Transparency and Credibility of Monetary Policy in Transition Countries: The Case of the Czech Republic
AbstractThis paper studies as to what asset price can tell us about the evolving credibility of the monetary policy of the Czech National Bank (CNB). The focus of our analysis is to examine the effect of changes in the two-week repo rate (the official interest rate) on short and long–maturity market interest rates. Argument relies on information asymmetry and the existence of a stationary stochastic equilibrium with full knowledge of authorities reaction function.
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Bibliographic InfoArticle provided by Faculty of Economics and Business, University of Zagreb in its journal Zagreb International Review of Economics and Business.
Volume (Year): 4 (2001)
Issue (Month): 2 (November)
Postal: Zagreb International Review of Economics and Business, Faculty of Economics and Business, Trg J. F. Kennedy 6, 10000 Zagreb, Croatia.
Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Orlowski, Lucjan T., 2001.
"Monetary convergence of the EU candidates to the Euro: A theoretical framework and policy implications,"
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B 25-2001, ZEI - Center for European Integration Studies, University of Bonn.
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- David Navratil & Viktor Kotlan, 2005.
"The CNB's Policy Decisions - Are They Priced in by the Markets?,"
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- David Navrátil & Viktor Kotlán, 2005. "The CNB’s Policy Decisions – Are They Priced in by the Markets?," Macroeconomics 0503005, EconWPA.
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