Do the sales of new passanger vehicles develop procyclically?

The thesis is focused on verifying the pro-cyclical relationship of sales of new passenger cars in the Czech Republic and Slovakia and the subsequent evaluation of the impact of macroeconomic variables in the period from the first quarter of 2005 to the third quarter of 2015. In total, there are four different models estimated of multiple linear regressions of car sales, where for the Czech R. the estimation of different sectors of households and firms is available as well. By comparing the Czech R. and Slovakia regarding aggregate sales, fuel prices and gross domestic products are especially crucial and the pro-cyclical relationship is successfully verified. The economic crisis at the turn of 2008-2009 hit especially Slovakia, while the effect in the Czech R. was offset by a positive shock to fuel prices. For the model of households the procyclical relationship is denied unlike from the model of firms, shock to GDP therefore only deviate sales to firms. For Czech R. is also confirmed a significant relationship of the sales with interest rate or population growth.