Responses to monetary policy shocks in the east and the west of Europe: a comparison

Marek Jarociński

Journal of Applied Econometrics, 2010, vol. 25, issue 5, 833-868

Abstract: 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.

Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (87)

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)

Related works:
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 (2006)
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) HTML/Text

Persistent link: https://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

DOI: 10.1002/jae.1082

Access Statistics for this article

Journal of Applied Econometrics is currently edited by M. Hashem Pesaran

More articles in Journal of Applied Econometrics from John Wiley & Sons, Ltd.
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and Christopher F. Baum ().