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The transmission of Monetary Policy in the European Countries

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Author Info
Fernando Barran
Virginie Coudert
Benoit Mojon

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Abstract

This text sets out to identify the sources of possible divergence at the level of the national financial systems, and then seeks to verify econometrically if the real economic responses to a shock in monetary policy are very different from one country to another. The sample covered includes all the European countries for which data were available: Austria, Denmark, Finland, France, Germany, Italy, the Netherlands, Spain, and the United Kingdom.

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Paper provided by CEPII research center in its series Working Papers with number 1996-03.

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Date of creation: Feb 1996
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Handle: RePEc:cii:cepidt:1996-03

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Related research
Keywords: FINANCIAL MARKET; MONETARY POLICY; transmission; interest rate; Europe;

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Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January. [Downloadable!] (restricted)
  2. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 1994. "The effects of monetary policy shocks: evidence from the flow of funds," Proceedings, Federal Reserve Bank of Dallas, issue Apr.
    Other versions:
  3. Carlo Cottarelli & Angeliki Kourelis, 1994. "Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy," IMF Working Papers 94/39, International Monetary Fund.
  4. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 1994. "The Effects of Monetary Policy Shocks: Some Evidence from the Flow of Funds," NBER Working Papers 4699, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Gali, Jordi, 1992. "How Well Does the IS-LM Model Fit Postwar U.S. Data," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 709-38, May. [Downloadable!] (restricted)
  6. Fernando Barran & Virginie Coudert & Benoit Mojon, 1995. "Interest Rates, Banking Spreads and Credit Supply : The Real Effects," Working Papers 1995-01, CEPII research center. [Downloadable!]
    Other versions:
  7. Icard, Andre, 1994. "The transmission of monetary policy in an environment of deregulation and exchange rate stability: The French experience," Journal of Monetary Economics, Elsevier, vol. 33(1), pages 87-103, February. [Downloadable!] (restricted)
  8. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  9. Gertler, Mark & Gilchrist, Simon, 1993. " The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence," Scandinavian Journal of Economics, Blackwell Publishing, vol. 95(1), pages 43-64.
    Other versions:
  10. Anil Kashyap & Jeremy C. Stein, 1993. "Monetary Policy and Bank Lending," NBER Working Papers 4317, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  11. Christina D. Romer and David H. Romer., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Economics Working Papers 89-107, University of California at Berkeley.
    Other versions:
  12. Jappelli, Tullio & Pagano, Marco, 1994. "Saving, Growth, and Liquidity Constraints," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 83-109, February. [Downloadable!] (restricted)
    Other versions:
  13. Friedman, Benjamin M & Kuttner, Kenneth N, 1992. "Money, Income, Prices, and Interest Rates," American Economic Review, American Economic Association, vol. 82(3), pages 472-92, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jerome Sgard, 1996. "Credit crisis and the role of banks during transition:a five-country comparison," Working Papers 1996-08, CEPII research center. [Downloadable!]
  2. Daniel McCoy, & McMahon, Michael, 2000. "Differences in the Transmission of Monetary Policy in the Euro-Area: An Empirical Approach," Research Technical Papers 5/RT/00, Central Bank & Financial Services Authority of Ireland (CBFSAI). [Downloadable!]
  3. Nikolaus A. Siegfried, 2000. "Microeconometric Evidence for a German Credit Channel," Quantitative Macroeconomics Working Papers 20002, Hamburg University, Department of Economics. [Downloadable!]
