Arbeitspapier
The monetary transmission mechanism in the euro area: more evidence from VAR analysis
This paper applies the identified VAR methodology to synthetic euro area data from 1980 till 1998 to study the macro-economic effects of an unexpected change in monetary policy in the euro area. The focus is on the area-wide monetary transmission. It is shown that the overall macro-economic effects of a monetary policy shock in the euro area are very similar to those estimated for the United States and are surprisingly stable over time. In addition, the paper contains a number of robustness checks with alternative identification schemes and examines how various real and financial variables (such as the GDP or money components) respond to an area-wide monetary policy impulse
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 91
- Klassifikation
-
Wirtschaft
Monetary Policy
- Thema
-
monetary transmission mechanism
vector autoregressions
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Peersman, Gert
Smets, Frank
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Peersman, Gert
- Smets, Frank
- European Central Bank (ECB)
Entstanden
- 2001