Publication details
Finanční akcelerátor v odhadnutém modelu pro českou ekonomiku
| Title in English | Financial accelerator in estimated model: application to the Czech economy |
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| Authors | |
| Year of publication | 2011 |
| Type | Chapter of a book |
| MU Faculty or unit | |
| Citation | |
| 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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