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Central banks' voting records and future policy

Horváth, Roman; Šmídková, Kateřina; Zápal, Jan - 2011

We assess whether the voting records of central bank boards are informative about future monetary policy. First, we specify a theoretical model of central bank board decision-making and simulate the voting outcomes. Three different versions of model are estimated with simulated data: 1)...

Persistent link: https://www.econbiz.de/10010322275

Central banks' voting records, and future policy

Horváth, Roman; Šmídková, Kateřina; Zápal, Jan - 2012

We assess whether the voting records of central bank boards are informative about future monetary policy using data on five inflation targeting countries (the Czech Republic, Hungary, Poland, Sweden and the United Kingdom). We find that in all countries the voting records, namely the difference...

Persistent link: https://www.econbiz.de/10010318429

Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?

Brzoza-Brzezina, Michał; Chmielewski, Tomasz; … - 2010

In this paper we analyse the impact of monetary policy on total bank lending in the presence of a developed market for foreign currency denominated loans and potential substitutability between domestic and foreign currency loans. Our results, based on a panel of four biggest Central European...

Persistent link: https://www.econbiz.de/10011605233

Risk premium shocks, monetary policy and exchange rate pass-through in the Czech Republic, Hungary and Poland

Vonnák, Balázs - 2010

This paper investigates the role of monetary policy in a small open economy, where exchange rate shocks are important. VAR models are estimated for the Czech Republic, Hungary and Poland. Contemporaneous and sign restrictions are imposed in order to identify the effect of monetary policy and...

Persistent link: https://www.econbiz.de/10010322471

Municipal finance and governance in Poland, the Slovak Republic, the Czech Republic, and Hungary

Nam, Chang Woon; Parsche, Rüdiger; Reichl, Bettina - 2001

The recent process of political and economic transformation in eastern European countries has not only contributed to the decentralisation of political structure but also significantly enhanced the fiscal autonomy of municipalities belonging to these countries. Although the degree of...

Persistent link: https://www.econbiz.de/10011698366

Fiscal variables and bond spreads: evidence from eastern European countries and Turkey

Nickel, Christiane; Rother, Philipp; Rülke, Jan C. - 2009

We investigate the impact of fiscal variables on bond yield spreads relative to US Treasury bonds in the Czech Republic, Hungary, Poland, Russia and Turkey from May 1998 to December 2007. To account for the importance of market expectations we use projected values for fiscal and macroeconomic...

Persistent link: https://www.econbiz.de/10011605147

On the Twin Deficits Hypothesis and the Import Propensity in Transition Countries

Gabrisch, Hubert - 2011

This article uses co-integration and related techniques to test for a long-run causal relationship between the fiscal and external deficits of three post-transition countries in Central and Eastern Europe. In addition, an import propensity model is tested by applying OLS and GMM. All the results...

Persistent link: https://www.econbiz.de/10010286284

Monetary and macroprudential policy with foreign currency loans

Brzoza-Brzezina, Michał; Kolasa, Marcin; Makarski, … - 2015

In a number of countries a substantial proportion of mortgage loans is denominated in foreign currency. In this paper we demonstrate how their presence affects economic policy and agents' welfare. To this end we construct a small open economy model with housing loans denominated in domestic or...

Persistent link: https://www.econbiz.de/10011605828

Credibility of monetary policy in four accession countries: A Markov regime-switching approach

Arestis, Philip; Mouratidis, Kostas - 2003

Persistent link: https://www.econbiz.de/10010266465

The Extreme Risk Problem for Monetary Policies of the Euro-Candidates

Gabrisch, Hubert; Orlowski, Lucjan T. - 2010

Wir argumentieren, dass die Geldpolitik in den Euro-Kandidatenländern darauf abzielen sollte, die exzessive … Instabilität in den zentralen Ziel- und Instrumentenvariablen der Geldpolitik zu mildern, insbesondere in Phasen turbulenter … Zentralbanken wären daher gut beraten, neben den üblichen Instrumenten der Geldpolitik auch unorthodoxe Maßnahmen der Geldpolitik …

Persistent link: https://www.econbiz.de/10010271402