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The Transmission of Monetary and Technology Shocks in the Euro Area

Author

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

Abstract

We build structural VARs for the euro area to analyze the responses of a set of euro area macroeconomic variables to monetary policy and technology shocks. We then test their robustness to different specifications of hours worked, sample periods and the definition of the variables used. We conclude that while the responses to monetary policy shocks appear to be broadly robust, the responses to technology shocks crucially depend on whether hours worked are introduced in levels or in first differences.

Suggested Citation

  • Nuno Alves & José Brandão de Brito & Sandra Gomes & João Sousa, 2006. "The Transmission of Monetary and Technology Shocks in the Euro Area," Working Papers w200602, Banco de Portugal, Economics and Research Department.
  • Handle: RePEc:ptu:wpaper:w200602
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/wp200602.pdf
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    References listed on IDEAS

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    1. Inklaar, Robert & de Haan, Jakob, 2001. "Is There Really a European Business Cycle? A Comment," Oxford Economic Papers, Oxford University Press, vol. 53(2), pages 215-220, April.
    2. Don Harding & Adrian Pagan, 1999. "Knowing the Cycle," Melbourne Institute Working Paper Series wp1999n12, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    3. Cogley, Timothy & Nason, James M., 1995. "Effects of the Hodrick-Prescott filter on trend and difference stationary time series Implications for business cycle research," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 253-278.
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    Cited by:

    1. Alves, Nuno, 2008. "The mechanics of a monetary union with segmented financial markets," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 346-368, March.

    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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