We argue that monetary policies in euro-candidate countries should also aim at mitigating excessive instability of the key target and instrument variables of monetary policy during turbulent market periods. Our empirical tests show a significant degree of leptokurtosis, thus prevalence of...

1994 wuchs das ungarische Bruttoinlandsprodukt zum ersten Mal seit 1987. Gleichzeitig erreichten aber das Haushaltsdefizit und das Leistungsbilanzdefizit Größenordnungen, die die außenwirtschaftliche, die fiskalische und die monetäre Sphäre mit unkontrollierbaren Folgen bedrohen und nach...

Dem Beitritt zur Europäischen Union (EU), den zahlreiche Länder anstreben, wird mit einiger Verzögerung die Einführung des Euro folgen. Schon jetzt stellen sich daher zwei grundsätzliche Fragen: Erstens, ist die Europäische Zentralbank (EZB) auch dann mit den derzeit gegebenen...

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...

This paper aims to devise a monetary policy instrument rule that is suitable for open economies undergoing monetary convergence to a common currency area. The open-economy convergence-consistent Taylor rule is forward-looking, consistent with monetary framework based on inflation targeting,...

We study the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in the Czech Republic, Hungary and Poland, in comparison with that in the euro area. These three countries have experienced changes in monetary policy regimes...

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...