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The Monetary Transmission Mechanism in the Euro Area: A VAR-Analysis for Austria and Germany

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  • Bernard Bartels
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    Abstract

    With the transition to the European Monetary Union (EMU), the instrument of monetary policy for individual member countries has been abolished. This step has led to serious challenges for the diferent states to stabilize their economies to various economic shocks. Diferent labor market rigidities lead to diferent responses to monetary impulses in the countries. This paper deals with this problem by setting up a VAR-analysis to investigate the diferent shocks on Germany and Austria. The results show that Germany experiences less uctuation in growth and unemployment than Austria which can be assigned to higher labor market rigidities

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    File URL: https://www.ifw-kiel.de/education/advanced-studies-program/kiel-advanced-studies-working-paper-series/2009/bartels.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Advanced Studies Working Papers with number 452.

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    Length: 31 pages
    Date of creation: Jun 2009
    Date of revision:
    Handle: RePEc:kie:kieasw:452

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    Keywords: monetary transmission mechanism; vector autoregression;

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    1. Merkl, Christian & Schmitz, Tom, 2010. "Macroeconomic Volatilities and the Labor Market: First Results from the Euro Experiment," IZA Discussion Papers 4924, Institute for the Study of Labor (IZA).
    2. Jordi Gali, 1996. "Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations," NBER Working Papers 5721, National Bureau of Economic Research, Inc.
    3. Lars Ljungqvist & Thomas J. Sargent, 1998. "The European Unemployment Dilemma," Journal of Political Economy, University of Chicago Press, vol. 106(3), pages 514-550, June.
    4. Gert Peersman, 2004. "The Transmission of Monetary Policy in the Euro Area: Are the Effects Different Across Countries?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 66(3), pages 285-308, 07.
    5. Saint-Paul, G., 1996. "The rise and persistence of rigidities," DELTA Working Papers 96-21, DELTA (Ecole normale supérieure).
    6. Blanchard, Olivier Jean, 1989. "A Traditional Interpretation of Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 79(5), pages 1146-64, December.
    7. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbance," Working papers 497, Massachusetts Institute of Technology (MIT), Department of Economics.
    8. Stephen Nickell, 2003. "A picture of European unemployment: success and failure," LSE Research Online Documents on Economics 20039, London School of Economics and Political Science, LSE Library.
    9. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages C1-33, March.
    10. Mojon, Benoît & Peersman, Gert, 2001. "A VAR description of the effects of monetary policy in the individual countries of the euro area," Working Paper Series 0092, European Central Bank.
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