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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
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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
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Geldpolitische Aspekte der Erweiterung des Euroraums
Lommatzsch, Kirsten; Tober, Silke - In: DIW Wochenbericht 69 (2002) 15, pp. 229-237
, durch die die Geldpolitik voraussichtlich erschwert wird? Der vorliegende Bericht plädiert für eine Reform der … rotiert wird, den Erfordernissen der Geldpolitik im Euroraum am ehesten entsprechen. Eine Beeinträchtigung der Geldpolitik …
Persistent link: https://www.econbiz.de/10011601346
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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
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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
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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
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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
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Implementing inflation targeting regimes: The case of Poland
Gottschalk, Jan; Moore, David - 1999
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
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Does monetary policy credibility help in anchoring inflation expectations? Evidence from six inflation targeting emerging economies
Güler, Aslı - In: Journal of Central Banking Theory and Practice 10 (2021) 1, pp. 93-111
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
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Consumer inflation expectations in Poland
£yziak, Tomasz - 2003
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