Policy actions by the ECB have potentially asymmetric effects across countries in Euroland. However, it is unclear whether these differences remain or whether convergence has taken place. This paper considers monetary policy transmission into real activity in a SVAR model. Extending earlier work on the monetary transmission mechanism in Euroland I incorporate cointegrating relationships, I use a richer dataset and I look at subperiods to consider convergence. I conclude that differences among countries do exist but have lost importance recently. As a side effect, I find evidence that only multiple channels of monetary transmission explain the observed transmission mechanism satisfactorily.
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Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Other Model Applications
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