Asymmetric Monetary Transmission in Europe - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Asymmetric Monetary Transmission in Europe write by Volker Clausen. This book was released on 2012-12-06. Asymmetric Monetary Transmission in Europe available in PDF, EPUB and Kindle. The euro and the ESCB have started in January 1999 and there is naturally a wide-ranging interest in academia and among policymakers in OECD coun tries, how successful European Monetary Union will and can be. EMU has started with 11 countries and experienced a rapid depreciation of the cur rency. With so many EU countries joining for a historical monetary union in a period of economic globalization, international financial market changes and ongoing EU enlargement the problem of monetary policy efficiency becomes crucial; especially as so many countries in the EU still have high unemploy ment rates and the euro has just started at the beginning of a cyclical upswing in the euro zone. Monetary policy is also quite crucial, because the Maastricht convergence criteria severely restrict the scope of national fiscal policy. With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues. This book takes an analytical look at the problem of asymmetric monetary transmission in Euroland. Facing the ECB's monetary policy, individual mem ber countries are likely to experience different policy effects. Countries differ in their financial structure -a well-known argument in the literature -but also in the characteristics of goods and labor markets. The latter fields have been somewhat neglected in the literature but receive broad analytical attention here.
Asymmetries in Monetary Policy Transmission
Asymmetries in Monetary Policy Transmission - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Asymmetries in Monetary Policy Transmission write by Paul De Grauwe. This book was released on 2004. Asymmetries in Monetary Policy Transmission available in PDF, EPUB and Kindle. In this article we analyse how the enlargement of a monetary union may affect the design of the common monetary policy when the latter transmits asymmetrically between the member countries. We find that the use of national information about inflation and unemployment in the design of the common monetary policy allows for tackling the heterogeneity induced by this asymmetry. This implies that if enlargement contributes to augmenting the transmission asymmetry of monetary policy in EMU, it will raise the need to take into account information about national economies in the formulation of optimal monetary policies in the monetary union. Furthermore, the choice for a new EU Member State to enter EMU will also depend on the monetary strategy implemented by the European Central Bank and, in particular, whether the latter would take the asymmetries in the transmission of monetary policy actions into account.
Towards an Explanation of Cross-Country Asymmetries in Monetary Transmission
Towards an Explanation of Cross-Country Asymmetries in Monetary Transmission - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Towards an Explanation of Cross-Country Asymmetries in Monetary Transmission write by Georgios Georgiadis. This book was released on 2016. Towards an Explanation of Cross-Country Asymmetries in Monetary Transmission available in PDF, EPUB and Kindle. I quantify the importance of financial structure, labor market rigidities and industry mix for cross-country asymmetries in monetary transmission. To do so, I determine how closely the impulse responses to a monetary policy shock obtained from country-specific vectorautoregressive (VAR) models and a non-standard panel VAR model match. In the country-specific VAR models, the impulse responses vary across countries in an unrestricted fashion. In the panel VAR model, the impulse responses also vary across countries, but only to the extent that countries differ regarding their financial structure, labor market rigidities and industry mix. For a sample of 20 industrialized countries over the time period from 1995 to 2009, I find that up to 70% (50%) of the cross-country asymmetries in the responses of output (prices) to a monetary policy shock can be accounted for by crosscountry differences in financial structure, labor market rigidities and industry mix. While in the short run asymmetries in the output responses arise mainly due to cross-country differences in industry mix, in the medium and long run differences in financial structure and labor market rigidities gain more importance. Moreover, cross-country differences in industry mix appear to be of rather minor importance for cross-country asymmetries in the transmission of monetary policy to prices.
Three Empirical Essays on Asymmetries in the Monetary Policy Transmission Mechanism
Three Empirical Essays on Asymmetries in the Monetary Policy Transmission Mechanism - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Three Empirical Essays on Asymmetries in the Monetary Policy Transmission Mechanism write by . This book was released on 1999. Three Empirical Essays on Asymmetries in the Monetary Policy Transmission Mechanism available in PDF, EPUB and Kindle.
EMU and Asymmetries in the Monetary Policy Transmission
EMU and Asymmetries in the Monetary Policy Transmission - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook EMU and Asymmetries in the Monetary Policy Transmission write by Massimo Suardi. This book was released on 2001. EMU and Asymmetries in the Monetary Policy Transmission available in PDF, EPUB and Kindle. Recoge: 1.Introduction - 2.Interest rate and exchange rate channels - 3.Credit channel - 4.Concluding remarks - References.
