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The effects of monetary policy in the Czech Republic: an empirical study
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SYSNO ASEP 0345298 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Ostatní články Title The effects of monetary policy in the Czech Republic: an empirical study Author(s) Morgese Borys, Magdalena (NHU-C)
Horváth, R. (CZ)
Franta, Michal (NHU-C)Source Title Empirica - ISSN 0340-8744
Roč. 36, č. 4 (2009), s. 419-443Number of pages 25 s. Language eng - English Country US - United States Keywords monetary policy transmission ; real-time data ; sectoral prices Subject RIV AH - Economics CEZ MSM0021620846 - NHU-C DOI 10.1007/s10663-009-9102-y Annotation In this paper, we examine the effects of Czech monetary policy on the economy within the vector auto regression (VAR), structural VAR, Bayesian VAR with sign restrictions, and factor-augmented VAR, frameworks. We document a well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks. Subject to various sensitivity tests, we find that a contractionary monetary policy shock has a negative effect on the degree of economic activity and the price level, both with a peak response after one year or so. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2011
Number of the records: 1