Stylizovaná fakta ekonomických krizí

This bachelor's thesis examines the stylized facts of economic crises, focusing on energy crises using data from the United States from 1962 Q1 - 2008 Q4. First, the theoretical foundations of the business cycle are presented along with its stylized facts. The thesis then summarizes the existing knowledge on energy crises and describes their stylized facts. The empirical analysis extends the existing knowledge on the monetary policy implications of divergent economic behavior during energy crises. Using two truncated samples, impulse response functions are used to compare the differences in oil crises of the 1970s with the standard responses captured by the full sample. The analysis suggests that central banks should avoid the phenomenon of "premature celebration" and not cut interest rates too early at the first sign of energy shocks fading. Furthermore, energy crises are characterised by a significant increase in inflation in response to an energy shock, but with less persistence compared to a standard cost shock. This reflects the fact that monetary policy responses to energy shocks are stronger at the beginning and weaker at the longer end.