Business Cycle in the Czech Republic -- The Battle of Theories

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Authors

HLOUŠEK Miroslav

Year of publication 2006
Type Article in Proceedings
Conference Česká ekonomika v procesu globalizace
MU Faculty or unit

Faculty of Economics and Administration

Citation
Field Economy
Keywords stylized facts - bandpass filter - cross-correlation - theory of business cycle
Description The article identifies some stylized facts about Czech business cycle for the purpose of evaluation of alternative theories. The data series are filtered using bandpass filter and cross-correlations between cyclical component of selected variables and cyclical component of real GDP are computed. Behavior of the variables over the cycle is confronted with implications of three competing theories. The real business cycle theory comes out as the best theory explaining business cycle in the Czech Republic.
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