The Transmission Mechanism of European Monetary Policy: Is there Heterogeneity? Is it Changing Over Time?
This paper investigates the transmission mechanism of monetary policy in the four largest euro area countries by means Bayesian estimation of dynamic econometric models. Based on pre-EMU evidence from Germany, France, Italy, and Spain, we show that: (i) there are differences in the timing of the eff...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2002
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Schriftenreihe: | IMF Working Papers
Working Paper No. 02/54 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper investigates the transmission mechanism of monetary policy in the four largest euro area countries by means Bayesian estimation of dynamic econometric models. Based on pre-EMU evidence from Germany, France, Italy, and Spain, we show that: (i) there are differences in the timing of the effects of monetary policy on economic activity, but their cumulative impact after two years is rather homogeneous; (ii) the transmission mechanism seems to have changed over time in the run-up to EMU but its degree of heterogeneity has not decreased; (iii) the ""European-wide"" effects of monetary policy may have become faster in the second half of the 1990s. We interpret this evidence by conjecturing that the transmission mechanism of monetary policy had already become relatively homogenous in the second part of the 1990s |
Beschreibung: | 1 Online-Ressource (42 p) |
ISBN: | 1451847521 9781451847529 |
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index_date | 2024-07-03T20:13:25Z |
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spelling | Ciccarelli, Matteo Verfasser aut The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? Ciccarelli, Matteo Washington, D.C International Monetary Fund 2002 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 02/54 This paper investigates the transmission mechanism of monetary policy in the four largest euro area countries by means Bayesian estimation of dynamic econometric models. Based on pre-EMU evidence from Germany, France, Italy, and Spain, we show that: (i) there are differences in the timing of the effects of monetary policy on economic activity, but their cumulative impact after two years is rather homogeneous; (ii) the transmission mechanism seems to have changed over time in the run-up to EMU but its degree of heterogeneity has not decreased; (iii) the ""European-wide"" effects of monetary policy may have become faster in the second half of the 1990s. We interpret this evidence by conjecturing that the transmission mechanism of monetary policy had already become relatively homogenous in the second part of the 1990s Online-Ausg Rebucci, Alessandro Sonstige oth http://elibrary.imf.org/view/IMF001/07352-9781451847529/07352-9781451847529/07352-9781451847529.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Ciccarelli, Matteo The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? |
title | The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? |
title_auth | The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? |
title_exact_search | The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? |
title_exact_search_txtP | The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? |
title_full | The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? Ciccarelli, Matteo |
title_fullStr | The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? Ciccarelli, Matteo |
title_full_unstemmed | The Transmission Mechanism of European Monetary Policy Is there Heterogeneity? Is it Changing Over Time? Ciccarelli, Matteo |
title_short | The Transmission Mechanism of European Monetary Policy |
title_sort | the transmission mechanism of european monetary policy is there heterogeneity is it changing over time |
title_sub | Is there Heterogeneity? Is it Changing Over Time? |
url | http://elibrary.imf.org/view/IMF001/07352-9781451847529/07352-9781451847529/07352-9781451847529.xml |
work_keys_str_mv | AT ciccarellimatteo thetransmissionmechanismofeuropeanmonetarypolicyisthereheterogeneityisitchangingovertime AT rebuccialessandro thetransmissionmechanismofeuropeanmonetarypolicyisthereheterogeneityisitchangingovertime |