Monetary Policy in EMU when the Transmission is Asymmetric and Uncertain
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about national economies in the formulation of optimal monetary policies in a monetary union.
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- Heinemann, Friedrich & Huefner, Felix P., 2002.
"Is the View from the Eurotower Purely European? National Divergence and ECB Interest Rate Policy,"
ZEW Discussion Papers
02-69, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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- Daniel Gros & Carsten Hefeker, 2000.
"One Size Must Fit All. National Divergences in a Monetary Union,"
CESifo Working Paper Series
326, CESifo Group Munich.
- Daniel Gros & Carsten Hefeker, 2002. "One Size Must Fit All: National Divergences in a Monetary Union," German Economic Review, Verein für Socialpolitik, vol. 3(3), pages 247-262, 08.
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