Publication details

Finanční akcelerátor v odhadnutém modelu pro českou ekonomiku

Title in English Financial accelerator in estimated model: application to the Czech economy

HLOUŠEK Miroslav SLANÝ Antonín

Year of publication 2011
Type Chapter of a book
MU Faculty or unit

Faculty of Economics and Administration

Description The contribution deals with financial frictions and their importance in the Czech economy. We chose model approach, concretely New Keynesian DSGE model of closed economy with financial accelerator which was estimated using Bayesian methods. The results were evaluated using impulse responses, variance decomposition and comparing of statistical moment from model and form data. We also assessed models with and without financial accelerator how they fit the data using statistical moments and Bayesian factor. This exercise showed surprising result that the model without financial accelerator performs on data much better than model with it. Contribution of the financial accelerator mechanism for explaining business fluctuations in the Czech economy is thus limited.
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