Pregled bibliografske jedinice broj: 934285
How effective is the interest rate channel in the prospective euro area members?
How effective is the interest rate channel in the prospective euro area members? // Economic integrations, Cooperation and Perspectives: Integration reforms and business challenges / Kandžija, Vinko ; Kumar, Andrej (ur.).
Zagreb: Libertas međunarodno sveučilište, 2018. str. 237-248 (predavanje, međunarodna recenzija, cjeloviti rad (in extenso), ostalo)
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Naslov
How effective is the interest rate channel in the prospective euro area members?
Autori
Šimić, Vladimir ; Burnać, Paško
Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), ostalo
Izvornik
Economic integrations, Cooperation and Perspectives: Integration reforms and business challenges
/ Kandžija, Vinko ; Kumar, Andrej - Zagreb : Libertas međunarodno sveučilište, 2018, 237-248
ISBN
978-953-8061-12-7
Skup
International Conference Economic Integrations: Theory, Cooperation and Perspectives
Mjesto i datum
Zagreb, Hrvatska, 06.04.2017. - 07.04.2017
Vrsta sudjelovanja
Predavanje
Vrsta recenzije
Međunarodna recenzija
Ključne riječi
monetary policy transmission mechanism, interest rate channel, euro area
Sažetak
Introduction of the euro and corresponding single monetary policy in the euro area countries has brought a lot of attention in the academia, as well as in professional financial circles, as concerning the appropriateness of ‘one-size-fits-all’ monetary policy. Even before its official introduction the theoretical and empirical literature was divided, suggesting that the effects across countries will be different and that some countries will lose an important instrument for facing domestic economy challenges. This paper deals with this very important issue from an empirical perspective by estimating the effects of monetary policy across the prospective euro area members from Central and Eastern Europe. This question becomes very important as regarding the suitability of the single euro area monetary policy in the CEE countries. The monetary policy transmission through the interest rate channel is empirically estimated by applying a structural VAR model. The findings from this investigation suggest very heterogeneous effects of output and prices to monetary policy shocks. This may be seen as a strong warning to the euro area monetary policy makers, as well as a warning to the prospective members not to hurry with their adoption of the single currency, especially if they believe that they can use their monetary policy effectively.
Izvorni jezik
Engleski
