In this dissertation three different economic issues have been analyzed. The firstissue is whether monetary policy rules can improve forecasting accuracy of inflation.The second is whether the preference of a central bank is symmetry or not. The last issueis whether the behavior of aggregate...

This paper has three objectives. First, it aims at revealing the logic of interest rate setting pursued by monetary authorities of 12 new EU members. Using estimation of an augmented Taylor rule, we find that this setting was not always consistent with the official monetary policy. Second, we...

This dissertation focuses on monetary policy rules in the OECD countries at both theoretical and empirical levels. It is divided into seven chapters.Chapter 1 presents some recent literature on monetary policy rules and introduces the goal and organization of this dissertation.Chapter 2 explores...

In makroökonomischen Theorien findet häufig eine separate Betrachtung von Wachstums- und Konjunkturphänomenen statt. Untersuchungen des Konjunkturverlaufs richten den Blick zumeist auf kurzfristige Anpassungsprozesse, wohingegen sich wachstumstheoretische Fragestellungen auf die langfristige...

In this paper we argue that, for a group of converging economies of the European Union, participation in the euro area has been associated with easier access to financing by domestic economic agents. Easier access to financing was a significant impulse leading to a sharp increase in households'...

Using a sample of 1154 European firms from 11 countries, we show that firm-levelexchange exposure for Eurozone and non-Eurozone European firms has increased sincethe introduction of the euro, but this rise was smaller for Eurozone than non-Eurozonefirms. The increase in firm-specific exposure...

In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...

The replacement of a multi-currency system by a single currency on the basis of the European Economic and Monetary Unit is the stage in the same integration and convergence process; monetary policy that recently was the matter of each state was handed over to the European Central Bank. A...

La traslación del tipo de cambio (ERPT, por sus siglas en inglés) a los precios de importación y consumo en la Unión Europea es, en términos agregados, menor que en los años 90 y tiene un comportamiento no lineal. Estimaciones agregadas de una traslación pequeña a los precios al consumo...

La aparición de diferenciales soberanos dentro de la Unión Económica y Monetaria (UEM) responde a que los mercados incorporan en el precio de la deuda pública los fundamentales heterogéneos de los países, pero también el riesgo de redenominación, dada la naturaleza incompleta de la UEM....