Understanding monetary policy in Central European countries using Taylor-type rules: the case of the Visegrad four
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.
Volume (Year): 5 (2007)
Issue (Month): 3 ()
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References listed on IDEAS
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- Leitemo, Kai & Soderstrom, Ulf, 2005.
"Simple monetary policy rules and exchange rate uncertainty,"
Journal of International Money and Finance,
Elsevier, vol. 24(3), pages 481-507, April.
- Kai Leitemo & Ulf Soderstrom, 2001. "Simple monetary policy rules and exchange rate uncertainty," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
- Leitemo, Kai & Söderström, Ulf, 2001. "Simple Monetary Policy Rules and Exchange Rate Uncertainty," Working Paper Series 122, Sveriges Riksbank (Central Bank of Sweden).
- repec:ebl:ecbull:v:5:y:2005:i:7:p:1-16 is not listed on IDEAS
- Carl Walsh, 2001.
"Speed Limit Policies: The Output Gap and Optimal Monetary Policy,"
CESifo Working Paper Series
609, CESifo Group Munich.
- Carl Walsh, 2003. "Speed Limit Policies: The Output Gap and Optimal Monetary Policy," American Economic Review, American Economic Association, vol. 93(1), pages 265-278, March.
- Paolo Surico, 2003. "Asymmetric Reaction Functions for the Euro Area," Oxford Review of Economic Policy, Oxford University Press, vol. 19(1), pages 44-57.
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