Arestis, Philip; Mouratidis, Kostas - In: International Journal of Finance & Economics 10 (2005) 1, pp. 81-89
The aim of this study is to estimate the credibility of monetary policy in four accession countries (the Czech Republic, Hungary, Poland and the Slovak Republic), based on the Markov regime-switching (MRS) framework. We utilize the theoretical proposition that in the conduct of monetary policy,...