Artikel
Euro area monetary policy transmission in Estonia
This paper studies the effect of a monetary policy shock in the euro area on the main Estonian economic and financial variables between 2000 and 2012. Using a standard structural vector autoregression (SVAR) model we find strong and persistent effects on Estonian GDP, private consumption, corporate investment, and imports. A monetary policy shock also has strong and sluggish effects on the housing loan and consumer credit interest rates. The estimated reaction of Estonian GDP and the GDP deflator-based inflation rate is about four times stronger than the reaction of euro area-wide aggregates. The strength of the impact depends on the inclusion of the data from the years of the recent financial and economic crisis.
- Sprache
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Englisch
- Erschienen in
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Journal: Baltic Journal of Economics ; ISSN: 2334-4385 ; Volume: 14 ; Year: 2014 ; Issue: 1-2 ; Pages: 55-77 ; London: Taylor & Francis
- Klassifikation
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Wirtschaft
Business Fluctuations; Cycles
Monetary Policy
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
- Thema
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Estonia
euro area
monetary policy
SVAR
- Ereignis
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Geistige Schöpfung
- (wer)
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Errit, Gertrud
Uusküla, Lenno
- Ereignis
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Veröffentlichung
- (wer)
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Taylor & Francis
- (wo)
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London
- (wann)
-
2014
- DOI
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doi:10.1080/1406099X.2014.980113
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Errit, Gertrud
- Uusküla, Lenno
- Taylor & Francis
Entstanden
- 2014