SOURCES OF INFLATION IN TRANSITION ECONOMY: THE CASE OF CROATIA

Valerija Botrić · Boris Cota

16 citations0/0 files storedUniversity of Zagreb University Computing Centre (SRCE)

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Market Dynamics and Volatility

Abstract

The aim of this paper is to study the infl ation generation process in Croatia. Following the estimation strategies of Dibooglu and Kutan (2005.) we estimate a small open economy model, using SVAR estimation approach. The results of the estimated model imply that the infl ation in Croatia is strongly related to the terms of trade and balance of payment shocks. We contrast these results to the reestimated unrestricted VAR model, following the Payne (2002.) estimation strategy. The results of the latter also confirm that monetary shocks have relatively small infl uence on the inflation generation process in Croatia.

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References

2007Identifying the influences of nominal and real rigidities in aggregate price-setting behavior 2005Sources of inflation and output movements in Poland and Hungary: Policy implications for accession to the economic and monetary union 2003Aggregation and euro area Phillips curves 2004New Keynesian Phillips Curves: A Reassessment Using Euro-Area Data

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