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The Real Effects of Monetary Policy in the European Union: What Are the Differences?

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Author Info
Ramana Ramaswamy (International Monetary Fund)
Torsten Slok (International Monetary Fund)

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Abstract

The main finding of this paper is that the European Union (EU) countries fall into two broad groups according to the effects of monetary policy adjustments on economic activity. Estimates based on a vector autoregression model indicate that the full effects of a contractionary monetary shock on output in one group of EU countries (Austria, Belgium, Finland, Germnay, the Netherlands, and the United Kingdon) take roughly twice as long to occur, but are almost twice as deep as in the other group (Denmark, France, Italy, Portugal, Spain, and Sweden). The paper discusses the implication of these results for the effective conduct of monetary policy in the euro arena. Copyright 1998, International Monetary Fund

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File URL: http://www.imf.org/external/pubs/ft/staffp/1998/06-98/pdf/ramaswam.pdf
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Publisher Info
Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 45 (1998)
Issue (Month): 2 ()
Pages: 6
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Handle: RePEc:pal:imfstp:v:45:y:1998:i:2:p:6

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Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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