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

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

Author Info

Bernard Bartels

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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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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Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-09-26 (All new papers)
NEP-CBA-2009-09-26 (Central Banking)
NEP-EEC-2009-09-26 (European Economics)
NEP-MON-2009-09-26 (Monetary Economics)
NEP-PKE-2009-09-26 (Post Keynesian Economics)

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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. [Downloadable!] (restricted)
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Other versions:
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Other versions:
- Olivier Blanchard & Justin Wolfers, 1999. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," NBER Working Papers 7282, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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