کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067754 1372633 2006 40 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Has the transmission mechanism of European monetary policy changed in the run-up to EMU?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Has the transmission mechanism of European monetary policy changed in the run-up to EMU?
چکیده انگلیسی

This paper studies empirically the transmission mechanism of European monetary policy by means of time-varying, heterogeneous coefficient models estimated in a numerical Bayesian fashion. Based on pre-European Monetary Union evidence from Germany, France, Italy, and Spain, we find that (i) the long-run cumulative impact on output of a common, homoskedastic monetary policy shock has decreased in all countries after 1991. These declines are statistically significant and accompanied by some changes in the conduct of monetary policy over the same period. At the same time, we also find that (ii) cross-country differences in the effects of this shock have not decreased over time.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 50, Issue 3, April 2006, Pages 737-776
نویسندگان
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