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Is Monetary Policy in New Members States Asymmetric?
Social Science Research Network
Estimated Taylor rules became popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rule nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union (EU) members (the Czech Republic, Hungary and Poland), which apply an inflation targeting regime. Two different empirical frameworks are used: (i) a Generalized Method of Moments (GMM) estimation of modelsdoi:10.2139/ssrn.1727610 fatcat:tjyqddyyhfdefia7lihxrlikpu