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Understanding monetary policy in Central European countries using Taylor-type rules: the case of the Visegrad four

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  • Juan Paez-Farrell

    ()
    (Cardiff University)

Abstract

This paper assesses to what extent simple Taylor-type monetary policy rules provide a good description of interest rate setting behaviour in the Visegrad four countries. Six different models are analysed, chosen on the basis of possessing desirable theoretical features. The paper finds that exchange rates feature prominently in three of the four countries' policy rules and that the results are sensitive to the measure of inflation used.

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File URL: http://www.accessecon.com/pubs/EB/2007/Volume5/EB-06E50023A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 5 (2007)
Issue (Month): 3 ()
Pages: 1-11

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Handle: RePEc:ebl:ecbull:eb-06e50023

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Related research

Keywords: Monetary policy Interest rules inflation exchange rates;

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References

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  1. repec:ebl:ecbull:v:5:y:2005:i:7:p:1-16 is not listed on IDEAS
  2. Kai Leitemo & Ulf Soderstrom, 2001. "Simple monetary policy rules and exchange rate uncertainty," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  3. Paolo Surico, 2003. "Asymmetric Reaction Functions for the Euro Area," Oxford Review of Economic Policy, Oxford University Press, vol. 19(1), pages 44-57.
  4. Carl Walsh, 2001. "Speed Limit Policies: The Output Gap and Optimal Monetary Policy," CESifo Working Paper Series 609, CESifo Group Munich.
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Citations

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Cited by:
  1. Taro Ikeda, 2010. "Asymmetric Preferences for Monetary Policy Rules in the Visegrad Four and the Financial Crisis," Economics Bulletin, AccessEcon, vol. 30(3), pages 2160-2188.
  2. Frömmel, Michael & Garabedian, Garo & Schobert, Franziska, 2011. "Monetary policy rules in Central and Eastern European Countries: Does the exchange rate matter?," Journal of Macroeconomics, Elsevier, vol. 33(4), pages 807-818.
  3. Josef Arlt & Martin Mandel, 2012. "Is it Possible to Predict the CNB Repo Rate on the Basis of the Backward-Looking Monetary Rule?," Politická ekonomie, University of Economics, Prague, vol. 2012(4), pages 484-504.
  4. Regős, Gábor, 2013. "Kockázattal kiegészített Taylor-szabályok becslése Magyarországra
    [Estimation of risk-augmented Taylor rules for Hungary]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 670-702.
  5. Borek Vasicek, 2011. "Is Monetary Policy in the New EU Member States Asymmetric?," Working Papers 2011/05, Czech National Bank, Research Department.
  6. Caraiani, Petre, 2011. "Comparing Monetary Policy Rules in the Romanian Economy: A New Keynesian Approach," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 30-46, December.
  7. POPESCU Iulian Vasile, 2013. "Monetary Policy Rules For European Monetary Union Acceding Countries," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 8(2), pages 108-122, August.

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