibrate parameters properly in order to increase the fit of variables of researcher's interest. Other individual analyses are just mentioned.