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The transmission of monetary policy and technology shocks in the euro area

Author

Listed:
  • Nuno Alves
  • José Brandão de Brito
  • Sandra Gomes
  • João Sousa

Abstract

This article analyses the response of a set of euro area macroeconomic variables to monetary policy and technology shocks based on structural Vector Auto-regressions (VARs). The data set runs from 1970:1 until 2006:4 and includes a novel long-run series for hours worked per capita in the euro area. We find that real macroeconomic variables follow a hump-shaped response after monetary policy shocks and jump on impact after technology shocks. We also provide evidence that hours worked fall after a positive technology shock. These conclusions are robust to different sample periods and specifications of the variables.

Suggested Citation

  • Nuno Alves & José Brandão de Brito & Sandra Gomes & João Sousa, 2011. "The transmission of monetary policy and technology shocks in the euro area," Applied Economics, Taylor & Francis Journals, vol. 43(8), pages 917-927, January.
    • Handle: RePEc:taf:applec:v:43:y:2011:i:8:p:917-927
    DOI: 10.1080/00036840802600186
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