0449955 20240103211121.520151208235959.9 000334185400002 84898717528 10.1007/s00181-013-0699-0 16 s. P cav_un_epca*02930260377-7332463 (2014)827-842Heidelberg Physica monetary transmission Sign restrictions Time-varying parameters cav_un_auth*0215562 Franta M. CZ 33 cav_un_auth*0274257 Horváth Roman Ekonometrie Department of Econometrics E E UTIA-B Department of Econometrics K 34 Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0286935 Rusnák M. CZ 33 http://library.utia.cas.cz/separaty/2015/E/horvath-0449955.pdf GA402/09/0965 GA ČR cav_un_auth*0253176 We investigate the evolution of the monetary policy transmission mechanism in the Czech Republic over the course of the 1996–2010 time period through the use of a time-varying parameters Bayesian vector autoregression model with stochastic volatility. We evaluate whether the response of GDP and the price level to exchange rate or interest rate shocks has changed over time, focusing on the period of the recent financial crisis. Our results suggest that prices have become increasingly responsive to monetary policy shocks. However, in terms of credible intervals, the stability of the monetary policy transmission mechanism in the Czech Republic cannot be rejected. Furthermore, it is demonstrated that the exchange rate pass-through has largely remained stable over time. 2016 AH 3 RVO:67985556 http://hdl.handle.net/11104/0253187 S ECONOMICS|SOCIALSCIENCESMATHEMATICALMETHODS 0.449 0.649 Q1 28.096 30.972 Q3 Q2 2014 84898717528 SCOPUS 000334185400002 WOS cav_un_epca*0293026 Empirical Economics 0377-7332 1435-8921 Roč. 46 č. 3 2014 827 842 Heidelberg Physica