Der Wechselkurs ist einer der Schlüsselpreise in jeder Volkswirtschaft. Er übt einen wichtigen Einfluss auf viele wichtige makroökonomische Variablen aus, indem er unmittelbar das Verhalten und den Entscheidungsprozess der Wirtschaftsagenten wie der Haushalte, Unternehmen, Regierungen und...

This study investigates exchange rate movements in the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) and in the Exchange Rate Mechanism II (ERM-II). On the basis of Bessec (2003), we set up a three-regime self-exciting threshold autoregressive model (SETAR) with a...

The characteristics of the interest rate pass-through in the Czech Republic, Hungary and Poland are studied making use of autoregressive distributed lags (ARDL) models. Significant differences are found across market interest rates and countries concerning long-run elasticities of market...