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

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