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

Language
Englisch

Bibliographic citation
Series: ECB Working Paper ; No. 91

Classification
Wirtschaft
Monetary Policy
Subject
monetary transmission mechanism
vector autoregressions

Event
Geistige Schöpfung
(who)
Peersman, Gert
Smets, Frank
Event
Veröffentlichung
(who)
European Central Bank (ECB)
(where)
Frankfurt a. M.
(when)
2001

Handle
Last update
10.03.2025, 11:42 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Peersman, Gert
  • Smets, Frank
  • European Central Bank (ECB)

Time of origin

  • 2001

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