Monetary Transmission in Central and Eastern Europe: Gliding on a Wind of Change

Fabrizio Coricelli, Balázs Égert and Ronald MacDonald

Focus on European Economic Integration, 2006, issue 1, 44-87

Abstract: This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe (CEE). In particular, while laying out the functioning of the separate channels in the MTM, it explores possible interrelations between different channels through which they may amplify or attenuate each others’ impact on prices and the real economy. The empirical findings for CEE 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 transmission channels, emphasizing the relevant asymmetries between Central and Eastern European countries (CEECs) and the euro area.

Date: 2006
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