| By: |
Fabrizio Coricelli;
Balázs Égert;
Ronald MacDonald |
| Abstract: |
This paper surveys recent advances in empirical studies of the monetary
transmission mechanism (MTM), with special attention to Central and Eastern
Europe. In particular, while laying out the functioning of the separate
channels in the MTM, it explores possible interrelations between different
channels and their impact on prices and the real economy. The empirical ndings
for Central and Eastern Europe are then briey compared with results for
industrialized countries, especially for the euro area. We highlight potential
pitfalls in the literature and assess the relative importance, and potential
development, of the different channels, emphasizing the relevant asymmetries
between Central and Eastern European countries and the euro area. |
| Keywords: |
Monetary transmission, transition, Central and Eastern Europe, credit channel, interest rate channel, interest-rate pass-through, exchange rate channel, exchange rate pass-through, asset price channel |
| JEL: |
E31 E51 E58 F31 O11 P20 |
| Date: |
2006–11–01 |
| URL: |
http://d.repec.org/n?u=RePEc:wdi:papers:2006-850&r=fdg |