Počet záznamů: 1
The effects of monetary policy in the Czech Republic: an empirical study
0345298 - NHU-C 2011 RIV US eng J - Článek v odborném periodiku
Morgese Borys, Magdalena - Horváth, R. - Franta, Michal
The effects of monetary policy in the Czech Republic: an empirical study.
Empirica. Roč. 36, č. 4 (2009), s. 419-443 ISSN 0340-8744
Výzkumný záměr: CEZ:MSM0021620846
Klíčová slova: monetary policy transmission * real-time data * sectoral prices
Kód oboru RIV: AH - Ekonomie
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.
Trvalý link: http://hdl.handle.net/11104/0186607