View More View Less
  • 1 University of Split, Split, Croatia
Restricted access

Purchase article

USD  $25.00

1 year subscription (Individual Only)

USD  $700.00

This study explores cross-country variations in the size of the effects of a monetary policy shock on output using the sample of 48 developed and developing countries. The structural vector autoregression model is used to estimate monetary policy effects for each country separately. Based on the estimated impulse responses, we construct a measure of the short-run monetary policy effect on output, which is used as the dependent variable in a cross-country regression. Our results suggest that the effects of monetary policy shock on output are significantly influenced by trade openness, exchange rate regime, correlation with the US and for European countries with the German economy, and the development of the banking sector.

  • Acosta-Ormaechea, S.Coble, D. (2011): Monetary Transmission in Dollarized and Non-Dollarized Economies: The Cases of Chile, New Zealand, Peru and Uruguay. IMF Working Paper, WP/11/87.

    • Search Google Scholar
    • Export Citation
  • Aysun, U.Brady, R.Honig, A. (2013): Financial Frictions and the Strength of Monetary Transmission. Journal of International Money and Finance, Vol. 32(C), pp. 10971119.

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements (2006): 76th Annual Report. Basel, Bank for International Settlements.

  • Bank of England (1999): The Transmission Mechanism of Monetary Policy. The Monetary Policy Committee, Bank of England.

  • Baxter, M.Kouparitsas, M. A. (2005): Determinants of Business Cycle Co-Movement: A Robust Analysis. Journal of Monetary Economics, 52(1): 113157.

    • Search Google Scholar
    • Export Citation
  • Beck, T.Demirgüç-Kunt, A.Levine, R. (2010): Financial Institutions and Markets across Countries and Over Time: The Updated Financial Development and Structure Database. World Bank Economic Review, 24(1): 7792.

    • Search Google Scholar
    • Export Citation
  • Bernanke, B. S. (2007): Globalization and Monetary Policy. Speech at the Fourth Economic Summit, Stanford Institute for Economic Policy Research.

    • Search Google Scholar
    • Export Citation
  • Bhattacharya, R.Patnaik, I.Shah, A. (2011): Monetary Policy Transmission in an Emerging Market Setting. IMF Working Paper, WP/11/5.

    • Search Google Scholar
    • Export Citation
  • Carlino, G. A.DeFina, R. (1998): The Differential Regional Effects of Monetary Policy. Review of Economics and Statistics, 80(4): 572587.

    • Search Google Scholar
    • Export Citation
  • Carlino, G. A.DeFina, R. (1999): The Differential Regional Effects of Monetary Policy: Evidence from the U.S. States. Journal of Regional Science, 39(2): 339358.

    • Search Google Scholar
    • Export Citation
  • Cecchetti, S. G. (1999): Legal Structure, Financial Structure, and Monetary Policy Transmission Mechanism. FRBNY Economic Policy Review, July: 9–28.

    • Search Google Scholar
    • Export Citation
  • Cetorelli, N.Goldberg, L. S. (2012): Banking Globalization and Monetary Transmission. Journal of Finance, 67(5): 18111843.

  • Chinn, M. D.Ito, H. (2006): What Matters for Financial Development? Capital Controls, Institutions, and Interactions. Journal of Development Economics, 81(1): 163192.

    • Search Google Scholar
    • Export Citation
  • Clarida, R.Gertler, M. (1997): How the Bundesbank Conducts Monetary Policy. In: Romer, C. D.Romer, D. H. (eds): Reducing Inflation: Motivation and Strategy. Chicago: University of Chicago Press. pp. 363412.

    • Search Google Scholar
    • Export Citation
  • Cwik, T.Müller, G. J.Wolters, M. H. (2011): Does Trade Integration Alter Monetary Policy Transmission? Journal of Economic Dynamics and Control, 35(4): 545564.

    • Search Google Scholar
    • Export Citation
  • Dornbusch, R.Favero, C. A.Giavazzi, F. (1998): Immediate Challenges for the ECB. Economic Policy, 13(26): 1552.

  • Ehrmann, M.Fratzscher, M. (2009): Global Financial Transmission of Monetary Policy Shocks. Oxford Bulletin of Economics and Statistics, 71(6): 739759.

    • Search Google Scholar
    • Export Citation
  • Ehrmann, M.Fratzscher, M.Rigobon, R. (2011): Stocks, Bonds, Money Markets, and Exchange Rates: Measuring International Financial Transmission. Journal Applied Econometrics, 26(6): 948974.

    • Search Google Scholar
    • Export Citation
  • Elbourne, A.de Haan, J. (2006): Financial Structure and Monetary Policy Transmission in Transition Countries. Journal of Comparative Economics, 34(1): 123.

    • Search Google Scholar
    • Export Citation
  • European Central Bank (2010): Monthly Bulletin May.

  • Frankfurt. Fleming, M. J. (1962): Domestic Financial Policies under Fixed and Floating Exchange Rates. IMF Staff Papers, 9(3): 369379.

    • Search Google Scholar
    • Export Citation
  • Gudmundsson, M. (2008): Financial Globalization: Key Trends and Implications for the Transmission Mechanism of Monetary Policy. Bank for International Settlements paper, No. 39, Basel.

    • Search Google Scholar
    • Export Citation
  • Hausman, J.Wongswan, J. (2011): Global Asset Prices and FOMC Announcements. Journal of International Money and Finance, 30(3): 547571.

    • Search Google Scholar
    • Export Citation
  • Havranek, T.Rusnak, M. (2013): Transmission Lags of Monetary Policy: a Meta-Analysis. International Journal of Central Banking, 9(4): 3975.

