English, Article edition: AN ANALYSIS OF PRIBOR INTEREST RATES SENSITIVITY TO CHANGES IN CZECH NATIONAL BANK REPO RATE Karel Brůna; Jaroslav BRADA; 130 67 Praque 3 (e-mail: brada@vse.cz; ...

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/198100
Physical Description
  • article
Language
  • English

Edition details

Title
  • AN ANALYSIS OF PRIBOR INTEREST RATES SENSITIVITY TO CHANGES IN CZECH NATIONAL BANK REPO RATE
Author
  • Karel Brůna
  • Jaroslav BRADA
  • 130 67 Praque 3 (e-mail: brada@vse.cz
  • bruna@vse.cz).
Physical Description
  • article
Notes
  • transmission mechanism, repo rate, PRIBOR interest rate, monetary policy, expectation
  • RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:478:p:601-622
  • Since 1980's many central banks have been changing their monetary strategy to explicit inflation targeting. This new monetary concept is based on management of short-term interest rates in the context of relation between inflation prediction and central bank inflation target. Therefore we try to analyze the crucial problems of efficiency of the inflation targeting strategy - the causality and sensitivity between interest rates on Prague interbank market (PRIBOR) and Czech National Bank repo rate. For this purpose we use the framework of expectation theory with the term premium and simple deterministic regression models. We found out that as repo rate was sticky it led to higher volatility of PRIBOR before repo rate change and when the maturity of PRIBOR was increasing the sensitivity of PRIBOR to repo rate changes was strongly decreasing. In our opinion it's the result of at least partial adjustment of PRIBOR before repo rate changes.
  • monetary policy, transmission mechanism, repo rate, PRIBOR interest rate, expectation
Language
  • English
Contributed by
OAIster

Get this edition

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment