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Monetary Transmission Mechanisms in Euroland

Author

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  • Nikolaus A. Siegfried

Abstract

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.

Suggested Citation

  • Nikolaus A. Siegfried, 2000. "Monetary Transmission Mechanisms in Euroland," Quantitative Macroeconomics Working Papers 20003, Hamburg University, Department of Economics.
    • Handle: RePEc:ham:qmwops:20003
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    Citations

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    Cited by:

    1. Ingo Fender, 2000. "Corporate hedging: the impact of financial derivatives on the broad credit channel of monetary policy," BIS Working Papers 94, Bank for International Settlements.
    2. Jose Ripoll, 2003. "National Appointments to Multinational Monetary Policy Making: A Role Conflict?," Macroeconomics 0301009, University Library of Munich, Germany.

    More about this item

    Keywords

    Monetary Policy; Transmission Mechanism; Structural VAR; Cointegration;
    All these keywords.

    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; Dynamic Treatment Effect Models; Diffusion Processes
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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