Canaux de transmission de la politique monétaire dans l'UE

Jerome Creel and Sandrine Levasseur

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Abstract: A structural var model is used to investigate the relative importance of interest rate, exchange rate and credit channels in the monetary policy transmission in the Czech Republic, Hungary and Poland between 1995 and 2004. Main results are as follows. First, responses of industrial production to the monetary shocks are fast but are not long-lived. Second, there is no "price-puzzle" per se, but instead an "exchange rate puzzle." Third, the credit channel is not yet very powerful. Over the recent period, the exchange rate and interest rate channels have played a more prominent role in Poland than in the Czech Republic and Hungary: entering emu may thus be more costly for Poland.

Keywords: Politique monétaire; Canaux de transmission de la politique monétaire (ctpm); Zone Euro (search for similar items in EconPapers)
Date: 2006-07
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03471868
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Published in Revue Economique, 2006, 57 (4), pp.881 - 898. ⟨10.3917/reco.574.0881⟩

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Working Paper: Canaux de transmission de la politique monétaire dans l'UE (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03471868

DOI: 10.3917/reco.574.0881

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