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dc.contributor.authorZiegler, Christinaen
dc.date.accessioned2012-03-05-
dc.date.accessioned2012-03-08T10:30:11Z-
dc.date.available2012-03-08T10:30:11Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/55847-
dc.description.abstractMonetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act time-inconsistently and switch from the announced inflation target to an exchange rate target in order to sustain higher output via surprise inflation. If market participants discover the time-inconsistency, they will adjust their inflation expectations, which result in higher average rates of price increases. The time-inconsistent behavior in central bank interest rate setting is modeled by several Taylor rules. An empirical application provides evidence that some monetary authorities in CEE such as the Czech Republic and Slovakia have acted timeinconsistent and have focused on the exchange rate in periods of official inflation targeting, which might have contributed to higher average rates of inflation and welfare losses. Furthermore, uncertainty in wage determination process has risen due to a harder predictability of productivity and inflation as components of future nominal wages.en
dc.language.isoengen
dc.publisher|aUniversität Leipzig, Wirtschaftswissenschaftliche Fakultät |cLeipzigen
dc.relation.ispartofseries|aWorking Paper |x104en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.jelF31en
dc.subject.jelO52en
dc.subject.jelP20en
dc.subject.ddc330en
dc.subject.keywordmonetary policyen
dc.subject.keywordTaylor rulesen
dc.subject.keywordexchange rate regimeen
dc.subject.keywordCentral and Eastern Europeen
dc.subject.keywordinflation targetingen
dc.subject.stwGeldpolitiken
dc.subject.stwZeitkonsistenzen
dc.subject.stwTaylor-Regelen
dc.subject.stwInflation Targetingen
dc.subject.stwWechselkurssystemen
dc.subject.stwWirkungsanalyseen
dc.subject.stwInflationen
dc.subject.stwWohlfahrtseffekten
dc.subject.stwOstmitteleuropaen
dc.subject.stwOsteuropaen
dc.titleMonetary policy under alternative exchange rate regimes in Central and Eastern Europe-
dc.typeWorking Paperen
dc.identifier.ppn687930391en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:leiwps:104en

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