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
Englisch

Erschienen in
Journal: Baltic Journal of Economics ; ISSN: 2334-4385 ; Volume: 14 ; Year: 2014 ; Issue: 1-2 ; Pages: 55-77 ; London: Taylor & Francis

Klassifikation
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
Estonia
euro area
monetary policy
SVAR

Ereignis
Geistige Schöpfung
(wer)
Errit, Gertrud
Uusküla, Lenno
Ereignis
Veröffentlichung
(wer)
Taylor & Francis
(wo)
London
(wann)
2014

DOI
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

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