This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Are the effects of monetary policy in the euro area greater in recessions than in booms? Author info | Abstract | Publisher info | Download info | Related research | Statistics Frank Smets () (European Central Bank, Kaiserstrasse 29, Postfach 16 03 19, 60066 Frankfurt am Main, Germany. )
Gert Peersman () (Ghent University - Department of Financial Economics, W. Wilsonplein 5D, Ghent 9000, Belgium. )
Additional information is available for the following
registered author(s):
This paper investigates whether monetary policy impulses have asymmetric effects on output growth in seven countries of the euro area (Germany, France, Italy, Spain, Austria, Belgium and the Netherlands). First, it is shown that these seven countries share the same business cycle. Next, strong evidence is presented that area-wide monetary policy impulses, measured as the contribution of monetary policy shocks to the short-term interest rate in a simple VAR for the euro area economy, have significantly larger effects on output growth in recessions than in booms. These differences are most pronounced in Germany, France, Italy, Spain, and Belgium while they are much smaller in Austria and the Netherlands. JEL Classification: E4; E5.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by European Central Bank in its series Working Paper Series with number
052.
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Length: 30 pages
Date of creation: Mar 2001Date of revision:
Handle: RePEc:ecb:ecbwps:20010052Contact details of provider: Postal: Postfach 16 03 19, Frankfurt am Main, Germany Phone: +49 69 1344 0 Fax: +49 69 1344 6000 Web page: http://www.ecb.europa.eu/home/html/index.en.html More information through EDIRC
Order Information: Postal: Press and Information Division, European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany Email:
For technical questions regarding this item, or to correct its listing, contact: (Official Publications).
Keywords: Monetary transmission mechanism euro area. Other versions of this item:
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.: Garcia, R. & Schaller, H., 1995.
"Are the Effects of Monetary Policy Asymmetric? ,"
Cahiers de recherche
9505, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
Other versions:
Garcia, R. & Schaller, H., 1995.
"Are the Effects of Monetary Policy Asymmetric? ,"
Cahiers de recherche
9505, Universite de Montreal, Departement de sciences economiques.
[Downloadable!] René Garcia & Huntley Schaller, 1999.
"Are the Effects of Monetary Policy Asymmetric? ,"
Carleton Economic Papers
99-17, Carleton University, Department of Economics.
[Downloadable!] René Garcia & Huntley Schaller, 1995.
"Are the Effects of Monetary Policy Asymmetric? ,"
CIRANO Working Papers
95s-06, CIRANO.
[Downloadable!] Artis, M. & Krolzig, H.-M. & Toro, J., 1999.
"The European Business Cycle ,"
Economics Working Papers
eco99/24, European University Institute.
Other versions:
Artis, Michael J & Krolzig, Hans-Martin & Toro, Juan, 1999.
"The European Business Cycle ,"
CEPR Discussion Papers
2242, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Mike Artis & Hans-Martin Krolzig & Juan Toro, 2002.
"The European Business Cycle ,"
Economic Working Papers at Centro de Estudios Andaluces
E2002/19, Centro de Estudios Andaluces.
[Downloadable!] Mike Artis & Hans-Martin Krolzig & Juan Toro, 2004.
"The European business cycle ,"
Oxford Economic Papers ,
Oxford University Press, vol. 56(1), pages 1-44, January.
Hamilton, James D & Perez-Quiros, Gabriel, 1996.
"What Do the Leading Indicators Lead? ,"
Journal of Business ,
University of Chicago Press, vol. 69(1), pages 27-49, January.
[Downloadable!] (restricted)
Other versions: Kakes, Jan, 1998.
"Monetary transmission and business cycle asymmetry ,"
Research Report
98C36, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
[Downloadable!]
Laurence Ball & N. Gregory Mankiw, 1994.
"Asymmetric Price Adjustment and Economic Fluctuations ,"
NBER Working Papers
4089, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Ball, L. & Mankiw, N.G., 1992.
"Asymmetric Price Adjustment and Economic Fluctuations ,"
Harvard Institute of Economic Research Working Papers
1602, Harvard - Institute of Economic Research.
Ball, Laurence & Mankiw, N Gregory, 1994.
"Asymmetric Price Adjustment and Economic Fluctuations ,"
Economic Journal ,
Royal Economic Society, vol. 104(423), pages 247-61, March.
[Downloadable!] (restricted)
Full
references 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.)
A. Olmedo, 2002.
"Asymmetries in the Central Bank Behaviour ,"
THEMA Working Papers
2002-06, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
[Downloadable!]
Bartosz Mackowiak, 2005.
"How much of the Macroeconomic Variation in Eastern Europe is Attributable to External Shocks? ,"
SFB 649 Discussion Papers
SFB649DP2005-061, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
[Downloadable!]
Other versions: Babutsidze, Zakaria, 2006.
"(S,s) Pricing: Does the Heterogeneity Wipe Out the Asymmetry on Micro Level? ,"
UNU-MERIT Working Paper Series
033, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology.
[Downloadable!]
W.A. Bruinshoofd & B. Candelon, 2004.
"Nonlinear monetary policy in europe: fact or myth? ,"
WO Research Memoranda (discontinued)
758, Netherlands Central Bank, Research Department.
[Downloadable!]
Other versions: Paolo Surico, 2003.
"How does the ECB target inflation? ,"
Macroeconomics
0305005, EconWPA.
[Downloadable!]
Other versions: Baele, L., 2003.
"Volatility spillover effects in European equity markets ,"
Discussion Paper
114, Tilburg University, Center for Economic Research.
[Downloadable!]
Other versions: Baele, Lieven, 2003.
"Volatility Spillover Effects in European Equity Markets: Evidence from a Regime Switching Model ,"
EIFC - Technology and Finance Working Papers
33, United Nations University, Institute for New Technologies.
[Downloadable!]
Eickmeier, Sandra, 2006.
"Comovements and heterogeneity in the Comovements and heterogeneity in the dynamic factor model ,"
Discussion Paper Series 1: Economic Studies
2006,31, Deutsche Bundesbank, Research Centre.
[Downloadable!]
Luc Aucremanne & Guy Brys & Mia Hubert & Peter J. Rousseeuw & Anja Struyf, 2002.
"Inflation, relative prices and nominal rigidities ,"
Research series
200205-1, National Bank of Belgium.
[Downloadable!]
Gert Peersam & Frank Smets, 2002.
"The industry effects of monetary policy in the Euro area ,"
Working Paper Series
165, European Central Bank.
[Downloadable!]
Other versions: Eickmeier, Sandra & Breitung, Jörg, 2005.
"How synchronized are central and east European economies with the euro area? : Evidence from a structural factor model ,"
Discussion Paper Series 1: Economic Studies
2005,20, Deutsche Bundesbank, Research Centre.
[Downloadable!]
Eickmeier, Sandra, 2004.
"Business Cycle Transmission from the US to Germany : a Structural Factor Approach ,"
Discussion Paper Series 1: Economic Studies
2004,12, Deutsche Bundesbank, Research Centre.
[Downloadable!]
Other versions: Sandra Eickmeier & Joerg Breitung, 2006.
"Business cycle transmission from the euro area to CEECs ,"
Computing in Economics and Finance 2006
229, Society for Computational Economics.
[Downloadable!]
Access and
download statistics Did you know? Cannot find something on IDEAS? Encourage the publisher to index it! Instructions .
This page was last updated on 2008-9-24.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .