sensitivity tests, we find that contractionary monetary policy shock has a negative effect on the degree of economic activity and …-1161. Barro, R. (1972): A Theory of Monopolistic Price Adjustment, Review of Economic Studies, pp. 17- 26. Barth, M.J. and V … Monetary Transmission Mechanism: A VAR Approach, Federal Reserve Bank of San Francisco Economic Policy Review, 8/1, pp. 97 …

sensitivity tests, we find that contractionary monetary policy shock has a negative effect on the degree of economic activity and …-1161. Barro, R. (1972): A Theory of Monopolistic Price Adjustment, Review of Economic Studies, pp. 17- 26. Barth, M.J. and V … Monetary Transmission Mechanism: A VAR Approach, Federal Reserve Bank of San Francisco Economic Policy Review, 8/1, pp. 97 …

th Macro Workshop, Czech Economic Association Annual Conference, the Deutsche Bundesbank, Inflation Persistence … Data, Review of Economic Dynamics, pp. 613-641. Barro, R. (1972): A Theory of Monopolistic Price Adjustment, Review of …): Inflation, Price Dispersion and Market Structure, European Economic Review, forthcoming. Calvo, G. (1983): Staggered Pricing …

th Macro Workshop, Czech Economic Association Annual Conference, the Deutsche Bundesbank, Inflation Persistence … Data, Review of Economic Dynamics, pp. 613-641. Barro, R. (1972): A Theory of Monopolistic Price Adjustment, Review of …): Inflation, Price Dispersion and Market Structure, European Economic Review, forthcoming. Calvo, G. (1983): Staggered Pricing …

Empirical Evidence Roman Horváth* Czech National Bank and Institute of Economic Studies, Charles University, Prague … Kamila Koprnická Czech National Bank and Institute of Economic Studies, Charles University, Prague Abstract In … Economic Review, 66-84. European Central Bank (1999) Inflation Differentials in a Monetary Union, European Central Bank …