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	Model Panel GARCH	Model TGARCH (Threshold GARCH)
Odbor	Ekonometria	Ekonometria
Rodina	Regression model	Regression model
Rok vzniku	1986 (GARCH); panel extension 1990s–2000s	1993-1994
Tvorca	Bollerslev (1986); extended to panel settings in subsequent literature	Zakoian (1994); Glosten, Jagannathan & Runkle (1993)
Typ	Volatility model	Asymmetric volatility model
Pôvodný zdroj	Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3), 307–327.	Zakoian, J.-M. (1994). Threshold heteroskedastic models. Journal of Economic Dynamics and Control, 18(5), 931-955.
Ďalšie názvy	panel GARCH, GARCH panel model, panel volatility model, panel conditional heteroscedasticity model	Threshold GARCH, TGARCH, GJR-GARCH, asymmetric GARCH
Príbuzné	6	6
Zhrnutie	The Panel GARCH model extends Bollerslev's (1986) Generalized Autoregressive Conditional Heteroscedasticity framework to panel data, allowing conditional variance to evolve over time for each cross-sectional unit. It simultaneously captures unit-level heterogeneity and time-varying volatility clustering, making it the standard tool for modelling risk and uncertainty in multi-entity financial and macroeconomic panels.	The Threshold GARCH (TGARCH) model extends the standard GARCH framework by allowing positive and negative return shocks to have asymmetric effects on conditional variance. Negative shocks — bad news — typically amplify volatility more than positive shocks of the same magnitude, a stylised fact known as the leverage effect. TGARCH captures this asymmetry through a threshold indicator that switches on when the previous period's shock was negative.