The decision to launch EMU has focused attention on possible asymmetries in output and prices responses to the single monetary policy across EU countries. Unfortunately, the numerous attempts to establish the extent of such asymmetries in the context of empirical macroeconomic models have not provided a consistent and robust picture of cross-country differences in monetary transmission and they are affected by methodological problems. This study takes stock of the insights and the empirical evidence from this latter strand of research, and discusses the possible evolution of economic and financial structures in EMU.
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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
157.
Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation