Theoretical and Applied Economics
No. 2 / 2014 (591)
Global financial crisis-driven mutations affecting the transmission mechanism customized to monetary policy strategies. A VAR, SVAR and BVAR approach
“Alexandru Ioan Cuza”, University of Iaşi
Abstract. This paper analyzes the transmission mechanisms of monetary policy in the Central and Eastern European (CEE) countries on the road to euro adoption depending on the monetary policy strategies used by the national central banks (CBs). The scientific construction of the paper is based on three methods: vector autoregressive (VAR), structural vector autoregressive (SVAR) and Bayesian techniques-estimated vector autoregressive (BVAR). The main results have indicated: 1) lack of similarity of the transmission mechanism, a high degree of heterogeneity in the transmission of monetary policy impulses indicated in all three cases subject to analysis: speed, persistence and amplitude, 2) an increase in the speed of monetary policy shocks transmission, a decrease in the amplitude of monetary policy shock impact and a reduction (or the maintaining at a similar level) of the persistence of monetary policy shock effects subsequent to the global financial crisis, regardless of the monetary policy strategy used.
Contents
Sovereign wealth funds, catalyzers for global financial markets
Manipulative marketing: persuasion and manipulation of the consumer through advertising
Global financial crisis-driven mutations affecting the transmission mechanism customized to monetary policy strategies. A VAR, SVAR and BVAR approach
Examining Public Private Partnerships in ASEAN countries: the role of investment climate
The financial auditor’s credibility in postcrisis economic policies
The implications of the economic crisis on public old age pension spending in European countries
Fiscal consolidation through fiscal rules?
The effects of bureaucracy over the business environment from Romania