Czech paper examines link between financial variables and macroeconomy
Financial variables ‘particularly relevant’ during economic downturns
Financial variables were particularly relevant in explaining Czech macroeconomic developments in both "the lead-up to and during economic downturns", a working paper published by the Czech National Bank finds.
In The impact of financial variables on Czech macroeconomic developments: an empirical investigation, Tomáš Adam and Miroslav Plašil utilise a set of 27 competing models and "an extensive ensemble of alternative specifications" of those models.
The authors say that within the broad set of
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