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Monetary Transmission Mechanism in Central & Eastern Europe: Gliding on a Wind of Change

  • Fabrizio Coricelli


  • Balázs Égert


  • Ronald MacDonald


This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe. In particular, while laying out the functioning of the separate channels in the MTM, it explores possible interrelations between different channels and their impact on prices and the real economy. The empirical ndings for Central and Eastern Europe are then briey compared with results for industrialized countries, especially for the euro area. We highlight potential pitfalls in the literature and assess the relative importance, and potential development, of the different channels, emphasizing the relevant asymmetries between Central and Eastern European countries and the euro area.

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Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number wp850.

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Date of creation: 01 Nov 2006
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Handle: RePEc:wdi:papers:2006-850
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