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@inproceedings{22706,
author = {Němec, Daniel and Macíček, Martin},
address = {Liberec},
booktitle = {34th International Conference Mathematical Methods in Economics MME 2016 - Conference proceedings},
keywords = {wage rigidities; labour market frictions; DSGE model; hiring costs; Czech labour market},
howpublished = {paměťový nosič},
language = {eng},
location = {Liberec},
isbn = {978-80-7494-296-9},
pages = {612-617},
publisher = {Technical University of Liberec},
title = {Wage rigidities and labour market performance in the Czech Republic},
url = {http://mme2016.tul.cz/conferenceproceedings/mme2016_conference_proceedings.pdf},
year = {2016}
}
TY - JOUR
ID - 22706
AU - Němec, Daniel - Macíček, Martin
PY - 2016
TI - Wage rigidities and labour market performance in the Czech Republic
PB - Technical University of Liberec
CY - Liberec
SN - 9788074942969
KW - wage rigidities
KW - labour market frictions
KW - DSGE model
KW - hiring costs
KW - Czech labour market
UR - http://mme2016.tul.cz/conferenceproceedings/mme2016_conference_proceedings.pdf
N2 - 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.
ER -
NĚMEC, Daniel and Martin MACÍČEK. Wage rigidities and labour market performance in the Czech Republic. In \textit{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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