Asymmetry of monetary policy in new EU member states tested: Czech National Bank

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A new working paper from the Czech National Bank tests whether monetary policy can be described as asymmetric in three new European Union members (the Czech Republic, Hungary and Poland), which apply an inflation targeting regime.

"Estimated Taylor rules have become popular as a description of monetary policy conduct," says author Bořek Vašíček. "There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rules non-linear."

Two different empirical frameworks are

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