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Canaux de transmission de la politique monétaire dans l'ue. Le cas de trois nouveaux entrants

  • Jérôme Creel
  • Sandrine Levasseur

A structural var model is used to investigate the relative importance of interest rate, exchange rate and credit channels in the monetary policy transmission in the Czech Republic, Hungary and Poland between 1995 and 2004. Main results are as follows. First, responses of industrial production to the monetary shocks are fast but are not long-lived. Second, there is no ��price-puzzle�� per se, but instead an ��exchange rate puzzle��. Third, the credit channel is not yet very powerful. Over the recent period, the exchange rate and interest rate channels have played a more prominent role in Poland than in the Czech Republic and Hungary: entering emu may thus be more costly for Poland. Classification JEL�: E51�; E52�; F31�; P24�; C32

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 57 (2006)
Issue (Month): 4 ()
Pages: 881-898

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Handle: RePEc:cai:recosp:reco_574_0881
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  1. Jérôme Creel & Sandrine Levasseur, 2005. "Monetary policy transmission mechanisms in the CEECs: How important are the differences with the euro area?," Sciences Po publications 2005-02, Sciences Po.
  2. Sims, Christopher A., 1992. "Interpreting the macroeconomic time series facts : The effects of monetary policy," European Economic Review, Elsevier, vol. 36(5), pages 975-1000, June.
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  9. Georgy Ganev & Krisztina Molnar & Krzysztof Rybinski & Przemyslaw Wozniak, 2002. "Transmission Mechanism of Monetary Policy in Centraland Eastern Europe," CASE Network Reports 0052, CASE-Center for Social and Economic Research.
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  11. Jérôme Héricourt, 2005. "Monetary policy transmission in the CEECs : revisited results using alternative econometrics," Cahiers de la Maison des Sciences Economiques bla05020, Université Panthéon-Sorbonne (Paris 1).
  12. Peersman, Gert & Smets, Frank, 2001. "The monetary transmission mechanism in the euro area: more evidence from VAR analysis," Working Paper Series 0091, European Central Bank.
  13. Garett Jones & Ali M Kutan, 2004. "Exchange Rate Management Strategies in the Accession Countries: The Case of Hungary," Comparative Economic Studies, Palgrave Macmillan, vol. 46(1), pages 23-44, March.
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