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Monetary Policy Transmission Mechanisms and Inflation in Slovakia

Author/Editor: Kuijs, Louis
Authorized for Distribution: May 1, 2002
Electronic Access: Free Full Text (PDF file size is 787KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: 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.
 
Series: Working Paper No. 02/80
Subject(s): Monetary policy | Slovak Republic | Inflation | Transition economies | Economic models
Author's keyword(s): Monetary policy | inflation | transmission mechanisms | transition
 
English  
    Published:   May 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0802002   Pages:   27
    Price:   US$15.00
       
     
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