Horváth, Roman; Franta, Michal; Rusnák, Marek - Institut ekonomických studií, Univerzita Karlova v Praze - 2012
We investigate the evolution of the monetary policy transmission mechanism in the Czech Republic over the 1996-2010 period by employing a time-varying parameters Bayesian vector autoregression model with stochastic volatility. We evaluate whether the response of GDP and the price level to...