Responses to Monetary Policy Shocks in the East and West of Europe: A Comparison
比较了欧元区国家和中东欧新成员国对货币政策冲击的脉冲响应，发现两者大致相似，但新成员国的菲利普斯曲线更陡峭，与高通胀波动一致。
Abstract This paper compares impulse responses to monetary policy shocks in the euro area countries before the EMU and in the New Member States (NMS) from central–eastern Europe. We mitigate the small‐sample problem, which is especially acute for the NMS, by using a Bayesian estimation that combines information across countries. The impulse responses in the NMS are broadly similar to those in the euro area countries. There is some evidence that in the NMS, which have had higher and more volatile inflation, the Phillips curve is steeper than in the euro area countries. This finding is consistent with economic theory. Copyright © 2009 John Wiley & Sons, Ltd.