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Economic Research Bulletin (2013, No.1). No. 1, Vol. 11, April 2013, Transmission of Monetary Policy
 Česká národní banka
This edition of the Research Bulletin presents five articles that analyse various important policy issues related to monetary transmission. The first article analyses whether inflation dynamics have changed over time in Central Europe. It finds that the inflation process becomes more forward-looking only if the inflation targeting regime gains in credibility. The second article examines whether central banks in Central Europe carry out monetary policy in an asymmetric manner. The results are mixed, although some evidence for asymmetry with respect to financial instability is found. To prevent instability, central banks prefer looser policy than standard macroeconomic m odels would imply. The third article specifically looks at the monetary transmission changes in the Czech Republic. The results indicate that the reaction of economic agents to monetary policy has increased over time. The fourth article quantitatively surveys the literature on the transmission lags of monetary policy. The economy responds to monetary policy faster in Central and Eastern European EU member countries than in large economies. Greater trade openness and a lower degree of financial development are found to be key factors associated with faster monetary policy transmission. The fifth article quantitatively surveys the literature on how monetary policy affects prices. It shows that empirical studies which find that more restrictive monetary policy fails to deliver price stability are likely to be misspecified. It proposes a general framework that researchers should follow in order to reduce the risks of misspecification of this model.
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