Inflation Targeting during Financial Crisis in Visegrád Group Countries

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F14%3A43906985" target="_blank" >RIV/62156489:43110/14:43906985 - isvavai.cz</a>

Výsledek na webu

<a href="http://www.unob.cz/eam/Documents/Archiv/EaM_2_2014/Dobesova_Hampel.pdf" target="_blank" >http://www.unob.cz/eam/Documents/Archiv/EaM_2_2014/Dobesova_Hampel.pdf</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Inflation Targeting during Financial Crisis in Visegrád Group Countries

Popis výsledku v původním jazyce

This paper analyses changes of monetary policy impact on inflation during financial crisis in Visegrád group (V4) countries. Main objective of central banks function in V4 countries lies in maintaining price stability. Central bank does not have a direct impact on ultimate goals. Therefore, any monetary policy analysis and assumption of its effectiveness comes out from essential existence of a working transmission mechanism. The aim of this paper is to prove whether a disruption of transmission mechanism, when the inflation rate in future should be influenced by key interest rate, has occurred or not. Next, there is a question whether this relations disruption is a general phenomenon affecting all similar economics systems of Visegrád group countries or it is a phenomenon presented only under local terms. Causality between an inflation rate and base interest rates is tested. The analysis consists in comparing models for before-crisis-and during-crisis-data, respectively. Granger causality is tested for both sub-models and the entire dataset. We found out that causation of monetary policy instruments on a growth of price level has been changed by coming up of financial crisis. In other words, a change of structure was identified.

Název v anglickém jazyce

Inflation Targeting during Financial Crisis in Visegrád Group Countries

Popis výsledku anglicky

This paper analyses changes of monetary policy impact on inflation during financial crisis in Visegrád group (V4) countries. Main objective of central banks function in V4 countries lies in maintaining price stability. Central bank does not have a direct impact on ultimate goals. Therefore, any monetary policy analysis and assumption of its effectiveness comes out from essential existence of a working transmission mechanism. The aim of this paper is to prove whether a disruption of transmission mechanism, when the inflation rate in future should be influenced by key interest rate, has occurred or not. Next, there is a question whether this relations disruption is a general phenomenon affecting all similar economics systems of Visegrád group countries or it is a phenomenon presented only under local terms. Causality between an inflation rate and base interest rates is tested. The analysis consists in comparing models for before-crisis-and during-crisis-data, respectively. Granger causality is tested for both sub-models and the entire dataset. We found out that causation of monetary policy instruments on a growth of price level has been changed by coming up of financial crisis. In other words, a change of structure was identified.

Druh

J_ost - Ostatní články v recenzovaných periodicích

CEP obor

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OECD FORD obor

50206 - Finance

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Economics and Management

ISSN

1802-3975

e-ISSN

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Svazek periodika

Neuveden

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

8

Strana od-do

12-19

Kód UT WoS článku

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EID výsledku v databázi Scopus

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