. . "2"^^ . . "labour costs; monetary policy; time-varying parameters; vector autoregression"@en . . . "Asymmetries in Effects of Monetary Policy and their Link to Labour Market - Application of TVP-VARs to Three European Countries" . "RIV/62156489:43110/14:00223644" . . "[734E597FC478]" . "Dobe\u0161ov\u00E1, Anna" . . . "2"^^ . "2014-09-10+02:00"^^ . . . . . "The aim of this paper is to investigate asymmetries in effects of monetary policy and their link to labour market. For this purpose we employ Time-Varying Parameter VAR model with stochastic volatility that is able to capture possible changes in transmission mechanism and in underlying structure of economy over time. Markov chain Monte Carlo method is used for estimation. For detection of monetary policy effects we include three variables to the models: interest rate, inflation and unemployment. The Czech Republic, Germany and Slovakia are selected for the analysis. Main economic theory believes that wage rigidities are significant factor inflicting output gap. Therefore, we investigate how different responses to monetary policy operations over time are linked with changes in labour costs in observed countries. We are interested mainly in their connection with the current crisis. Our results prove asymmetric transmission over time and over countries. Significant increase of stochastic volatility and rise in responses is detected in time of structural break in 2008. Size of monetary policy effect is connected with labour costs, but this connection is not symmetric among countries."@en . "Hampel, David" . . "43110" . "The aim of this paper is to investigate asymmetries in effects of monetary policy and their link to labour market. For this purpose we employ Time-Varying Parameter VAR model with stochastic volatility that is able to capture possible changes in transmission mechanism and in underlying structure of economy over time. Markov chain Monte Carlo method is used for estimation. For detection of monetary policy effects we include three variables to the models: interest rate, inflation and unemployment. The Czech Republic, Germany and Slovakia are selected for the analysis. Main economic theory believes that wage rigidities are significant factor inflicting output gap. Therefore, we investigate how different responses to monetary policy operations over time are linked with changes in labour costs in observed countries. We are interested mainly in their connection with the current crisis. Our results prove asymmetric transmission over time and over countries. Significant increase of stochastic volatility and rise in responses is detected in time of structural break in 2008. Size of monetary policy effect is connected with labour costs, but this connection is not symmetric among countries." . "Univerzita Palack\u00E9ho v Olomouci" . . "Asymmetries in Effects of Monetary Policy and their Link to Labour Market - Application of TVP-VARs to Three European Countries"@en . . "978-80-244-4209-9" . "6"^^ . "Olomouc" . "Olomouc" . "Asymmetries in Effects of Monetary Policy and their Link to Labour Market - Application of TVP-VARs to Three European Countries" . "4387" . . "S" . . "Proceedings of the 32nd International Conference Mathematical Methods in Economics 2014" . "RIV/62156489:43110/14:00223644!RIV15-MSM-43110___" . "Asymmetries in Effects of Monetary Policy and their Link to Labour Market - Application of TVP-VARs to Three European Countries"@en .