| Tartalmi leírás: |
We study the transmission of monetary policy to macroeconomic
variables with structural time-varying coefficient vector autoregressions in the
Czech Republic, Hungary and Poland, in comparison with that in the euro area.
These three countries have experienced changes in monetary policy regimes and
went through substantial structural changes, which call for the use of a time-varying
parameter analysis. Our results indicate that the impact on output of a monetary
shock changed over time. At the point of the last observation of our sample, the
fourth quarter of 2011, among the three countries, monetary policy was most
powerful in Poland and not much less strong than the transmission in the euro area.
We discuss various factors that can contribute to differences in monetary transmission,
such as financial structure, labour market rigidities, industry composition,
exchange rate regime, credibility of monetary policy and trade openness.
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