Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/184447 
Year of Publication: 
2017
Citation: 
[Journal:] Comparative Economic Research. Central and Eastern Europe [ISSN:] 2082-6737 [Volume:] 20 [Issue:] 4 [Publisher:] De Gruyter [Place:] Warsaw [Year:] 2017 [Pages:] 23-43
Publisher: 
De Gruyter, Warsaw
Abstract: 
This paper is aimed at filling the gap in existing economic research by delivering new evidence on the money-labour nexus in the emerging markets of the non-eurozone Visegrad group countries (i.e. Czech Republic, Hungary and Poland). Analyses are based on the Strucutral VAR (SVAR) models of the monetary transmission mechanism, estimated using monthly data from the 2000:1-2014:2 period. In order to obtain impulse responses, the short-run restrictions set, based on the monetary transmission theory, is imposed. Two different identification schemes are considered. The results confirm that there exists a nexus between monetary policy, employment, and unemployment. According to the obtained estimates monetary policy shocks invoked lagged, hump-shaped reactions of output, employment and unemployment in each of the analysed countries.
Subjects: 
monetary policy
output
employment
unemployment
Visegrad Group countries
Structural Vector Autoregressive models
SVAR
JEL: 
E24
E52
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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