  4. Ben S. Bernanke & Ilian Mihov, 1996. "What Does the Bundesbank Target?," NBER Working Papers 5764, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Massimo Giuliodori, 2004. "Monetary Policy Shocks and the Role of House Prices Across European Countries," DNB Working Papers 015, Netherlands Central Bank, Research Department. [Downloadable!]
    Other versions:
  6. Giovannetti, Giorgia & Marimon, Ramon, 1998. "An EMU with Different Transmission Mechanisms," CEPR Discussion Papers 2016, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  7. Gerald A. Carlino & Robert DeFina, 1998. "Monetary policy and the U.S. and regions: some implications for European Monetary Union," Working Papers 98-17, Federal Reserve Bank of Philadelphia. [Downloadable!]
  8. Laurence Boone, 1997. "Symmetry and Assymmetry of Supply and Demand Stocks in the European Union : a Dynamic Analysis," Working Papers 1997-03, CEPII research center. [Downloadable!]
  9. Guglielmo Maria Caporale & Alaa M. Soliman, 2005. "The Asymmetric Effects Of A Common Monetary Policy In Europe," Economics and Finance Discussion Papers 05-20, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
  10. Benoit Mojon, 1998. "Monetary Policy under a Fixed Exchange Rate Regime, the Case of France 1987-1996," Working Papers 1998-14, CEPII research center. [Downloadable!]
  11. Nikolaus A. Siegfried, 2000. "Monetary Policy and Investment in Germany," Quantitative Macroeconomics Working Papers 20009, Hamburg University, Department of Economics. [Downloadable!]
    Other versions:
  12. Michael Ehrmann, 2000. "Comparing monetary policy transmission across European countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 136(1), pages 58-83, March. [Downloadable!] (restricted)
  13. Benoit Mojon & Gert Peersman, 2001. "A VAR description of the effects of monetary policy in the individual countries of the Euro area," Working Paper Series 092, European Central Bank. [Downloadable!]
  14. Alam, Tasneem & Waheed, Muhammad, 2006. "The monetary transmission mechanism in Pakistan: a sectoral analysis," MPRA Paper 2719, University Library of Munich, Germany, revised 13 Apr 2007. [Downloadable!]
  15. Matteo M. Iacoviello, 2000. "House prices and the macroeconomy in Europe: results from a structural VAR analysis," Working Paper Series 18, European Central Bank. [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!]
  17. Adam Elbourne & Jakob de Haan, 2004. "Asymmetric Monetary Transmission in EMU: The Robustness of VAR Conclusions and Cecchetti’s Legal Family Theory," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  18. Luigi Guiso & Anil K. Kashyap & Fabio Panetta & Daniele Terlizzese, 2000. "Will a Common European Monetary Policy Have Asymmetric Effects?," Temi di discussione (Economic working papers) 384, Bank of Italy, Economic Research Department. [Downloadable!]
    Other versions:
  19. Ramos, Raul & Clar, Miquel & Surinach, Jordi, 1999. "EMU: some unanswered questions," ERSA conference papers ersa99pa220, European Regional Science Association. [Downloadable!]
  20. Benoît Mojon, 2000. "Financial structure and the interest rate channel of ECB monetary policy," Working Paper Series 40, European Central Bank. [Downloadable!]
  21. Martine Durand, 1999. "Challenges for International Economic Policy Coordination in EMU: Institutional Setting, Financial Market Reactions and the Importance of Systemic Risk," Empirica, Springer, vol. 26(3), pages 281-286, September. [Downloadable!] (restricted)
  22. Benedict J. Clements & Zenon Kontolemis G. & Joaquim Vieira Ferreira Levy, 2001. "Monetary Policy Under EMU: Differences in the Transition Mechanism?," IMF Working Papers 01/102, International Monetary Fund. [Downloadable!]
  23. Matteo Iacoviello, 2002. "House Prices and Business Cycles in Europe: a VAR Analysis," Boston College Working Papers in Economics 540, Boston College Department of Economics. [Downloadable!]
  24. Carlo Altavilla & Luigi Landolfo, 2005. "Cross-country asymmetries in monetary policy transmission: evidence from EMU members," International Review of Applied Economics, Taylor and Francis Journals, vol. 19(1), pages 87-106, January. [Downloadable!] (restricted)
  25. Anil K. Kashyap & Jeremy C. Stein, 1997. "The role of banks in monetary policy: a survey with implications for the European Monetary Union," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 2-18. [Downloadable!]
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