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Izvorni znanstveni članak
MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES
Nataša Erjavec
orcid.org/0000-0002-0943-2198
; Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia
Boris Cota
orcid.org/0000-0002-1349-6880
; Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia
Saša Jakšić
orcid.org/0000-0003-4681-4280
; Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia
| Puni tekst: engleski, pdf (125 KB) | str. 300-309 | citiraj | |
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APA 6th Edition Erjavec, N., Cota, B. i Jakšić, S. (2012). MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES. Croatian Operational Research Review, 3 (1), 300-309. Preuzeto s https://hrcak.srce.hr/96893 MLA 8th Edition Erjavec, Nataša, et al. "MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES." Croatian Operational Research Review, vol. 3, br. 1, 2012, str. 300-309. https://hrcak.srce.hr/96893. Citirano 23.01.2020. Chicago 17th Edition Erjavec, Nataša, Boris Cota i Saša Jakšić. "MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES." Croatian Operational Research Review 3, br. 1 (2012): 300-309. https://hrcak.srce.hr/96893 Harvard Erjavec, N., Cota, B., i Jakšić, S. (2012). 'MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES', Croatian Operational Research Review, 3(1), str. 300-309. Preuzeto s: https://hrcak.srce.hr/96893 (Datum pristupa: 23.01.2020.) Vancouver Erjavec N, Cota B, Jakšić S. MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES. Croatian Operational Research Review [Internet]. 2012 [pristupljeno 23.01.2020.];3(1):300-309. Dostupno na: https://hrcak.srce.hr/96893 IEEE N. Erjavec, B. Cota i S. Jakšić, "MONETARY SHOCKS AND REAL EXCHANGE RATE FLUCTUATIONS IN CEE COUNTRIES", Croatian Operational Research Review, vol.3, br. 1, str. 300-309, 2012. [Online]. Dostupno na: https://hrcak.srce.hr/96893. [Citirano: 23.01.2020.] |
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Sažetak
The aim of this paper is to investigate the role of the exchange rate regime in absorbing macroeconomic shocks for a group of Central and East European countries (CEE). Whether the flexible exchange rate regime is beneficial for an economy depends on the capacity of the exchange rate to act as a shock absorber. An appropriate framework for assessing the role of the exchange rate is a structural vector autoregressive (SVAR) model. Impact of two types of macroeconomic shocks is estimated: nominal and real. The shocks are identified on the basis of Blanchard-Quah long run identification scheme which means that the restrictions are imposed on the long run responses while the short run dynamics is kept unrestricted. The importance of nominal and real shocks is assessed using the variance decomposition and the impulse response functions.
Ključne riječi
SVAR; blanchard-quah decomposition; impulse response function; macroeconomic shocks
Hrčak ID: 96893
URI
https://hrcak.srce.hr/96893
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