Arbeitspapier
Asymmetric monetary policy effects in EMU
This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive cross equation tests show that relatively large differences in simulated impulse responses are still consistent with the notion that the transmission mechanism is homogeneous across the three major EMU countries. However, monetary policy impulses show a relatively stronger effect on the output gap in Italy and Germany. Out-of-sample tests do not find a structural break in the transmission mechanisms prior to EMU.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEI Working Paper ; No. B 04-2002
- Klassifikation
-
Wirtschaft
Monetary Policy
Open Economy Macroeconomics
- Thema
-
European Monetary Union
Monetary Policy
Semi-structural modelling
Transmissionsmechanismus
Geldpolitik
Europäische Wirtschafts- und Währungsunion
Schätzung
Frankreich
Deutschland
Italien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Clausen, Volker
Hayo, Bernd
- Ereignis
-
Veröffentlichung
- (wer)
-
Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI)
- (wo)
-
Bonn
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Clausen, Volker
- Hayo, Bernd
- Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI)
Entstanden
- 2002
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