Application of dynamic stochastic general equilibrium models to the case of the Serbian economy
This paper proposes a dynamic stochastic general equilibrium (DSGE) model for the Serbian economy. It is a modification of the existing models of Goodhart, Osorio and Tsomocos (2009) and Martinez and Tsomocos (2012). The model introduces important features of the Serbian economy, financial...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Faculty of Economics, Belgrade
2014-01-01
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| Series: | Ekonomski Anali |
| Subjects: | |
| Online Access: | http://www.doiserbia.nb.rs/img/doi/0013-3264/2014/0013-32641401035U.pdf |
| _version_ | 1818550567238107136 |
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| author | Urošević Branko Grga Nikola |
| author_facet | Urošević Branko Grga Nikola |
| author_sort | Urošević Branko |
| collection | DOAJ |
| description | This paper proposes a dynamic stochastic general equilibrium (DSGE) model for
the Serbian economy. It is a modification of the existing models of Goodhart,
Osorio and Tsomocos (2009) and Martinez and Tsomocos (2012). The model
introduces important features of the Serbian economy, financial dollarization
and foreign ownership of the banking system, while retaining the most
important element of the reference models, financial friction. To solve the
model we use Dynare, a specialized Matlab program for solving DSGE models.
The model is subject to three different shocks: monetary, productivity, and
regulatory, and the results are presented in the form of impulse response
functions. It is concluded that the proposed platform has good
characteristics, but its complete application to the case of the Serbian
economy requires further research. [Projekat Ministarstva nauke Republike
Srbije, br. 179005] |
| first_indexed | 2024-12-12T08:48:11Z |
| format | Article |
| id | doaj.art-ba9daa0deaac4311a3122e6e0b9a10c1 |
| institution | Directory Open Access Journal |
| issn | 0013-3264 1820-7375 |
| language | English |
| last_indexed | 2024-12-12T08:48:11Z |
| publishDate | 2014-01-01 |
| publisher | Faculty of Economics, Belgrade |
| record_format | Article |
| series | Ekonomski Anali |
| spelling | doaj.art-ba9daa0deaac4311a3122e6e0b9a10c12022-12-22T00:30:23ZengFaculty of Economics, BelgradeEkonomski Anali0013-32641820-73752014-01-0159201356810.2298/EKA1401035U0013-32641401035UApplication of dynamic stochastic general equilibrium models to the case of the Serbian economyUrošević Branko0Grga Nikola1Faculty of economics, Belgrade + National Bank of Serbia, BelgradeFaculty of economics, BelgradeThis paper proposes a dynamic stochastic general equilibrium (DSGE) model for the Serbian economy. It is a modification of the existing models of Goodhart, Osorio and Tsomocos (2009) and Martinez and Tsomocos (2012). The model introduces important features of the Serbian economy, financial dollarization and foreign ownership of the banking system, while retaining the most important element of the reference models, financial friction. To solve the model we use Dynare, a specialized Matlab program for solving DSGE models. The model is subject to three different shocks: monetary, productivity, and regulatory, and the results are presented in the form of impulse response functions. It is concluded that the proposed platform has good characteristics, but its complete application to the case of the Serbian economy requires further research. [Projekat Ministarstva nauke Republike Srbije, br. 179005]http://www.doiserbia.nb.rs/img/doi/0013-3264/2014/0013-32641401035U.pdfDSGE modelfinancial frictionfinancial dollarizationforeign ownership in banking sector |
| spellingShingle | Urošević Branko Grga Nikola Application of dynamic stochastic general equilibrium models to the case of the Serbian economy Ekonomski Anali DSGE model financial friction financial dollarization foreign ownership in banking sector |
| title | Application of dynamic stochastic general equilibrium models to the case of the Serbian economy |
| title_full | Application of dynamic stochastic general equilibrium models to the case of the Serbian economy |
| title_fullStr | Application of dynamic stochastic general equilibrium models to the case of the Serbian economy |
| title_full_unstemmed | Application of dynamic stochastic general equilibrium models to the case of the Serbian economy |
| title_short | Application of dynamic stochastic general equilibrium models to the case of the Serbian economy |
| title_sort | application of dynamic stochastic general equilibrium models to the case of the serbian economy |
| topic | DSGE model financial friction financial dollarization foreign ownership in banking sector |
| url | http://www.doiserbia.nb.rs/img/doi/0013-3264/2014/0013-32641401035U.pdf |
| work_keys_str_mv | AT urosevicbranko applicationofdynamicstochasticgeneralequilibriummodelstothecaseoftheserbianeconomy AT grganikola applicationofdynamicstochasticgeneralequilibriummodelstothecaseoftheserbianeconomy |