Following the Optimum Currency Areas approach, asymmetric shocks play a fundamental role to determine the benefits and the costs derived from the establishment of a monetary area. In this sense, some recent studies show that an important reduction in the level of the asymmetries of the shocks in real terms in the last years between the European countries has been produced as a result of the major coordination of the economic policies and the approximation of the productive structures. However, an important question in the new economic scene, and not enough considered in the recent literature, is the possible destabilization role of the common monetary policy derived from differences in monetary policy transmission mechanisms in the different Euro Zone countries and regions. In this paper, we consider this question from a theoretical point of view and we analyse empirically the existence of regional differences in the effects of the monetary policy for the Spanish case with the aim of identifying the most important factors of this asymmetry at the European level.
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Paper provided by Universitat de Barcelona. Espai de Recerca en Economia in its series Working Papers in Economics with number
76.
Length: 38 pages Date of creation: 2002 Date of revision: Handle: RePEc:bar:bedcje:200276
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Find related papers by JEL classification: F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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