Arbeitspapier
Heterogeneity in euro-area monetary policy transmission: Results from a large multi-country BVAR model
We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country differences in impulse responses as well as on a battery of other tests, we find real output to respond less negatively in Spain to monetary policy tightening than in the other three countries, while the decline in the price level is weaker in Germany. Bond yields rise more strongly and more persistently in France and Germany than in Italy and Spain.
- ISBN
-
978-3-95729-232-2
- Sprache
-
Englisch
- Erschienen in
-
Series: Bundesbank Discussion Paper ; No. 03/2016
- Klassifikation
-
Wirtschaft
Bayesian Analysis: General
Quantitative Policy Modeling
Monetary Policy
- Thema
-
monetary policy
transmission mechanism
euro area
Bayesian vector autoregression
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Mandler, Martin
Scharnagl, Michael
Volz, Ute
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 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
- Mandler, Martin
- Scharnagl, Michael
- Volz, Ute
- Deutsche Bundesbank
Entstanden
- 2016
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