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The Asymmetric Effects of a Common Monetary Policy in Europe

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  • Maria Caporale, Guglielmo

    ()
    (Brunel University, London)

  • M. Soliman, Alaa

    ()
    (Leeds Metropolitan University)

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    Abstract

    This paper examines the monetary transmission mechanism in six EU member states. It provides useful empirical evidence for assessing the impact of a common monetary policy in the early stages of EMU, and enables us to form a view on how the regime change represented by EMU is likely to be translated into changes in policy multipliers in the various EU countries. The empirical analysis applies techniques recently developed by Wickens and Motto (2001) for identifying shocks by estimating a VECM for the endogenous variables, and a stationary VAR in first differences for the exogenous variables. Our findings suggest that there are significant differences between EU countries in the transmission mechanism of monetary policy.

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    Bibliographic Info

    Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

    Volume (Year): 24 (2009)
    Issue (Month): ()
    Pages: 455-475

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    Handle: RePEc:ris:integr:0482

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    Web page: http://econo.sejong.ac.kr/
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    Related research

    Keywords: monetary shocks; asymmetries; common monetary policy; identification; VECM; VAR;

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    Cited by:
    1. TRIANDAFIL, Cristina Maria, 2013. "Sustainability of convergence in the context of macro-prudential policies in the European Union," Working Papers of National Institute of Economic Research, National Institute of Economic Research 130618, National Institute of Economic Research.
    2. Crespo-Cuaresma, Jesús & Fernández-Amador, Octavio, 2013. "Business cycle convergence in EMU: A second look at the second moment," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 239-259.
    3. Triandafil, Cristina Maria, 2011. "The Analysis Of The Convergence Criteria. Empirical Perspective In The Context Of The Sustainable Character Highlight," Working Papers of National Institute of Economic Research, National Institute of Economic Research 111205, National Institute of Economic Research.

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