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

Mackiewicz-Łyziak, Joanna

dc.contributor.author	Mackiewicz-Łyziak, Joanna	en
dc.date.accessioned	2017-03-14T09:30:16Z
dc.date.available	2017-03-14T09:30:16Z
dc.date.issued	2017-03-09	en
dc.identifier.issn	1508-2008	en
dc.identifier.uri	http://hdl.handle.net/11089/20860
dc.description.abstract	The 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.	en
dc.publisher	Wydawnictwo Uniwersytetu Łódzkiego	en
dc.relation.ispartofseries	Comparative Economic Research;20	en
dc.rights	This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.	en
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0	en
dc.subject	monetary policy	en
dc.subject	general government debt	en
dc.subject	Taylor rule	en
dc.subject	regime switching	en
dc.title	Are Central Banks in CEE Countries Concerned about the Burden of Public Debt?	en
dc.page.number	35-51	en
dc.contributor.authorAffiliation	Ph.D., Faculty of Economic Sciences, Warsaw University	en
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dc.contributor.authorEmail	jmackiewicz@wne.uw.edu.pl	en
dc.identifier.doi	10.1515/cer-2017-0003	en

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