Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/25080
Authors: 
Maćkowiak, Bartosz
Year of Publication: 
2005
Series/Report no.: 
SFB 649 discussion paper 2005,061
Abstract: 
We decompose by origin the sources of the variation in real aggregate output and aggregate price level in the Czech Republic, Hungary and Poland. We find that a sizable fraction of the variation is attributable to external shocks, especially so for aggregate price level. We show that euroarea interest rate shocks can account for a significant fraction of the external spillover effects. We conclude that theoretical models of advanced transition economies and policy rules for these economies should feature a prominent role for external shocks.
Document Type: 
Working Paper

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