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Canaux de transmission de la politique monétaire dans l'UE

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  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Sandrine Levasseur

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

A structural var model is used to investigate the relative importance of interest rate, exchange rate and credit channels in the monetary policy transmission in the Czech Republic, Hungary and Poland between 1995 and 2004. Main results are as follows. First, responses of industrial production to the monetary shocks are fast but are not long-lived. Second, there is no "price-puzzle" per se, but instead an "exchange rate puzzle." Third, the credit channel is not yet very powerful. Over the recent period, the exchange rate and interest rate channels have played a more prominent role in Poland than in the Czech Republic and Hungary: entering emu may thus be more costly for Poland.

Suggested Citation

  • Jérôme Creel & Sandrine Levasseur, 2006. "Canaux de transmission de la politique monétaire dans l'UE," Post-Print hal-03471868, HAL.
    • Handle: RePEc:hal:journl:hal-03471868
    DOI: 10.3917/reco.574.0881
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03471868
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