Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/22453
Authors: 
Frömmel, Michael
Schobert, Franziska
Year of Publication: 
2006
Series/Report no.: 
Diskussionspapiere des Fachbereichs Wirtschaftswissenschaften, Universität Hannover 341
Abstract: 
We estimate monetary policy rules for six central and eastern European countries (CEEC) by taking changes in the policy settings explicitly into account. Distinguishing rather fixed and more flexible exchange rate arrangements we find that for most countries exchange rates played an important role in monetary policy during the fixed exchange rate regime, whereas their influence disappears after the introduction of floating exchange rate regimes. This indicates that most countries followed their officially announced policy settings. For Slovenia and to some extent for Romania, however, we find evidence for exchange rate targeting, although they officially announced a managed float.
Subjects: 
monetary policy
Taylor rules
transition economies
CEEC
inflation targeting
interest rate policy
JEL: 
P20
E58
E52
Document Type: 
Working Paper

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