Errit, Gertrud; Uusküla, Lenno - Eesti Pank - 2013
This paper studies the effect of a monetary policy shock in the euro area on the main Estonian economic and financial … deflator-based inflation rate is about four times stronger than the reaction of euro area-wide aggregates. The Estonian money … market interest rate (the 3-month Talibor) reacts about twice as strongly as the euro area money market interest rate (the 3 …