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Monetary policy implementation and transmission in the European Monetary Union

Identifieur interne : 008946 ( Main/Curation ); précédent : 008945; suivant : 008947

Monetary policy implementation and transmission in the European Monetary Union

Auteurs : Ilian Mihov

Source :

Economic Policy [ 0266-4658 ] ; 2001-10.

RBID : ISTEX:F5303610F3A02B8A28EA787F9E8941B4D5928B49

Descripteurs français

Wicri :
- topic : Euro.

English descriptors

KwdEn :
- Etween, Etween impulse responses, Euro, Eviewd, Figures report, Fter, Heterogeneity, Hillips, Homson index, Howeverd, Impulse response, Iwwuaf, Iwwva, Iwwvaf, Iwwwa, Iwwwaf, Money growth, Nited, Nking, Nking systemd, Ommon, Onditions, Onsistent, Other wordsd, Ould, Ountries, Ountriesd, Ountriesf, Ountry, Oursed, Output responses, Outputf, Pigure, Prom, Quarters pigure, Redit, Regime shift, Ross regions, Shorteterm, Shorteterm interest, Svsex, Svsex wsry, Tions, Tivity, Unionf, Urrent, Usiness, Wsry, Xotesx, Yvsg.
Teeft :
- Etween, Etween impulse responses, Euro, Eviewd, Figures report, Fter, Heterogeneity, Hillips, Homson index, Howeverd, Impulse response, Iwwuaf, Iwwva, Iwwvaf, Iwwwa, Iwwwaf, Money growth, Nited, Nking, Nking systemd, Ommon, Onditions, Onsistent, Other wordsd, Ould, Ountries, Ountriesd, Ountriesf, Ountry, Oursed, Output responses, Outputf, Pigure, Prom, Quarters pigure, Redit, Regime shift, Ross regions, Shorteterm, Shorteterm interest, Svsex, Svsex wsry, Tions, Tivity, Unionf, Urrent, Usiness, Wsry, Xotesx, Yvsg.

Abstract

I discuss possible problems engendered by loss of national monetary policies, and study them from three empirical perspectives. First, are business cycles sufficiently synchronized across EMU member countries? The evidence suggests that economic activity in those countries has become increasingly correlated in the 1990s, and that policy co–ordination has played a role in generating that outcome. Second, are there asymmetries in the mechanisms through which policy affects economic activity? The paper documents that policy transmission was indeed heterogeneous in the member countries, and that structural and financial factors were sensibly related to cross–country differences in the response of output to a monetary policy shock. Third, how is policy implemented in an environment of diverse business cycle fundamentals and transmission mechanisms? Estimation of monetary policy reaction functions finds that the European Central Bank is closer to an aggregate of the central banks in Germany, France, and Italy than to the Bundesbank alone.

Url:

https://api.istex.fr/document/F5303610F3A02B8A28EA787F9E8941B4D5928B49/fulltext/pdf

DOI: 10.1111/1468-0327.00079

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Ilian Mihov

<affiliation><wicri:noCountry code="subField">Fontainebleau</wicri:noCountry>
</affiliation>

Le document en format XML

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<front><div type="abstract" xml:lang="en">I discuss possible problems engendered by loss of national monetary policies, and study them from three empirical perspectives. First, are business cycles sufficiently synchronized across EMU member countries? The evidence suggests that economic activity in those countries has become increasingly correlated in the 1990s, and that policy co–ordination has played a role in generating that outcome. Second, are there asymmetries in the mechanisms through which policy affects economic activity? The paper documents that policy transmission was indeed heterogeneous in the member countries, and that structural and financial factors were sensibly related to cross–country differences in the response of output to a monetary policy shock. Third, how is policy implemented in an environment of diverse business cycle fundamentals and transmission mechanisms? Estimation of monetary policy reaction functions finds that the European Central Bank is closer to an aggregate of the central banks in Germany, France, and Italy than to the Bundesbank alone.</div>
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Monetary policy implementation and transmission in the European Monetary Union

Monetary policy implementation and transmission in the European Monetary Union

Source :

Descripteurs français

English descriptors

Abstract

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