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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
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
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...
Persistent link: https://www.econbiz.de/10011601346
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
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
Persistent link: https://www.econbiz.de/10010266465
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...
Persistent link: https://www.econbiz.de/10010271402
This paper assesses the prospects for the new Polish monetary policy strategy of inflation targeting. Regarding the general requirements for implementing an inflation targeting strategy it appears that Poland has made sufficient progress in reducing fiscal dominance and hardening budget...
Persistent link: https://www.econbiz.de/10010275417
Most emerging market central banks have adopted inflation targeting as their monetary policy system. The heart of inflation targeting system is inflation expectations. The success of a central bank in achieving targets depends on to the extent to which inflation expectations are formed by the...
Persistent link: https://www.econbiz.de/10014558525
Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on...
Persistent link: https://www.econbiz.de/10009635882