| RYŠÁNEK, Jakub, Jaromír TONNER, Stanislav TVRZ a Osvald VAŠÍČEK. Monetary policy implications of financial frictions in the Czech republic. Finance a úvěr - Czech Journal of Economics and Finance. Praha: UK FSV Praha, 2012, roč. 62/2012, č. 5, s. 413-429. ISSN 0015-1920. |
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@article{1075309,
author = {Ryšánek, Jakub and Tonner, Jaromír and Tvrz, Stanislav and Vašíček, Osvald},
article_location = {Praha},
article_number = {5},
keywords = {Bayesian methods; financial frictions},
language = {eng},
issn = {0015-1920},
journal = {Finance a úvěr - Czech Journal of Economics and Finance},
title = {Monetary policy implications of financial frictions in the Czech republic},
url = {http://journal.fsv.cuni.cz/storage/1256_413-429---tonner.pdf},
volume = {62/2012},
year = {2012}
}
TY - JOUR
ID - 1075309
AU - Ryšánek, Jakub - Tonner, Jaromír - Tvrz, Stanislav - Vašíček, Osvald
PY - 2012
TI - Monetary policy implications of financial frictions in the Czech republic
JF - Finance a úvěr - Czech Journal of Economics and Finance
VL - 62/2012
IS - 5
SP - 413-429
EP - 413-429
PB - UK FSV Praha
SN - 00151920
KW - Bayesian methods
KW - financial frictions
UR - http://journal.fsv.cuni.cz/storage/1256_413-429---tonner.pdf
L2 - http://journal.fsv.cuni.cz/storage/1256_413-429---tonner.pdf
N2 - Having witnessed the consequences of the financial crisis for the real economy, we find it desirable to look back and analyze the Czech economy ex post. We work with a Swedish New Keynesian model of a small open economy which embeds financial frictions in light of the financial accelerator literature. Without explicitly modeling the banking sector, this model serves as a tool for understanding how a negative financial shock may spread to the real economy and how monetary policy may react. We use Bayesian techniques to estimate the model parameters to adjust the model structure closer to the evidence stemming from Czech data. Our attention focuses on a set of experiments in which we generate ex post forecasts of the economy prior to the 2009 crisis and illustrate that the monetary policy response to an upcoming crisis implied by the model with financial frictions is stronger on account of an increasing interest rate spread.
ER -
RYŠÁNEK, Jakub, Jaromír TONNER, Stanislav TVRZ a Osvald VAŠÍČEK. Monetary policy implications of financial frictions in the Czech republic. \textit{Finance a úvěr - Czech Journal of Economics and Finance}. Praha: UK FSV Praha, 2012, roč.~62/2012, č.~5, s.~413-429. ISSN~0015-1920.
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