Responses to monetary policy shocks in the east and the west of Europe: a comparison
Journal of Applied Econometrics, 2010, vol. 25, issue 5, pages 833-868
This paper compares impulse responses to monetary policy shocks in the euro area countries before the EMU and in the New Member States (NMS) from central-eastern Europe. We mitigate the small-sample problem, which is especially acute for the NMS, by using a Bayesian estimation that combines information across countries. The impulse responses in the NMS are broadly similar to those in the euro area countries. There is some evidence that in the NMS, which have had higher and more volatile inflation, the Phillips curve is steeper than in the euro area countries. This finding is consistent with economic theory. Copyright © 2009 John Wiley & Sons, Ltd.
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (12) Track citations by RSS feed
Downloads: (external link)
http://hdl.handle.net/10.1002/jae.1082 Link to full text; subscription required (text/html)
http://qed.econ.queensu.ca:80/jae/2010-v25.5/ Supporting data files and programs (text/html)
Working Paper: Responses to monetary policy shocks in the east and the west of Europe - a comparison (2008)
Working Paper: Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison (2007)
Working Paper: Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:jae:japmet:v:25:y:2010:i:5:p:833-868
Ordering information: This journal article can be ordered from
http://www3.intersci ... e.jsp?issn=0883-7252
Access Statistics for this article
Journal of Applied Econometrics is edited by M. Hashem Pesaran
More articles in Journal of Applied Econometrics from John Wiley & Sons, Ltd.
Series data maintained by Wiley-Blackwell Digital Licensing ().