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Monetary Policy Transmission Mechanisms within the European Monetary Union

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Author Info
Fabrizio Spargoli () (Università Politecnica delle Marche)

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Abstract

The interest in transmission mechanisms has revived since the EMU was established. Within such a heterogeneous framework, in fact, it is fundamental to appraise how the one size fits all monetary policy affects every single member. This paper presents an analysis in this direction through the estimation of a VAR model using nation-wide time series. Furthermore, given that data coverage is now becoming wide enough, it provides a verification of the impulse-response functions structural stability. This paper provides evidence of a structural break for Austria and Germany and of asymmetric effects within the EMU, which are not so big to make the one size fits all monetary policy a challenging task, however.

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File URL: http://www.rivistapoliticaeconomica.it/2005/nov-dic/Spargoli_eng.pdf
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Publisher Info
Article provided by SIPI Spa in its journal Rivista di Politica Economica.

Volume (Year): 95 (2005)
Issue (Month): 6 (November-December)
Pages: 31-68
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Handle: RePEc:rpo:ripoec:v:95:y:2005:i:6:p:31-68

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

References listed on IDEAS
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  1. Maria Demertzis & Andrew Hallett & Ole Rummel, 2000. "Is the European union a natural currency area, or is it held together by policy makers?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 136(4), pages 657-679, December. [Downloadable!] (restricted)
  2. Bernanke, B. & Gertler, M. & Gilchrist, S., 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," Working Papers 98-03, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  3. Marvin J. Barth III & Valerie A. Ramey, 2000. "The Cost Channel of Monetary Transmission," NBER Working Papers 7675, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Ignazio Angeloni & Benoit Mojon & Anil K. Kashyap & Daniele Terlizzese, 2002. "Monetary transmission in the Euro Area: where do we stand?," Working Paper Series 114, European Central Bank. [Downloadable!]
  5. Patinkin, Don, 1969. "The Chicago Tradition, the Quantity Theory, and Friedman," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 46-70, February. [Downloadable!] (restricted)
  6. Sims, Christopher A., 1992. "Interpreting the macroeconomic time series facts : The effects of monetary policy," European Economic Review, Elsevier, vol. 36(5), pages 975-1000, June. [Downloadable!] (restricted)
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  7. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Working Paper Series WP-01-08, Federal Reserve Bank of Chicago. [Downloadable!]
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  8. Alberto Alesina & Vittorio Grilli, 1993. "On the Feasibility of a One or Multi-Speed European Monetary Union," NBER Working Papers 4350, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Robert-Paul Berben & Alberto Locarno & Julian Morgan & Javier Vallés, 2005. "Cross-country differences in monetary policy transmission," Banco de España Working Papers 0502, Banco de España. [Downloadable!]
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  11. Meese, Richard A. & Rogoff, Kenneth, 1983. "Empirical exchange rate models of the seventies : Do they fit out of sample?," Journal of International Economics, Elsevier, vol. 14(1-2), pages 3-24, February. [Downloadable!] (restricted)
  12. Ramana Ramaswamy & Torsten Slok, 1998. "The Real Effects of Monetary Policy in the European Union: What Are the Differences?," IMF Staff Papers, Palgrave Macmillan Journals, vol. 45(2), pages 6. [Downloadable!] (restricted)
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  13. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, vol. 85(3), pages 615-23, June. [Downloadable!] (restricted)
  14. Anil Kashyap & Jeremy C. Stein, 1993. "Monetary Policy and Bank Lending," NBER Working Papers 4317, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  15. Stephen G. Cecchetti, 1995. "Distinguishing theories of the monetary transmission mechanism," Proceedings, Federal Reserve Bank of St. Louis, issue May, pages 83-97. [Downloadable!]
  16. Matteo Ciccarelli & Alessandro Rebucci, 2002. "The Transmission Mechanism of European Monetary Policy: Is There Heterogeneity? Is it Changing over Time?," IMF Working Papers 02/54, International Monetary Fund. [Downloadable!]
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