This paper proposes a new monetary policy framework for effectively navigating the path to adopting the euro. The … volatility to differentials over the euro zone in both inflation (target variable) and interest rate (instrument variable) is … proposed. The model is empirically tested for the Czech Republic, Poland and Hungary, the selected new Member States of the EU …

We analyse the impact of news on five financial markets in the Czech Republic, Hungary and Poland using a newly … strongest impact on financial markets in Hungary, while political news has the largest influence in both Hungary and Poland …. -- Financial markets ; Czech Republic ; Hungary ; Poland ; political news ; macroeconomic shocks ; European Monetary Union …

In this paper, we study the effects of euro area and US macroeconomic news on financial markets in the Czech Republic …, Hungary, and Poland (CEEC-3) from 1999 to 2006. Using a GARCH model, we examine the impact on daily returns of three …-month interest rates, stock market indices, exchange rates versus the euro, and the US dollar. First, foreign macroeconomic news has …

rate risk premiums in the EU candidate countries as they undergo monetary convergence to the eurozone. The underlying …. Recent trends in these risk premiums in Hungary, the Czech Republic and Poland are tested by using the GARCH (1 …

believed to facilitate both the economic transition and the monetary convergence to the euro. Following this assumption, an … in this study. The empirical testing is conducted for Poland, the Czech Republic and Hungary. The analysis recommends …