TY - JOUR N2 - We estimated a structural vector autoregressive (SVAR) model describing the links between a banking sector and a real economy. We proposed a new method to verify robustness of impulse-response functions to the ordering of variables in an SVAR model. This method applies permutations of orderings of variables and uses the Cholesky decomposition of the error covariance matrix to identify parameters. Impulse response functions are computed and combined for all permutations. We explored the method in practice by analyzing the macro-financial linkages in the Polish economy. Our results indicate that the combined impulse response functions are more uncertain than those from a single model specification with a given ordering of variables, but some findings remain robust. It is evident that macroeconomic aggregate shocks and interest rate shocks have a significant impact on banking variables. L1 - http://journals.pan.pl/Content/106528/PDF-MASTER/mainFile.pdf L2 - http://journals.pan.pl/Content/106528 PY - 2017 IS - No 4 EP - 357 DO - 10.24425/cejeme.2017.122214 KW - vector autoregression KW - Cholesky decomposition KW - combined impulseresponse KW - banking sector KW - real economy A1 - Serwa, Dobromił A1 - Wdowiński, Piotr PB - Oddział PAN w Łodzi DA - 31.12.2017 T1 - Modeling Macro-Financial Linkages: Combined Impulse Response Functions in SVAR Models SP - 323 UR - http://journals.pan.pl/dlibra/publication/edition/106528 T2 - Central European Journal of Economic Modelling and Econometrics ER -