Interest Rate Pass-Through in Central and Eastern Europe: Reborn from Ashes Merely to Pass Away?
dc.contributor.author | Égert, Balázs | en_US |
dc.contributor.author | Crespo-Cuaresma, Jesus | en_US |
dc.contributor.author | Reininger, Thomas | en_US |
dc.date.accessioned | 2007-10-25T20:14:06Z | |
dc.date.available | 2007-10-25T20:14:06Z | |
dc.date.issued | 2006-11-01 | en_US |
dc.identifier.other | RePEc:wdi:papers:2006-851 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/57231 | en_US |
dc.description.abstract | In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries -- the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the literature, given the absence of cointegration between policy rates and long- or even short-term market rates. In addition, the pass-through has been declining over time in the CEE-5, and we argue that it is likely to decrease further in the future. Finally, the pass-through appears similar in the CEE-5 than in Spain and is higher than in core euro area countries. Hence, euro adoption by the CEE-5 would not further increase heterogeneity within the euro area with regard to the interest rate passthrough. However, substantially more research is needed to establish commonalities and differences between the CEE-5 and the euro area with respect to the reaction of prices and output to monetary policy action. | en_US |
dc.format.extent | 303190 bytes | |
dc.format.extent | 1802 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.relation.ispartofseries | 851 | en_US |
dc.subject | Interest Rate Pass-through, Monetary Transmission Mechanism, Transition Economies, Central and Eastern Europe, Austria, Germany, Spain. | en_US |
dc.subject.other | E43, E50, E52, C22, G21, O52 | en_US |
dc.title | Interest Rate Pass-Through in Central and Eastern Europe: Reborn from Ashes Merely to Pass Away? | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.contributor.affiliationum | William Davidson Institute | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/57231/1/wp851 .pdf | en_US |
dc.owningcollname | William Davidson Institute (WDI) - Working Papers |
Files in this item
Remediation of Harmful Language
The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.
Accessibility
If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.