Production | ||||
Proportion of patient households | Beta | 0.60 | 0.10 | |
Investment adjustment costs | Normal | 2.00 | 0.50 | |
LTV ratios | ||||
LTV firms | Beta | 0.80 | 0.10 | |
LTV impatient households | Beta | 0.80 | 0.10 | |
Calvo parameter | ||||
Price rigidity | Beta | 0.75 | 0.10 | |
Monetary rule | ||||
Inflation weight in monetary rule | Normal | 0.60 | 0.10 | |
Interest rate weight in monetary rule | Normal | 0.80 | 0.10 | |
Persistence of shocks | ||||
Cost-push shock persistence | Beta | 0.70 | 0.10 | |
Housing preference shock persistence | Beta | 0.70 | 0.10 | |
Technology shock persistence | Beta | 0.70 | 0.10 | |
Investment shock persistence | Beta | 0.70 | 0.10 | |
Volatility of shocks | ||||
Monetary shock | Inv. gamma | 0.10 | inf | |
Cost-push shock | Inv. gamma | 0.10 | inf | |
Housing preference shock | Inv. gamma | 0.10 | inf | |
Technology shock | Inv. gamma | 0.10 | inf | |
Investment shock | Inv. gamma | 0.10 | inf | |
Shock depicting other effects in the economy | Inv. gamma | 0.001 | inf |
Real gross domestic product | CZSO | log, | |
Real consumption | CZSO | log, | |
Investment | CZSO | log, | |
Consumer Price Index | CZSO | ||
Offer prices of apartments adjusted for inflation | CZSO | ||
3M PRIBOR | CNB |
Discount factor: patient households | 0.99 | |
Discount factor: Impatient households | 0.95 | |
Discount factor: firms | 0.98 | |
Labour supply aversion | 1.01 | |
Housing weight | 0.1 | |
Capital output ratio | 0.3 | |
Elasticity of output to real estate | 0.05 | |
Depreciation rate of physical capital | 0.05 | |
Retail markup | 1.1 |
0.3268 | 0.2156 | 0.4327 | 0.4848 | 0.3559 | 0.6160 | |
0.4471 | 0.3143 | 0.5821 | 0.8035 | 0.7252 | 0.8829 | |
0.7320 | 0.6283 | 0.8368 | 0.5931 | 0.4299 | 0.7597 | |
0.7495 | 0.5922 | 0.9119 | 0.7485 | 0.5937 | 0.9147 | |
0.1067 | 0.0454 | 0.1643 | 0.3191 | 0.2174 | 0.4164 | |
Monetary rule | ||||||
0.5500 | 0.3798 | 0.7190 | 0.6047 | 0.4418 | 0.7643 | |
0.9355 | 0.9214 | 0.9502 | 0.9203 | 0.8985 | 0.9427 | |
Persistence of shocks | ||||||
0.9547 | 0.9306 | 0.9793 | 0.7527 | 0.6435 | 0.8628 | |
0.9028 | 0.8651 | 0.9410 | 0.9354 | 0.8917 | 0.9792 | |
0.7565 | 0.6740 | 0.8412 | 0.7396 | 0.6282 | 0.8551 | |
0.6463 | 0.5604 | 0.7301 | 0.6043 | 0.5155 | 0.6918 | |
Volatility of shocks | ||||||
0.0017 | 0.0014 | 0.0020 | 0.0020 | 0.0015 | 0.0024 | |
0.0141 | 0.0100 | 0.0181 | 0.0057 | 0.0039 | 0.0076 | |
0.3348 | 0.2169 | 0.4521 | 0.2166 | 0.0875 | 0.3402 | |
0.0167 | 0.0137 | 0.0195 | 0.0080 | 0.0045 | 0.0113 | |
0.0380 | 0.0327 | 0.0431 | 0.0392 | 0.0321 | 0.0463 | |
0.0010 | 0.0002 | 0.0019 | 0.0225 | 0.0137 | 0.0310 |