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Real wages and monetary policy transmission in the euro area Author info | Abstract | Publisher info | Download info | Related research | Statistics Andrew McCallum
Frank Smets
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We use the Factor-Augmented Vector Autoregression (FAVAR) approach of Bernanke, Boivin and Eliasz (2005) to estimate the effects of monetary policy shocks on wages and employment in the euro area. The use of a large data set comprising country, sectoral and euro area-wide data allows us to better identify common monetary policy shocks in the euro area and their effects on labour market outcomes. At the same time the FAVAR approach gives us estimates of how relative wages and employment in the various countries and sectors respond to these common shocks. The ultimate objective of our work is to relate the estimated cross-country differences in wage and employment responses to differences in labour market institutions and sectoral composition.
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number
1360.
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Length: 20 pages
Date of creation: Jun 2007Date of revision:
Handle: RePEc:kie:kieliw:1360Contact details of provider: Phone: +49 431 8814-1 Fax: +49 431 85853 Email: Web page: http://www.ifw-kiel.de
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Keywords: VAR ; factor models ; rigidity ; labour market ; Other versions of this item:
Find related papers by JEL classification: E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs J6 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies
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Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Christoffel, Kai & Costain, James & de Walque, Gregory & Kuester, Keith & Linzert, Tobias & Millard, Stephen & Pierrard, Olivier, 2009.
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Other versions: Jean Boivin & Marc P. Giannoni & Benoît Mojon, 2008.
"How Has the Euro Changed the Monetary Transmission? ,"
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