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Empirical evaluation of nominal convergence in Czech Republic, Poland and Hungary (CPH)

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  • Mamoudou, Toure
  • Jamel, Trabelsi
  • Frédéric, Dufourt

Abstract

We estimate a four variable structural vector auto regression (SVAR) model of the Czech Republic, Poland and Hungary economies in order to evaluate the links between the instruments of monetary policy and inflation outcomes. We find that the linkages between the interest rates and price levels are weak. However, the exchange rate constitutes the most important channel of monetary policy transmission for Poland and Hungary. For the Czech Republic, the link between interest rate rise and price level is rather indirect.

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File URL: http://www.sciencedirect.com/science/article/pii/S0264-9993(09)00052-2
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Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 26 (2009)
Issue (Month): 5 (September)
Pages: 993-999

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Handle: RePEc:eee:ecmode:v:26:y:2009:i:5:p:993-999
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/30411

Keywords: CPH Nominal convergence Monetary policy shock Structural VAR;

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Cited by:

  1. repec:afc:wpaper:12-04 is not listed on IDEAS
  2. Ronayne, David, 2011. "Which Impulse Response Function?," The Warwick Economics Research Paper Series (TWERPS) 971, University of Warwick, Department of Economics.
  3. Christophe Rault & Alexandru Minea, 2011. "External Monetary Shocks and Monetary Integration: Evidence from the Bulgarian Currency Board," Post-Print halshs-00830165, HAL.

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