Monetary policy implementation and transmission in the European Monetary Union
Identifieur interne : 008C76 ( Main/Merge ); précédent : 008C75; suivant : 008C77Monetary policy implementation and transmission in the European Monetary Union
Auteurs : Ilian MihovSource :
- Economic Policy [ 0266-4658 ] ; 2001-10.
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:
DOI: 10.1111/1468-0327.00079
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ISTEX:F5303610F3A02B8A28EA787F9E8941B4D5928B49Le document en format XML
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<sourceDesc><biblStruct><analytic><title level="a" type="main">Monetary policy implementation and transmission in the European Monetary Union</title>
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<term>Figures report</term>
<term>Fter</term>
<term>Heterogeneity</term>
<term>Hillips</term>
<term>Homson index</term>
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<term>Impulse response</term>
<term>Iwwuaf</term>
<term>Iwwva</term>
<term>Iwwvaf</term>
<term>Iwwwa</term>
<term>Iwwwaf</term>
<term>Money growth</term>
<term>Nited</term>
<term>Nking</term>
<term>Nking systemd</term>
<term>Ommon</term>
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<term>Onsistent</term>
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<term>Ould</term>
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<term>Ountriesd</term>
<term>Ountriesf</term>
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<term>Oursed</term>
<term>Output responses</term>
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<term>Pigure</term>
<term>Prom</term>
<term>Quarters pigure</term>
<term>Redit</term>
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<term>Ross regions</term>
<term>Shorteterm</term>
<term>Shorteterm interest</term>
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<term>Svsex wsry</term>
<term>Tions</term>
<term>Tivity</term>
<term>Unionf</term>
<term>Urrent</term>
<term>Usiness</term>
<term>Wsry</term>
<term>Xotesx</term>
<term>Yvsg</term>
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<term>Figures report</term>
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<term>Heterogeneity</term>
<term>Hillips</term>
<term>Homson index</term>
<term>Howeverd</term>
<term>Impulse response</term>
<term>Iwwuaf</term>
<term>Iwwva</term>
<term>Iwwvaf</term>
<term>Iwwwa</term>
<term>Iwwwaf</term>
<term>Money growth</term>
<term>Nited</term>
<term>Nking</term>
<term>Nking systemd</term>
<term>Ommon</term>
<term>Onditions</term>
<term>Onsistent</term>
<term>Other wordsd</term>
<term>Ould</term>
<term>Ountries</term>
<term>Ountriesd</term>
<term>Ountriesf</term>
<term>Ountry</term>
<term>Oursed</term>
<term>Output responses</term>
<term>Outputf</term>
<term>Pigure</term>
<term>Prom</term>
<term>Quarters pigure</term>
<term>Redit</term>
<term>Regime shift</term>
<term>Ross regions</term>
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<term>Shorteterm interest</term>
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<term>Tivity</term>
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<term>Usiness</term>
<term>Wsry</term>
<term>Xotesx</term>
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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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