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Statements

Subject Item
n2:RIV%2F62156489%3A43110%2F13%3A00212229%21RIV14-MSM-43110___
rdf:type
n6:Vysledek skos:Concept
dcterms:description
In this paper, we focus on comparability of monetary policies of Visegrád group countries (V4). Main objective of central banks function in V4 countries lies in maintaining price stability. For this purpose, inflation targeting regime is realized in a medium-term focus in V4, which means that there is a certain lag between monetary policy operation and its influence on an inflation target. Central bank does not have a direct impact on its ultimate goals. Therefore, any monetary policy analysis and assumption of its effectiveness comes out from an essential existence of a working transmission mechanism. Thus, changes in settings of monetary policy instruments have to be able to inflict causal changes on intermediary markets and via these markets on target markets. This situation can be modeled by the vector autoregressive (VAR) model with suitable variables. Our main task is to compare a relationship between VAR model responses to predefined impulses for all V4 pairs. We use calibration technique for this purpose. Specifically, we will utilize one-dimensional calibration model with a linear calibration function for deriving unknown parameters. Moreover, we will test a significance of estimated parameters. We distinguish between model parameters for before-crisis- and during-crisis- data, because we suppose that financial crisis affects VAR model parameters significantly. Different responses in each country can mean the inability of the common monetary policy for V4 at present. In this paper, we focus on comparability of monetary policies of Visegrád group countries (V4). Main objective of central banks function in V4 countries lies in maintaining price stability. For this purpose, inflation targeting regime is realized in a medium-term focus in V4, which means that there is a certain lag between monetary policy operation and its influence on an inflation target. Central bank does not have a direct impact on its ultimate goals. Therefore, any monetary policy analysis and assumption of its effectiveness comes out from an essential existence of a working transmission mechanism. Thus, changes in settings of monetary policy instruments have to be able to inflict causal changes on intermediary markets and via these markets on target markets. This situation can be modeled by the vector autoregressive (VAR) model with suitable variables. Our main task is to compare a relationship between VAR model responses to predefined impulses for all V4 pairs. We use calibration technique for this purpose. Specifically, we will utilize one-dimensional calibration model with a linear calibration function for deriving unknown parameters. Moreover, we will test a significance of estimated parameters. We distinguish between model parameters for before-crisis- and during-crisis- data, because we suppose that financial crisis affects VAR model parameters significantly. Different responses in each country can mean the inability of the common monetary policy for V4 at present.
dcterms:title
Impulse-response analysis of monetary policy - Visegád group countries case Impulse-response analysis of monetary policy - Visegád group countries case
skos:prefLabel
Impulse-response analysis of monetary policy - Visegád group countries case Impulse-response analysis of monetary policy - Visegád group countries case
skos:notation
RIV/62156489:43110/13:00212229!RIV14-MSM-43110___
n6:predkladatel
n14:orjk%3A43110
n3:aktivita
n18:S
n3:aktivity
S
n3:cisloPeriodika
7
n3:dodaniDat
n13:2014
n3:domaciTvurceVysledku
n9:9012516 n9:9675566 n9:9585141
n3:druhVysledku
n19:J
n3:duvernostUdaju
n10:S
n3:entitaPredkladatele
n15:predkladatel
n3:idSjednocenehoVysledku
79343
n3:idVysledku
RIV/62156489:43110/13:00212229
n3:jazykVysledku
n17:eng
n3:klicovaSlova
calibration; monetary policy; financial crisis; inflation targeting; VAR model
n3:klicoveSlovo
n8:financial%20crisis n8:monetary%20policy n8:inflation%20targeting n8:calibration n8:VAR%20model
n3:kodStatuVydavatele
CZ - Česká republika
n3:kontrolniKodProRIV
[899BDD845ED2]
n3:nazevZdroje
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
n3:obor
n4:AH
n3:pocetDomacichTvurcuVysledku
3
n3:pocetTvurcuVysledku
3
n3:rokUplatneniVysledku
n13:2013
n3:svazekPeriodika
61
n3:tvurceVysledku
Hampel, David Myšková, Kateřina Dobešová, Anna
s:issn
1211-8516
s:numberOfPages
7
n16:doi
10.11118/actaun201361072561
n12:organizacniJednotka
43110