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The monetary transmission mechanism at the euro-area level: issues and results using structural macroeconomic models

  • McAdam, Peter
  • Morgan, Julian

This paper addresses some of the issues faced by macroeconomic model builders in analysing the monetary transmission mechanism. These include the sensitivity of the policy simulation results to changes in the monetary and fiscal policy rule and the introduction of forward-looking behaviour in the model. To illustrate the importance of these issues the paper reports the results of variant monetary policy simulations at the euro-area level using the AWM and NiGEM models JEL Classification: C50, C52, E5

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Paper provided by European Central Bank in its series Working Paper Series with number 0093.

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Date of creation: Dec 2001
Date of revision:
Handle: RePEc:ecb:ecbwps:20010093
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  1. Mitchell, Peter R. & Sault, Joanne E. & Smith, Peter N. & Wallis, Kenneth F., 1998. "Comparing global economic models," Economic Modelling, Elsevier, vol. 15(1), pages 1-48, January.
  2. K.B. Church & P.R. Mitchell & P.N. Smith & K.F. Wallis, 1993. "Comparative Properties of Models of the UK Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 145(1), pages 87-107, August.
  3. S. Sgherri, 2000. "Monetary Transmission Channels, Monetary Regimes and ConsumptionBehaviour," DNB Staff Reports (discontinued) 53, Netherlands Central Bank.
  4. McAdam, Peter & Hughes Hallett, A J, 1999. " Nonlinearity, Computational Complexity and Macroeconomic Modelling," Journal of Economic Surveys, Wiley Blackwell, vol. 13(5), pages 577-618, December.
  5. Fagan, Gabriel & Henry, Jérôme & Mestre, Ricardo, 2001. "An area-wide model (AWM) for the euro area," Working Paper Series 0042, European Central Bank.
  6. Juillard, Michel & Laxton, Douglas & McAdam, Peter & Pioro, Hope, 1998. "An algorithm competition: First-order iterations versus Newton-based techniques," Journal of Economic Dynamics and Control, Elsevier, vol. 22(8-9), pages 1291-1318, August.
  7. repec:sae:niesru:v:129:y::i:1:p:69-87 is not listed on IDEAS
  8. John M. Roberts, 1998. "Inflation expectations and the transmission of monetary policy," Finance and Economics Discussion Series 1998-43, Board of Governors of the Federal Reserve System (U.S.).
  9. Michael Ehrmann, 2000. "Comparing monetary policy transmission across European countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 136(1), pages 58-83, March.
  10. Filippo Altissimo & Alberto Locarno & Stefano Siviero, 2002. "Dealing with forward-looking expectations and policy rules in quantifying the channels of transmission of monetary policy," Temi di discussione (Economic working papers) 460, Bank of Italy, Economic Research and International Relations Area.
  11. Eileen Mauskopf & Jeffrey Fuhrer & Peter Tinsley, 1990. "The transmission channels of monetary policy: how have they changed?," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 985-1008.
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