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Monetary Policy Rules in Central and Eastern Europe Author info | Abstract | Publisher info | Download info | Related research | Statistics Frömmel, Michael
Schobert, Franziska
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We estimate monetary policy rules for six central and eastern European countries (CEEC) by taking changes in the policy settings explicitly into account. Distinguishing rather fixed and more flexible exchange rate arrangements we find that for most countries exchange rates played an important role in monetary policy during the fixed exchange rate regime, whereas their influence disappears after the introduction of floating exchange rate regimes. This indicates that most countries followed their officially announced policy settings. For Slovenia and to some extent for Romania, however, we find evidence for exchange rate targeting, although they officially announced a managed float.
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Paper provided by Universität Hannover, Wirtschaftswissenschaftliche Fakultät in its series Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover with number
dp-341.
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Length: 23 pages
Date of creation: Jul 2006Date of revision:
Handle: RePEc:han:dpaper:dp-341Contact details of provider: Postal: Koenigsworther Platz 1, D-30167 Hannover Phone: (0511) 762-5350 Fax: (0511) 762-5665 Web page: http://www.wiwi.uni-hannover.de/ More information through EDIRC
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Keywords: monetary policy ; Taylor rule ; transition economies ; CEEC ; inflation targeting ; interest rate policy ; Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Svensson, Lars E. O., 2000.
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646, Stockholm University, Institute for International Economic Studies.
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George A. Kahn & Klara Parrish, 1998.
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Economic Review ,
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John B. Taylor, 2000.
"The Monetary Transmission Mechanism and the Evaluation of Monetary Policy Rules ,"
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John B. Taylor, 2001.
"The Role of the Exchange Rate in Monetary-Policy Rules ,"
American Economic Review ,
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von Hagen, Jürgen & Zhou, Jizhong, 2002.
"The Choice of Exchange Rate Regimes: An Empirical Analysis for Transition Economies ,"
CEPR Discussion Papers
3289, C.E.P.R. Discussion Papers.
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Other versions: Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998.
"Monetary policy rules in practice Some international evidence ,"
European Economic Review ,
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Other versions:
Richard Clarida & Jordi Gali & Mark Gertler, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
NBER Working Papers
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"Inflation targeting: Should it be modeled as an instrument rule or a targeting rule? ,"
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Other versions: Laurence M. Ball, 1999.
"Policy Rules for Open Economies ,"
NBER Chapters ,
in: Monetary Policy Rules, pages 127-156
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[Downloadable!]
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Juan Paez-Farrell, 2007.
"Understanding monetary policy in Central European countries using Taylor-type rules: the case of the Visegrad four ,"
Economics Bulletin ,
Economics Bulletin, vol. 5(3), pages 1-11.
[Downloadable!]
Sek, Siok Kun, 2008.
"Interactions between monetary policy and exchange rate in inflation targeting emerging countries: the case of three East Asian countries ,"
MPRA Paper
12034, University Library of Munich, Germany, revised 09 Dec 2008.
[Downloadable!]
Borek Vasicek, 2009.
"The monetary policy rules and the inflation process in open emerging economies: evidence for 12 new EU members ,"
Working Papers
wpdea0903, Department of Applied Economics at Universitat Autonoma of Barcelona.
[Downloadable!]
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