PL EN


2008 | 56 | 8 | 745-763
Article title

EXCHANGE RATE AND OUTPUT VULNERABILITY TO MACROECONOMIC SHOCKS IN SELECTED CEECS (SVAR APPROACH)

Authors
Title variants
Languages of publication
SK
Abstracts
EN
After the entry to the European Monetary Union new European Union member countries loose ability to perform sovereign monetary policy. It is usually mentioned that after the euro adoption these countries will not be able to control the potential inflation pressures under the common monetary policy performed by the European central bank. Another key aspect of the euro adoption is the loss of the ability to manage the exchange rate that is considered to be a very useful absorber of the structural shocks that affect the national economy. At the same time the ability of the exchange rate to absorb or stimulate the potential effects of the exogenous structural shocks to the domestic output development could be different among the new European Union member countries. In the paper the author analyzes the impact of the main structural macroeconomic (nominal, demand and supply) shocks to the exchange rates (NEER, REER) and output (real GDP) development in the Visegrad countries in the period 1995-2007 using the structural vector autoregression (SVAR) model.
Contributors
  • R. Mirdala, Ekonomicky ustav SAV, Sancova 56, 811 05 Bratislava 1, Slovak Republic
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
09SKAAAA05561
YADDA identifier
bwmeta1.element.1b60d190-02e6-332e-8871-9e71b138c2fd
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.