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Transmission de la politique monétaire dans les pays d'E urope centrale et orientale : que savons-nous vraiment ?

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  • Jérôme Héricourt
  • Iuliana Matei

Abstract

This article assesses the impact of monetary policy on output and inflation for the eight Central and Eastern European Countries (CEECs) newly admitted to the EU. Unlike most previous research, we explicitly link the potential changes in these transmission mechanisms to the monetary-regime switches that occurred in most of the countries studied. Our results show an undeniable convergence of CEEC monetary-policy transmission mechanisms toward the standards of industrialized countries. The convergence is especially visible in the consistent, significant response of output in all the countries examined. Whiletheimpacton inflation isstillhard todetect, empirical analysis highlightsthefact that all price puzzles disappear in stable and credibly inflation-averse monetary-policy regimes (Castelnuovo and Surico, 2006).

Suggested Citation

  • Jérôme Héricourt & Iuliana Matei, 2007. "Transmission de la politique monétaire dans les pays d'E urope centrale et orientale : que savons-nous vraiment ?," Economie & Prévision, La Documentation Française, vol. 0(4), pages 221-238.
    • Handle: RePEc:cai:ecoldc:ecop_180_0221
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    1. MEZUI-MBENG, Pamphile, 2010. "Tramsission de la politique monétaire: le cas des pays de la CEMAC [Monetary policy transmission: the case of the CEMAC]," MPRA Paper 26032, University Library of Munich, Germany.
    2. Boubakri, Salem & Guillaumin, Cyriac, 2011. "Financial integration and currency risk premium in CEECs: Evidence from the ICAPM," Emerging Markets Review, Elsevier, vol. 12(4), pages 460-484.

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