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Maćkowiak, Bartosz
Year of Publication: 
Series/Report no.: 
SFB 649 discussion paper 2005,061
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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