Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212580 
Year of Publication: 
2006
Series/Report no.: 
BOFIT Discussion Papers No. 8/2006
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
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 findings for Central and Eastern Europe are then briefly 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.
Subjects: 
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
Persistent Identifier of the first edition: 
ISBN: 
952-462-824-4
Document Type: 
Working Paper

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