کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5066744 1476793 2015 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Examining asymmetries in the transmission of monetary policy in the euro area: Evidence from a mixed cross-section global VAR model
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Examining asymmetries in the transmission of monetary policy in the euro area: Evidence from a mixed cross-section global VAR model
چکیده انگلیسی

I estimate the transmission of a common euro area monetary policy shock across individual euro area economies. To do so, I develop a global VAR model in which all euro area economies are included individually while, at the same time, their common monetary policy is modelled as a function of euro area aggregate output growth and inflation. The results suggest that the transmission of monetary policy across euro area economies displays asymmetries, and that, in line with economic theory, these are driven by differences in economies׳ structural characteristics. In particular, euro area economies in which a higher share of aggregate output is accounted for by sectors servicing interest rate sensitive demand exhibit a stronger transmission of monetary policy to real activity. Similarly, even though the evidence is less conclusive, euro area economies which feature more real wage and/or fewer unemployment rigidities also appear to display a stronger transmission of monetary policy to real activity.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 75, April 2015, Pages 195-215
نویسندگان
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