International spillovers of ECB's unconventional monetary policy: the effect on Central Europe

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F17%3A10327815" target="_blank" >RIV/00216208:11230/17:10327815 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1080/00036846.2016.1237764" target="_blank" >http://dx.doi.org/10.1080/00036846.2016.1237764</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1080/00036846.2016.1237764" target="_blank" >10.1080/00036846.2016.1237764</a>

Result language
angličtina
Original language name
International spillovers of ECB's unconventional monetary policy: the effect on Central Europe
Original language description
We examine how unconventional monetary policy of the European Central Bank (ECB) influences macroeconomic stability in three Central European economies. We estimate various panel vector autoregressions (PVARs) using monthly data from 2008 to 2014. Using the shadow policy rate and central bank assets as measures of unconventional policies, we find that output growth and inflation in Central Europe temporarily increase following an expansionary unconventional monetary policy shock by the ECB. Using both impulse responses and variance decompositions, we find that the effect of unconventional policies on output growth is much stronger than the effect on inflation.
Czech name
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Czech description
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Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
—
OECD FORD branch
50201 - Economic Theory

Project
<a href="/en/project/GBP402%2F12%2FG097" target="_blank" >GBP402/12/G097: DYME-Dynamic Models in Economics</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2017
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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