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首页> 外文期刊>Comparative Economic Research >Are Central Banks in CEE Countries Concerned about the Burden of Public Debt?
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Are Central Banks in CEE Countries Concerned about the Burden of Public Debt?

机译：中东欧国家的中央银行是否担心公共债务负担？

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摘要

The aim of this study is to analyze the monetary policy rules in the Czech Republic, Hungary and Poland, with public debt as an additional explanatory variable. We estimate linear rules by the GMM estimation and non-linear rules, using the Markov-switching model. Our findings suggest that in the Czech Republic and Poland the monetary authorities respond to growing public debt by lowering interest rates, while in Hungary the opposite may be observed. Moreover, we distinguish between passive and active monetary policy regimes and find that the degree of interest rate smoothing is lower and the response of the central banks to inflation and/or output gap is stronger in an active regime. In the passive regime, the output gap seems to be statistically insignificant.
机译：本研究的目的是分析捷克共和国，匈牙利和波兰的货币政策规则，并以公共债务作为补充解释变量。我们使用马尔可夫切换模型通过GMM估计和非线性规则来估计线性规则。我们的发现表明，在捷克共和国和波兰，货币当局通过降低利率来应对不断增加的公共债务，而在匈牙利，情况可能相反。此外，我们区分了被动和主动货币政策制度，发现利率平滑化程度较低，而在主动制度中中央银行对通货膨胀和/或产出缺口的反应较强。在被动体制下，产出差距在统计上似乎微不足道。

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