IDENTIFIKACE HOSPODÁŘSKÉHO CYKLU

Identification of growth business cycle is an important step in the process of business cycle analysis. It can affect following analytical steps such as turning points identification or analysis of frequency and time-frequency behaviour of business cycles. The purpose of this paper is to recommend suitable methods for growth business cycle modelling in the small open economy. Therefore we investigate several models for filtering (high pass and band pass filters), deterministic and stochastic models, and nonparametric kernel estimation. The recommendation is based on the empirical analysis of the data prior to the significant global shock – economic recession in the year 2008. For the analysis we use the seasonally adjusted quarterly values of the Gross Domestic Product and the Industrial production in 1996 – 2008.