2011 | 869 | 109-128
Article title

Empiryczne modele równowagi ogólnej: gospodarstwa domowe i producent finalny

Title variants
Empirical General Equilibrium Models: Households and Final Producer
Languages of publication
The paper is the first of three parts that present methods for building a dynamic general equilibrium model. The presentation includes details of micro-economic optimisation problems, ways of solving them and techniques for deriving first order conditions. The representative household maximises the expected, discounted sum of utilities that are a function of consumption and labour. The solution to the problem leads to the Euler equation, which links output to the interest rate and inflation. Other optimality conditions set optimally the consumption/labour ratio and the consumption allocation over time. The second part of the paper examines the profit maximisation of the final producer of a good that is needed to obtain demand functions for the intermediate goods, which are treated as exogenous by intermediate producers. All derived equations appear in the standard New-Keynesian model.
  • Uniwersytet Ekonomiczny w Krakowie, Katedra Ekonometrii i Badań Operacyjnych, ul. Rakowicka 27, 31-510 Kraków, Poland,
  • Adolfson M., Laseén S., Lindé J., Villani M. [2005], Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-through, Sveriges Riksbank, Working Paper Series 15.
  • Altig D.E., Christiano L.J., Eichenbaum M., Lindé J. [2004], Firm-specific Capital, Nominal Rigidities, and the Business Cycle, Federal Reserve Bank of Cleveland, Working Paper 04−16.
  • Benigno G., Thoenissen C. [2003], Equilibrium Exchange Rates and Supply Side Performance, „Economic Journal”, nr 113.
  • Bouakez H., Cardia E., Ruge-Murcia F.J. [2002], Habit Formation and the Persistence of Monetary Shocks, Bank of Canada Working Paper 2002−27.
  • Breuss F., Rabitsch K. [2008], An Estimated Two−country DSGE Model of Austria and the Euro Area, FIW Working Paper 17.
  • Brzoza-Brzezina M., Makarski K. [2009], Credit Crunch in a Small Open Economy (manuscript), Munich Personal RePEc Archive.
  • Campbell J.Y. [1994], Inspecting Mechanism: An Analytical Approach to the Stochastic Growth Model, „Journal of Monetary Economics”, nr 33.
  • Christiano L.J., Eichenbaum M., Evans C. [2005], Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, „ Journal of Political Economy”, nr 113.
  • De Walque G., Wouters R. [2004], An Open Economy DSGE Model Linking the Euro Area and the US Economy (manuscript), National Bank of Belgium.
  • Dib A. [2001], An Estimated Canadian DSGE Model with Nominal and Real Rigidities, Bank of Canada Working Paper 2001−26.
  • Dixit A.K., Stiglitz J. [1977], Monopolistic Competition and Optimum Product Diversity, „American Economic Review”, nr 67.
  • Erceg C. J., Guerrieri L., Gust C. [2005], SIGMA: A New Open Economy Model for Policy Analysis, International Finance Discussion Papers 835.
  • Erceg C.J., Henderson D.W., Levin A.T. [2000], Optimal Monetary Policy with Staggered Wage and Price Contracts, „Journal of Monetary Economics”, nr 46.
  • Grabek G., Kłos B., Utzig−Lenarczyk G. [2007], SOE−PL − model DSGE małej otwartej gospodarki estymowany na danych polskich, Materiały i Studia NBP, nr 217.
  • Gradzewicz M., Makarski K. [2009], The Macroeconomic Effects of Losing Autonomous Monetary Policy after the Euro Adoption in Poland, Materiały i Studia NBP, nr 58.
  • Haider A., Khan U.S. [2009], A Small Open Economy DSGE Model for Pakistan (manuscript), State Bank of Pakistan.
  • Justiniano A., Preston B. [2004], Small Open Economy DSGE Models: Specification, Estimation and Model Fit (manuscript).
  • King R.G., Plosser C., Rebelo S. [1988], Production, Growth and Business Cycles: I and II, „Journal of Monetary Economics”, nr 21.
  • Kolasa M. [2008], Structural Heterogeneity or Asymmetric Shocks? Poland and the Euro Area through the Lens of a Two-country DSGE Model, NBP, Warszawa.
  • Kortelainen M. [2002], EDGE: A Model of the Euro Area with Applications to Monetary Policy, Bank of Finland Studies E:23.
  • Lane P.R. [1999], The New Open Economy Macroeconomic: A Survey, CEPR Discussion Paper 2115.
  • Laxton D., Pesenti P. [2003], Monetary Rules for Small, Open, Emerging Economies (manuscript), International Monetary Fund, Federal Reserve Bank of New York i NBER.
  • Moran K., Dolar V. [2002], Estimated DGE Models and Forecasting Accuracy: A Preliminary Investigation with Canadian Data, Bank of Canada Working Paper 2002−18.
  • Murchison S., Rennison A., Zhu Z. [2004], A Structural Small Open-Economy Model for Canada, Bank of Canada Working Paper 2004−4.
  • Obstfeld M., Rogoff K. [1995], Exchange Rate Dynamics Redux, „Journal of Political Economy”, nr 103.
  • Pytlarczyk E. [2005], An Estimated DSGE Model for the German Economy within the Euro Area, Deutsche Bundesbank, Discussion Paper 33.
  • Rabanal P., Rubio-Ramírez J.F. [2005], Comparing New Keynesian Models of the Business Cycle: A Bayesian Approach, „Journal of Monetary Economics”, nr 52.
  • Ratto M., Röger W., in’t Veld J., Girardi R. [2005], An Estimated New Keynesian Dynamic Stochastic General Equilibrium Model of the Euro Area, European Commission Economic Paper 220.
  • Smets F., Wouters R. [2003], An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, „Journal of the European Economic Association”, nr 1.
  • Smets F., Wouters R. [2007], Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach, European Bank Working Paper 722.
  • Tovar C. [2008], DSGE Models and Central Banks, BIS Working Papers 258.
  • Uhlig H. [1999], A Toolkit for Analyzing Nonlinear Dynamic Stochastic Models Easily [w:] Computational Methods for the Study of Dynamic Economies, red. R. Marimón, A. Scott, Oxford University Press, London.
  • Varian A.H. [1992], Microeconomics Analysis, 3rd ed., W.W Norton, New York.
  • Wróbel-Rotter R. [2011a], Sektor producentów pośrednich w empirycznym modelu równowagi ogólnej, Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie, nr 872, Kraków.
  • Wróbel-Rotter R. [2011b], Struktura empirycznego modelu równowagi ogólnej dla niejednorodnych gospodarstw domowych, Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie (w druku).
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.