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Application Of Dynamic Stochastic General Equilibrium Models To The Case Of The Serbian Economy

Author

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  • Branko Urosevic
  • Nikola Grga

Abstract

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.

Suggested Citation

  • Branko Urosevic & Nikola Grga, 2014. "Application Of Dynamic Stochastic General Equilibrium Models To The Case Of The Serbian Economy," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 59(201), pages 35-68, April – J.
    • Handle: RePEc:beo:journl:v:59:y:2014:i:201:p:35-68
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    Citations

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    Cited by:

    1. Torben M. Andersen & Giuseppe Bertola & John Driffill & Harold James & Hans-Werner Sinn & Jan-Egbert Sturm & Branko Uroševic, 2016. "The EEAG Report on the European Economy 2016: What Next?," EEAG Report on the European Economy, CESifo, vol. 0, pages 01-140, February.
    2. Mihai Copaciu & Joana Madjoska & Mite Miteski, 2021. "A DSGE Model with Partial Euroization: The Case of the Macedonian Economy," Economy, Business & Development: An International Journal, Ss. Cyril and Methodius University in Skopje, Faculty of Economics-Skopje, vol. 2(2), pages 57-118, November.
    3. Torben M. Andersen & Giuseppe Bertola & John Driffill & Harold James & Hans-Werner Sinn & Jan-Egbert Sturm & Branko Uroševic, 2016. "Chapter 5: Western Balkans: Coming Together," EEAG Report on the European Economy, CESifo, vol. 0, pages 99-123, February.

    More about this item

    Keywords

    DSGE model; financial friction; financial dollarization; foreign ownership in banking sector;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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