Structural Breaks in Monetary Policy Rules: Evidence from Transition Countries
Florida International University
September 1, 2008
Emerging Markets Finance and Trade, Vol. 45, No. 1, 2009
This paper investigates the relation between the important announced turning points in the monetary policies and the estimated structural break dates in the Taylor rules of three transition countries, namely the Czech Republic, Hungary and Poland. Although the important announced turning points starting from late 1990s, especially the introduction of inflation targeting regime, can be observed in the estimated Taylor rules of the Czech Republic and Poland with some implied lags due to the monetary tranmission mechanism, the same conclusion cannot be reached for Hungary. Several robustness analyses are in support of these results.
Number of Pages in PDF File: 17
Keywords: Monetary Policy, Structural Breaks, Czech Republic, Hungary, Poland
JEL Classification: E31, E52, E58Accepted Paper Series
Date posted: September 21, 2008 ; Last revised: May 27, 2010
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