Convergence of Monetary Transmission in EMU New Evidence
AbstractThis paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We conclude that major differences in pass-through exist in our sample, both in terms of initial as well as long-run responses to policy-induced interest rate changes. There is no indication for convergence of monetary policy transmission.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 465.
Date of creation: 2001
Date of revision:
Monetary transmission; pass-through; interest rate stickiness; EMU;
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