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Are Eastern European Taylor Reaction Functions Asymmetric in Inflation or Output: Empirical Evidence for four Countries
Do central banks in Eastern European countries react asymmetrically and in a non-linear fashion to changes in inflation and output? We tackle this question by expanding the standard Taylor reaction function for the four inflation targeting countries Czech Republic, Hungary, Poland and Ro- mania....
-д хадгалсан:
| -д хэвлэсэн: | MAGKS - Joint Discussion Paper Series in Economics (Band 08-2018) |
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| Үндсэн зохиолч: | |
| Формат: | Өгүүллэг |
| Хэл сонгох: | англи |
| Хэвлэсэн: |
Philipps-Universität Marburg
2018
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| Нөхцлүүд: | |
| Онлайн хандалт: | PDF-н бүрэн текст |
| Шошгууд: |
Шошго нэмэх
Шошго байхгүй, Энэхүү баримтыг шошголох эхний хүн болох!
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| Тойм: | Do central banks in Eastern European countries react asymmetrically
and in a non-linear fashion to changes in inflation and output? We tackle
this question by expanding the standard Taylor reaction function for the
four inflation targeting countries Czech Republic, Hungary, Poland and Ro-
mania. We do so taking explicitly inflation rates below or above target and
output below or above potential, the so-called state of the economy, into
account. The results reveal that there are indeed substantial asymmetries in
the reaction function of the Czech, Polish and Romanian central bank, which
are only evident when the combination of inflation and output thresholds is
explicitly modelled in one estimation equation. For these three central banks
also non-linearities in the inflation and output response could be verified. |
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| Биет тодорхойлолт: | 37 Seiten |
| ISSN: | 1867-3678 |
| DOI: | 10.17192/es2024.0561 |