Monetary Policy Transmission Mechanisms and Inflation in Slovakia

This paper presents the results of an empirical analysis into monetary policy transmission mechanisms and inflation in the Slovak Republic. The estimated vector autoregression (VAR) model suggests that inflation is determined by changes in foreign prices, the exchange rate, and wage costs, with a mo...

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Bibliographic Details
Main Author: Kuijs, Louis
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2002
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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300 |a 27 pages 
651 4 |a Slovak Republic 
653 |a Interest rates 
653 |a Inflation 
653 |a Finance 
653 |a Dynamic Treatment Effect Models 
653 |a Currency; Foreign exchange 
653 |a Financial services 
653 |a Real interest rates 
653 |a Deflation 
653 |a Diffusion Processes 
653 |a Model Construction and Estimation 
653 |a Time-Series Models 
653 |a International Financial Markets 
653 |a Currency markets 
653 |a Price Level 
653 |a Foreign Exchange 
653 |a Financial markets 
653 |a Banks and Banking 
653 |a Prices 
653 |a Macroeconomics 
653 |a Real exchange rates 
653 |a Interest Rates: Determination, Term Structure, and Effects 
653 |a Dynamic Quantile Regressions 
653 |a Foreign exchange market 
653 |a Exchange rates 
653 |a Monetary Policy 
653 |a State Space Models 
653 |a Finance: General 
653 |a Foreign exchange 
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520 |a This paper presents the results of an empirical analysis into monetary policy transmission mechanisms and inflation in the Slovak Republic. The estimated vector autoregression (VAR) model suggests that inflation is determined by changes in foreign prices, the exchange rate, and wage costs, with a modest effect of aggregate demand, in line with theory for small, open economies. Monetary policy is shown to affect inflation via these channels. Changes in money supply seem to have a modest but rapid impact on prices. The measured effect of interest rate changes is modest and gradual, although it appears to have become more important in recent years