"Financial accelerator in estimated model: application to the Czech economy"@en . "14560" . . . . . . "P(1M0524)" . "9"^^ . "RIV/00216224:14560/11:00054325" . "Brno" . "1"^^ . "978-80-210-5656-5" . "181"^^ . "P\u0159\u00EDsp\u011Bvek se zab\u00FDv\u00E1 finan\u010Dn\u00EDmi frikcemi a jejich v\u00FDznamem pro \u010Deskou ekonomiku. Zvolili jsme modelov\u00FD p\u0159\u00EDstup \u2013 konkr\u00E9tn\u011B novokeynesi\u00E1nsk\u00FD DSGE model uzav\u0159en\u00E9 ekonomiky s finan\u010Dn\u00EDm akceler\u00E1torem, kter\u00FD jsme na datech odhadli pomoc\u00ED bayesovsk\u00FDch metod. V\u00FDsledky odhadu jsme zhodnotili pomoc\u00ED impulsn\u00EDch odezev, varian\u010Dn\u00ED dekompozice a porovn\u00E1n\u00EDm statistick\u00FDch moment\u016F z modelu a z dat. Rovn\u011B\u017E jsme porovn\u00E1vali modely s a bez finan\u010Dn\u00EDho akceler\u00E1toru jak vystihuj\u00ED data \u2013 jednak pomoc\u00ED statistick\u00FDch moment\u016F a pak tak\u00E9 pomoc\u00ED Bayesova faktoru. V\u00FDsledkem bylo p\u0159ekvapiv\u00E9 zji\u0161t\u011Bn\u00ED, \u017Ee model bez finan\u010Dn\u00EDho akceler\u00E1toru vysv\u011Btluje data l\u00E9pe ne\u017E model, kter\u00FD ho obsahuje. Finan\u010Dn\u00ED frikce tak maj\u00ED pro vysv\u011Btlen\u00ED hospod\u00E1\u0159sk\u00FDch fluktuac\u00ED v \u010Desk\u00E9 ekonomice omezen\u00FD v\u00FDznam."@cs . . "199721" . . "Finan\u010Dn\u00ED akceler\u00E1tor v odhadnut\u00E9m modelu pro \u010Deskou ekonomiku" . "1"^^ . . "Finan\u010Dn\u00ED akceler\u00E1tor v odhadnut\u00E9m modelu pro \u010Deskou ekonomiku"@cs . . "P\u0159\u00EDsp\u011Bvek se zab\u00FDv\u00E1 finan\u010Dn\u00EDmi frikcemi a jejich v\u00FDznamem pro \u010Deskou ekonomiku. Zvolili jsme modelov\u00FD p\u0159\u00EDstup \u2013 konkr\u00E9tn\u011B novokeynesi\u00E1nsk\u00FD DSGE model uzav\u0159en\u00E9 ekonomiky s finan\u010Dn\u00EDm akceler\u00E1torem, kter\u00FD jsme na datech odhadli pomoc\u00ED bayesovsk\u00FDch metod. V\u00FDsledky odhadu jsme zhodnotili pomoc\u00ED impulsn\u00EDch odezev, varian\u010Dn\u00ED dekompozice a porovn\u00E1n\u00EDm statistick\u00FDch moment\u016F z modelu a z dat. Rovn\u011B\u017E jsme porovn\u00E1vali modely s a bez finan\u010Dn\u00EDho akceler\u00E1toru jak vystihuj\u00ED data \u2013 jednak pomoc\u00ED statistick\u00FDch moment\u016F a pak tak\u00E9 pomoc\u00ED Bayesova faktoru. V\u00FDsledkem bylo p\u0159ekvapiv\u00E9 zji\u0161t\u011Bn\u00ED, \u017Ee model bez finan\u010Dn\u00EDho akceler\u00E1toru vysv\u011Btluje data l\u00E9pe ne\u017E model, kter\u00FD ho obsahuje. Finan\u010Dn\u00ED frikce tak maj\u00ED pro vysv\u011Btlen\u00ED hospod\u00E1\u0159sk\u00FDch fluktuac\u00ED v \u010Desk\u00E9 ekonomice omezen\u00FD v\u00FDznam." . "Finan\u010Dn\u00ED akceler\u00E1tor v odhadnut\u00E9m modelu pro \u010Deskou ekonomiku" . . "Konkurenceschopnost, r\u016Fstov\u00E1 v\u00FDkonnost a stabilita \u010Desk\u00E9 ekonomiky" . "neuvedeno" . . "Masarykova univerzita" . . . . "financial accelerator\u016F; external fnance premium; DSGE model; Bayesian estimation"@en . . . "Finan\u010Dn\u00ED akceler\u00E1tor v odhadnut\u00E9m modelu pro \u010Deskou ekonomiku"@cs . "RIV/00216224:14560/11:00054325!RIV12-MSM-14560___" . "Financial accelerator in estimated model: application to the Czech economy"@en . "[57B1F66FAA2F]" . "Hlou\u0161ek, Miroslav" . . "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."@en .