Financial crisis do not end overnight, but it takes some time until all effects disappear. Most of the time, the period in which the consequences of financial crisis manifest is characterized by: persistent and deep collapses of stock market, deep cuts in production and employment and explosions...

Questions of interest among monetary policy makers involves the identification and analysis of various relationships between macroeconomic variables. To analyze these variables and their interrelations it is necessary to build a macroeconomic model which is based on a vector autoregressive, and...