    • Search Google Scholar
    • Export Citation
  • Ilzetzki, E. O.Reinhart, C. M.Rogoff, K. (2008): Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold? Mimeo: Harvard University.

    • Search Google Scholar
    • Export Citation
  • Imbs, J. (2006): The Real Effect of Financial Integration. Journal of International Economics, 68(2): 296324.

  • Kamin, S. B. (2010): Financial Globalization and Monetary Policy. Discussion Paper, No. 1002, Washington, D.C.: Board of Governors of the Federal Reserve System.

    • Search Google Scholar
    • Export Citation
  • Kim, S.Roubini, N. (2000): Exchange Rate Anomalies in the Industrial Countries: A Solution with a Structural VAR Approach. Journal Monetary Economics, 45(3): 561586.

    • Search Google Scholar
    • Export Citation
  • Lane, P. R.Milesi-Ferretti, G. M. (2007): The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004. Journal Monetary Economics, 73(2): 223250.

    • Search Google Scholar
    • Export Citation
  • Lewis, J. B.Linzer, D. A (2005): Estimating Regression Models in Which the Dependent Variable is Based on Estimates. Political Analysis, 13(4): 345364.

    • Search Google Scholar
    • Export Citation
  • Meier, S. (2013): Financial Globalization and Monetary Transmission. Globalization and Monetary Policy Institute Working Paper, No. 145, Dallas: Federal Reserve Bank of Dallas.

    • Search Google Scholar
    • Export Citation
  • Meltzer, A. H. (1995): Monetary, Credit and (Other) Transmission Processes: A Monetarist Perspective. Journal of Economic Perspectives, 9(4): 4972.

    • Search Google Scholar
    • Export Citation
  • Mihov, I. (2001): Monetary Policy Implementation and Transmission in the European Monetary Union. Economic Policy, 16(33): 371406.

  • Mishkin, F. S. (1995): Symposium on the Monetary Transmission Mechanism. Journal of Economic Perspectives, 9(4): 310.

  • Mundell, R. A. (1962): The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability. IMF Staff Papers, 9(1): 7079.

    • Search Google Scholar
    • Export Citation
  • Owyang, M. T.Wall, H. J. (2009): Regional VARs and the Channels of Monetary Policy. Applied Economics Letters, 16(12): 11911194.

    • Search Google Scholar
    • Export Citation
  • Sims, C.Zha, T. (2006): Does Monetary Policy Generate Recessions? Macroeconomic Dynamics, 10(2): 231272.

  • Taylor, J. B.Wieland, V. (2012): Surprising Comparative Properties of Monetary Models: Results from a New Model Database. Review of Economics and Statistics, 94(3): 800816.

    • Search Google Scholar
    • Export Citation
  • Woodford, M. (2010): Globalization and Monetary Control. In: Gali, J.Gertler, M. (eds): International Dimension of Monetary Policy. University of Chicago Press, pp. 1377.

    • Search Google Scholar
    • Export Citation
  • Yellen, J. L. (2006): Monetary Policy in a Global Environment. Presentation at the “Euro and the Dollar in a Globalized Economy” Conference, Santa Cruz: University of California Santa Cruz.

    • Search Google Scholar
    • Export Citation
Submit Your Manuscript
 
The author instruction is available in PDF.
Please, download the file from HERE.

 

The description of the refereeing procedure is available in PDF.
Please, download the file from HERE.

 

 

Senior editors

Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

Editorial Board

  • Ádám Török (Chairman) / University of Pannonia; Budapest University of Technology and Economics
  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Beáta Farkas / Faculty of Economics and Business Administration, University of Szeged
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

Advisory Board

  • Ǻslund, Anders, Institute of International Economics, Washington (USA)
  • Kolodko, Grzegorz, Kozminski University, Warsaw (Poland)
  • Mau, Vladimir, Academy of National Economy (Russia)
  • Messerlin, Patrick A, Groupe d’Economie Mondiale (France)
  • Saul Estrin, London School of Economics (UK)
  • Wagener, Hans-Jürgen, Europa Universität Viadrina (Germany)

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary

Indexing and Abstracting Services:

  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index
  • Index Copernicus

 

2020  
Total Cites 275
WoS
Journal
Impact Factor
0,875
Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
Journal Self Cites
5 Year 0,500
Impact Factor
Journal  0,38
Citation Indicator  
Rank by Journal  Economics 347/549 (Q3)
Citation Indicator   
Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
Journal Rank
Scimago Economics and Econometrics Q3
Quartile Score  
Scopus 225/166=1,4
Scite Score  
Scopus Economics and Econometrics 392/661 (Q3)
Scite Score Rank  
Scopus 0,668
SNIP  
Days from  289
submission  
to acceptance  
Days from  447
acceptance  
to publication  

2019  
Total Cites
WoS
212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites
0,728
5 Year
Impact Factor
0,650
Immediacy
Index
0,156
Citable
Items
45
Total
Articles
45
Total
Reviews
0
Cited
Half-Life
3,9
Citing
Half-Life
9,5
Eigenfactor
Score
0,00015
Article Influence
Score
0,052
% Articles
in
Citable Items
100,00
Normalized
Eigenfactor
0,01891
Average
IF
Percentile
28,437
Scimago
H-index
12
Scimago
Journal Rank
0,439
Scopus
Scite Score
214/165=1,3
Scopus
Scite Score Rank
Economics and Econometrics 355/637 (Q3)
Scopus
SNIP
0,989

 

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription fee 2021 Online subsscription: 588 EUR / 732 USD
Print + online subscription: 688 EUR / 860 USD
Subscription fee 2022 Online subsscription: 600 EUR / 750 USD
Print + online subscription: 704 EUR / 880 USD
Subscription Information Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Publication
Programme
2021 Volume 71
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
Founder's
Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)