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Will a Common European Monetary Policy Have Asymmetric Effects?

Author

Listed:
  • Guiso, L.
  • Kashyap, A.K.
  • Panetta, F.
  • Terlizzese, D.

Abstract

We survey the existing work on the cross-country differences in the transmission of European monetary policy. We find that prior work, focusing on macroeconomic data, does not clearly answer the question posed in the title and offer some explanations for the ambiguity.

Suggested Citation

  • Guiso, L. & Kashyap, A.K. & Panetta, F. & Terlizzese, D., 2000. "Will a Common European Monetary Policy Have Asymmetric Effects?," Papers 384, Banca Italia - Servizio di Studi.
    • Handle: RePEc:fth:banita:384
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    Citations

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    Cited by:

    1. Brissimis, Sophocles N. & Skotida, Ifigeneia, 2008. "Optimal monetary policy in the euro area in the presence of heterogeneity," Journal of International Money and Finance, Elsevier, vol. 27(2), pages 209-226, March.
    2. Iacoviello, Matteo, 2000. "House prices and the macroeconomy in Europe: Results from a structural var analysis," Working Paper Series 18, European Central Bank.
    3. Arnold Ivo J. M. & Vrugt Evert B., 2004. "Firm Size, Industry Mix and the Regional Transmission of Monetary Policy in Germany," German Economic Review, De Gruyter, vol. 5(1), pages 35-59, February.
    4. Iacoviello, Matteo & Minetti, Raoul, 2008. "The credit channel of monetary policy: Evidence from the housing market," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 69-96, March.
    5. Barrell, Ray & Becker, Bettina & Byrne, Joseph & Gottschalk, Sylvia & Hurst, Ian & van Welsum, Desiree, 2004. "Macroeconomic policy in Europe: experiments with monetary responses and fiscal impulses," Economic Modelling, Elsevier, vol. 21(5), pages 877-931, September.
    6. Gambacorta, Leonardo, 2003. "Asymmetric bank lending channels and ECB monetary policy," Economic Modelling, Elsevier, vol. 20(1), pages 25-46, January.
    7. Grandi, Pietro, 2019. "Sovereign stress and heterogeneous monetary transmission to bank lending in the euro area," European Economic Review, Elsevier, vol. 119(C), pages 251-273.
    8. Ciccarelli, Matteo & Rebucci, Alessandro, 2006. "Has the transmission mechanism of European monetary policy changed in the run-up to EMU?," European Economic Review, Elsevier, vol. 50(3), pages 737-776, April.
    9. repec:icf:icfjmo:v:05:y:2007:i:2:p:63-73 is not listed on IDEAS
    10. Buscher, Herbert S. & Stirböck, Claudia & Tykvová, Tereza & Westerheide, Peter, 2000. "Unterschiede im Transmissionsweg geldpolitischer Impulse: Eine Analyse für wichtige Exportländer Baden-Württembergs in der Europäischen Währungsunion," ZEW Dokumentationen 00-07, ZEW - Leibniz Centre for European Economic Research.
    11. Gambacorta, Leonardo, 2005. "Inside the bank lending channel," European Economic Review, Elsevier, vol. 49(7), pages 1737-1759, October.
    12. Elbourne, Adam & de Haan, Jakob, 2006. "Financial structure and monetary policy transmission in transition countries," Journal of Comparative Economics, Elsevier, vol. 34(1), pages 1-23, March.
    13. Mojon, Benoit & Smets, Frank & Vermeulen, Philip, 2002. "Investment and monetary policy in the euro area," Journal of Banking & Finance, Elsevier, vol. 26(11), pages 2111-2129, November.
    14. Monteforte, Libero, 2007. "Aggregation bias in macro models: Does it matter for the euro area?," Economic Modelling, Elsevier, vol. 24(2), pages 236-261, March.
    15. Ageliki Anagnostou & Stephanos Papadamou, 2016. "Regional asymmetries in monetary policy transmission: The case of the Greek regions," Environment and Planning C, , vol. 34(5), pages 795-815, August.

    More about this item

    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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