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Monetary Policy Shocks in the new EU members: A VAR approach

[journal article]

Anzuini, Alessio; Levy, Aviram

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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-239826

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Abstract The paper provides empirical evidence on the effects of monetary policy shocks in the three largest economies among new EU members: Czech Republic, Hungary and Poland. VAR system estimates show that the co-movement of macroeconomic variables, conditional on a monetary policy shock, is similar across these countries and, despite their lower financial development, not dissimilar to what is found for more advanced European economies. While qualitatively similar to the responses observed in the old EU members, the responses of the new members are, on average, weaker. Poland has the most stable responses both over time and across different identification schemes.
Document language English
Publication Year 2007
Page/Pages p. 1147-1161
Journal Applied Economics, 39 (2007) 9
DOI http://dx.doi.org/10.1080/00036840600592866
Status Postprint; reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)
Document Type journal article
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