Original scientific paper
Efficiency of the Monetary Transmission Mechanism in Croatia
Velimir Doležal
Full text: croatian pdf 554 Kb
page 27-55
downloads: 1.721
cite
APA 6th Edition
Doležal, V. (2011). Efficiency of the Monetary Transmission Mechanism in Croatia. Privredna kretanja i ekonomska politika, 21 (128), 27-55. Retrieved from https://hrcak.srce.hr/74144
MLA 8th Edition
Doležal, Velimir. "Efficiency of the Monetary Transmission Mechanism in Croatia." Privredna kretanja i ekonomska politika, vol. 21, no. 128, 2011, pp. 27-55. https://hrcak.srce.hr/74144. Accessed 18 May 2024.
Chicago 17th Edition
Doležal, Velimir. "Efficiency of the Monetary Transmission Mechanism in Croatia." Privredna kretanja i ekonomska politika 21, no. 128 (2011): 27-55. https://hrcak.srce.hr/74144
Harvard
Doležal, V. (2011). 'Efficiency of the Monetary Transmission Mechanism in Croatia', Privredna kretanja i ekonomska politika, 21(128), pp. 27-55. Available at: https://hrcak.srce.hr/74144 (Accessed 18 May 2024)
Vancouver
Doležal V. Efficiency of the Monetary Transmission Mechanism in Croatia. Privredna kretanja i ekonomska politika [Internet]. 2011 [cited 2024 May 18];21(128):27-55. Available from: https://hrcak.srce.hr/74144
IEEE
V. Doležal, "Efficiency of the Monetary Transmission Mechanism in Croatia", Privredna kretanja i ekonomska politika, vol.21, no. 128, pp. 27-55, 2011. [Online]. Available: https://hrcak.srce.hr/74144. [Accessed: 18 May 2024]
Full text: english pdf 136 Kb
page 27-55
downloads: 390
cite
APA 6th Edition
Doležal, V. (2011). Efficiency of the Monetary Transmission Mechanism in Croatia. Privredna kretanja i ekonomska politika, 21 (128), 27-55. Retrieved from https://hrcak.srce.hr/74144
MLA 8th Edition
Doležal, Velimir. "Efficiency of the Monetary Transmission Mechanism in Croatia." Privredna kretanja i ekonomska politika, vol. 21, no. 128, 2011, pp. 27-55. https://hrcak.srce.hr/74144. Accessed 18 May 2024.
Chicago 17th Edition
Doležal, Velimir. "Efficiency of the Monetary Transmission Mechanism in Croatia." Privredna kretanja i ekonomska politika 21, no. 128 (2011): 27-55. https://hrcak.srce.hr/74144
Harvard
Doležal, V. (2011). 'Efficiency of the Monetary Transmission Mechanism in Croatia', Privredna kretanja i ekonomska politika, 21(128), pp. 27-55. Available at: https://hrcak.srce.hr/74144 (Accessed 18 May 2024)
Vancouver
Doležal V. Efficiency of the Monetary Transmission Mechanism in Croatia. Privredna kretanja i ekonomska politika [Internet]. 2011 [cited 2024 May 18];21(128):27-55. Available from: https://hrcak.srce.hr/74144
IEEE
V. Doležal, "Efficiency of the Monetary Transmission Mechanism in Croatia", Privredna kretanja i ekonomska politika, vol.21, no. 128, pp. 27-55, 2011. [Online]. Available: https://hrcak.srce.hr/74144. [Accessed: 18 May 2024]
Abstract
This paper analyzes the efficiency of monetary policy transmission through channels of exchange rate, money stock and interest rate on real economic activity and prices in Croatia. Methodology is based on the vector error-correction model (VECM) and Johansen’s cointegration. The results indicate a long-run relation between monetary policy measures on one side and real economic activity and price levels on the other. The strongest long-run channel of monetary transmission is the exchange rate channel, while the channel of money stock is slightly weaker. The results also show an impact of the interest rate channel, which was not the case in earlier studies analyzing its impact on real economic activity.
Keywords
monetary transmission mechanism; VECM model; Johansen’s cointegration; Croatia
Hrčak ID:
74144
URI
https://hrcak.srce.hr/74144
Publication date:
17.11.2011.
Article data in other languages:
croatian
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