Borys, Magdalena M; Horvath, Roman - William Davidson Institute, University of Michigan - 2008
sensitivity tests, we find that contractionary monetary policy shock has a negative effect on the degree of economic activity and … mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks. Subject to various … data come from single monetary policy regime. There is a rationale in using the real-time output gap instead of current GDP …