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Are Central Banks in CEE Countries Concerned About the Burden of Public Debt?

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dc.abstract.enThe aim of this study is to analyze the monetary policy rules in the Czech Republic, Hungary and Poland, with public debt as an additional explanatory variable. We estimate linear rules by the GMM estimation and non-linear rules, using the Markov-switching model. Our findings suggest that in the Czech Republic and Poland the monetary authorities respond to growing public debt by lowering interest rates, while in Hungary the opposite may be observed. Moreover, we distinguish between passive and active monetary policy regimes and find that the degree of interest rate smoothing is lower and the response of the central banks to inflation and/or output gap is stronger in an active regime. In the passive regime, the output gap seems to be statistically insignificant.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorMackiewicz-Łyziak, Joanna
dc.date.accessioned2024-01-24T16:55:51Z
dc.date.available2024-01-24T16:55:51Z
dc.date.copyright2017-03-09
dc.date.issued2017
dc.description.accesstimeAT_PUBLICATION
dc.description.financeNie dotyczy
dc.description.number1
dc.description.versionFINAL_PUBLISHED
dc.description.volume20
dc.identifier.doi10.1515/CER-2017-0003
dc.identifier.issn1508-2008
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/101093
dc.identifier.weblinkhttps://www.econstor.eu/handle/10419/184424
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofComparative Economic Research-Central and Eastern Europe
dc.relation.pages35-51
dc.rightsCC-BY-NC-ND
dc.sciencecloudnosend
dc.subject.enmonetary policy
dc.subject.engeneral government debt
dc.subject.enTaylor rule
dc.subject.enregime switching
dc.titleAre Central Banks in CEE Countries Concerned About the Burden of Public Debt?
dc.typeJournalArticle
dspace.entity.typePublication