Inflation in New EU Member States : A Domestically or Externally Driven Phenomenon? (CROSBI ID 209228)
Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Globan, Tomislav ; Arčabić, Vladimir ; Sorić, Petar
engleski
Inflation in New EU Member States : A Domestically or Externally Driven Phenomenon?
This paper empirically analyzes the domestic and external inflation determinants for eight non- eurozone new EU member states (NMS), using a structural vector autoregression model. Results indicate that foreign shocks are a major factor in explaining inflation dynamics in the medium run, while the short run inflation dynamics is mainly influenced by domestic shocks. Moreover, the importance of the foreign inflation component has had a rising trend in the pre-crisis period in all NMS and mostly coincided with their accession to the EU. This trend ended with the onset of the global financial crisis. The study implicates the need to augment the classical Taylor rule with foreign factors in case of small open economies.
domestic and external inflation determinants; historical decomposition; inflation; new EU member states; consumer surveys
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Podaci o izdanju
52 (1)
2016.
154-168
objavljeno
1540-496X
10.1080/1540496X.2014.998547