Resource title

How much of the macroeconomic variation in Eastern Europe is attributable to external shocks

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Resource description

We decompose by origin the sources of the variation in real aggregate output and aggregate price level in the Czech Republic, Hungary and Poland. We find that a sizable fraction of the variation is attributable to external shocks, especially so for aggregate price level. We show that euroarea interest rate shocks can account for a significant fraction of the external spillover effects. We conclude that theoretical models of advanced transition economies and policy rules for these economies should feature a prominent role for external shocks.

Resource author

Bartosz Maćkowiak

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Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/25080

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Adapt according to the presented license agreement and reference the original author.