Structural changes in Central and Eastern European economies: breaking news or breaking the ice?

Abstract

This paper extends the sparse existing literature on structural breaks in emerging markets in Central and Eastern Europe by analyzing structural breaks in the intercept, trend and variance of monthly key macroeconomic variables, such as industrial production, inflation, monetary aggregates, nominal exchange rates and series related to the labor market.

Keywords

• Central and Eastern European (CEE) countries
• multiple structural breaks
• volatility