Differences in Monetary Policy Transmission? A Case Not Closed

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Differences in Monetary Policy Transmission? A Case Not Closed

Author Info

Kieler, M.
Saarenheimo, T.

Abstract

The advent of EMU inspired a large literature searching for differences in the monetary policy transmission among European countries. Stylised facts seemed to arise, classifying the countries as having either rapid or slow transmission. This paper takes a comprehensive look at the existing empirical results, and finds few recurrent features supporting the presumed stylised facts.

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Paper provided by Commission of the EC, Directorate-General for Economic and Financial Affairs (DG ECFIN) in its series European Economy - Economic Papers with number 132.

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Length: 35 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:eeccco:132

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E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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Carlo A. Favero & Francesco Giavazzi & Luca Flabbi, 1999. "The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets," NBER Working Papers 7231, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Favero, Carlo A & Flabbi, Luca & Giavazzi, Francesco, 1999. "The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets," CEPR Discussion Papers 2303, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Francesco Giavazzi, 1999. "The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks’ Balance Sheets," Working papers 99-20, Massachusetts Institute of Technology (MIT), Department of Economics.
Hughes Hallett, Andrew & Weymark, Diana, 2002. "The Cost of Heterogeneity in a Monetary Union," CEPR Discussion Papers 3223, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Andrew Hughes Hallett & Diana N. Weymark, 2001. "The Cost of Heterogeneity in a Monetary Union," Working Papers 0128, Department of Economics, Vanderbilt University. [Downloadable!]
Peersman, Gert, 2003. "What Caused the Early Millennium Slowdown? Evidence Based on Vector Autoregressions," CEPR Discussion Papers 4087, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Stephen G. Cecchetti, 1999. "Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism," NBER Working Papers 7151, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Stephen G. Cecchetti, 1999. "Legal structure, financial structure, and the monetary policy transmission mechanism," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 9-28. [Downloadable!]
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!]
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:
- Guiso, L. & Kashyap, A.K. & Panetta, F. & Terlizzese, D., 2000. "Will a Common European Monetary Policy Have Asymmetric Effects?," Papers 384, Banca Italia - Servizio di Studi.
- Luigi Guiso & Anil K. Kashyap & Fabio Panetta & Daniele Terlizze, 1999. "Will a common European monetary policy have asymmetric effects?," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 56-75. [Downloadable!]
Gert Peersman, . "What caused the early millennium slowdown? Evidence based on vector autoregressions," Bank of England working papers 272, Bank of England. [Downloadable!]
Marek Jarociński, 2008. "Responses to monetary policy shocks in the east and the west of Europe - a comparison," Working Paper Series 970, European Central Bank. [Downloadable!]
Other versions:
- Marek Jarocinski, 2006. "Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison," Working Papers 124, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]

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