International spillovers of ECB's unconventional monetary policy: the effect on Central and Eastern Europe
We examine how unconventional monetary policy of the European Central Bank influences macroeconomic stability in Central and Eastern European economies. We estimate various panel vector autoregressions using monthly data from 2008-2014. Using the shadow policy rate and central bank assets as measure...
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| Beteiligte Personen: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Regensburg
Inst. für Ost- und Südosteuropaforschung
2015
|
| Ausgabe: | [Stand:] October 2015 |
| Schriftenreihe: | IOS working papers
351 |
| Schlagwörter: | |
| Links: | http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_351.pdf https://langzeitarchivierung.bib-bvb.de/delivery/action/cmsResolver.do?system=BVB01&id=BV043011885&startRecord=1 |
| Zusammenfassung: | We examine how unconventional monetary policy of the European Central Bank influences macroeconomic stability in Central and Eastern European economies. We estimate various panel vector autoregressions using monthly data from 2008-2014. Using the shadow policy rate and central bank assets as measures of unconventional policies, we find that output and prices in Central and Eastern Europe temporarily increase following an expansionary unconventional monetary policy shock by the European Central Bank. Using both impulse responses and variance decompositions, we find that the effect of unconventional policies on output is much stronger than the effect on inflation. In addition, our results provide evidence that unconventional policy tends to reduce market uncertainty and domestic interest rates but that the effect on the real exchange rate is not significant. |
| Umfang: | 1 Online-Ressource (v, 22 S.) graph. Darst. |
| Format: | . - Acrobat Reader kostenfrei |
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| 520 | 8 | |a We examine how unconventional monetary policy of the European Central Bank influences macroeconomic stability in Central and Eastern European economies. We estimate various panel vector autoregressions using monthly data from 2008-2014. Using the shadow policy rate and central bank assets as measures of unconventional policies, we find that output and prices in Central and Eastern Europe temporarily increase following an expansionary unconventional monetary policy shock by the European Central Bank. Using both impulse responses and variance decompositions, we find that the effect of unconventional policies on output is much stronger than the effect on inflation. In addition, our results provide evidence that unconventional policy tends to reduce market uncertainty and domestic interest rates but that the effect on the real exchange rate is not significant. | |
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| spelling | Halova, Klara Verfasser aut International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe Klara Halova and Roman Horvath [Stand:] October 2015 Regensburg Inst. für Ost- und Südosteuropaforschung 2015 1 Online-Ressource (v, 22 S.) graph. Darst. txt rdacontent c rdamedia cr rdacarrier IOS working papers 351 We examine how unconventional monetary policy of the European Central Bank influences macroeconomic stability in Central and Eastern European economies. We estimate various panel vector autoregressions using monthly data from 2008-2014. Using the shadow policy rate and central bank assets as measures of unconventional policies, we find that output and prices in Central and Eastern Europe temporarily increase following an expansionary unconventional monetary policy shock by the European Central Bank. Using both impulse responses and variance decompositions, we find that the effect of unconventional policies on output is much stronger than the effect on inflation. In addition, our results provide evidence that unconventional policy tends to reduce market uncertainty and domestic interest rates but that the effect on the real exchange rate is not significant. . - Acrobat Reader kostenfrei Langzeitarchivierung durch die Bayerische Staatsbibliothek Europäische Zentralbank (DE-588)5287962-8 gnd rswk-swf Geschichte 2008-2014 gnd rswk-swf Wirtschaftliche Stabilität (DE-588)4211986-8 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Osteuropa (DE-588)4075739-0 gnd rswk-swf Europäische Zentralbank (DE-588)5287962-8 b Geldpolitik (DE-588)4019902-2 s Osteuropa (DE-588)4075739-0 g Wirtschaftliche Stabilität (DE-588)4211986-8 s Geschichte 2008-2014 z DE-604 Horváth, Roman Verfasser aut IOS working papers 351 (DE-604)BV040033175 351 ca. 1,54 MB http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_351.pdf https://langzeitarchivierung.bib-bvb.de/delivery/action/cmsResolver.do?system=BVB01&id=BV043011885&startRecord=1 Volltext // Ressource im BVB-Langzeitarchiv |
| spellingShingle | Halova, Klara Horváth, Roman International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe IOS working papers Europäische Zentralbank (DE-588)5287962-8 gnd Wirtschaftliche Stabilität (DE-588)4211986-8 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)5287962-8 (DE-588)4211986-8 (DE-588)4019902-2 (DE-588)4075739-0 |
| title | International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe |
| title_auth | International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe |
| title_exact_search | International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe |
| title_full | International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe Klara Halova and Roman Horvath |
| title_fullStr | International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe Klara Halova and Roman Horvath |
| title_full_unstemmed | International spillovers of ECB's unconventional monetary policy the effect on Central and Eastern Europe Klara Halova and Roman Horvath |
| title_short | International spillovers of ECB's unconventional monetary policy |
| title_sort | international spillovers of ecb s unconventional monetary policy the effect on central and eastern europe |
| title_sub | the effect on Central and Eastern Europe |
| topic | Europäische Zentralbank (DE-588)5287962-8 gnd Wirtschaftliche Stabilität (DE-588)4211986-8 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Europäische Zentralbank Wirtschaftliche Stabilität Geldpolitik Osteuropa |
| url | http://www.dokumente.ios-regensburg.de/publikationen/wp/wp_351.pdf https://langzeitarchivierung.bib-bvb.de/delivery/action/cmsResolver.do?system=BVB01&id=BV043011885&startRecord=1 |
| volume_link | (DE-604)BV040033175 |
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