Naslov
Openness and the Strength of Monetary Transmission: International Evidence

Autori
Ćorić, Bruno ; Malešević Perović, Lena ; Šimić, Vladimir

Izvornik
ACTA OECONOMICA (0001-6373) 66 (2016), 4; 639-659

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
monetary policy effects ; exchange rate regime ; trade openness ; international interdependence

Sažetak
This study explores cross-country variations in the size of the effects of a monetary policy shock on output using the sample of 48 developed and developing countries. The structural vector autoregression model is used to estimate monetary policy effects for each country separately. Based on the estimated impulse responses we construct a measure of the short-run monetary policy effect on output which is used as the dependent variable in a cross-country regression. Our results suggest that the effects of monetary policy shock on output are significantly influenced by: trade openness ; exchange rate regime ; correlation with the US and for European countries with German economy, and development of the banking sector.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA