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Vplyv makroekonomických šokov na vývoj menového kurzu a outputu vo vybraných krajinách SVE (v modeli SVAR)

In: Ekonomický časopis/Journal of Economics, vol. 56, no. 8
Rajmund Mirdala

Details:

Year, pages: 2008, 745 - 763
Keywords:
exchange rates, economic shocks, structural vector autoregression, variance decomposition, impulse-response function JEL Classification: C32, F31, F33
Article type: Vedecký / Article
About article:
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 adoption the euro 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 we analyze 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.
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 adoption the euro 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 we analyze 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.
How to cite:
ISO 690:
Mirdala, R. 2008. Vplyv makroekonomických šokov na vývoj menového kurzu a outputu vo vybraných krajinách SVE (v modeli SVAR). In Ekonomický časopis/Journal of Economics, vol. 56, no.8, pp. 745-763. 0013-3035.

APA:
Mirdala, R. (2008). Vplyv makroekonomických šokov na vývoj menového kurzu a outputu vo vybraných krajinách SVE (v modeli SVAR). Ekonomický časopis/Journal of Economics, 56(8), 745-763. 0013-3035.