Publication details

Financial accelerator in estimated model: application to the Czech economy


HLOUŠEK Miroslav

Year of publication 2011
Type Article in Proceedings
Conference Mathematical Methods in Economics 2011
MU Faculty or unit

Faculty of Economics and Administration

Field Economy
Keywords financial accelerator; external finance premium; DSGE model; Bayesian estimation
Description The paper presents results of estimation of New Keynesian DSGE model with financial accelerator. The model is estimated using Bayesian methods on data of Czech economy. The models with and without financial accelerator are assessed how they fit the data using statistical moments and Bayesian factor. This exercise shows surprising result that the model without financial accelerator performs on data much better than model with it.
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