Asymmetric Monetary Transmission in Europe

Overview

This study investigates whether the common monetary policy by the European Central Bank leads to asymmetric macroeconomic developments in the EU member countries. Several theoretical models of monetary unions are developed to assess how differences in particular channels of transmission translate into differences in the overall strength of monetary transmission within the EMU. As an extension to other studies in this field, we investigate not only the macroeconomic relevance of asymmetries in financial structure,...

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Overview

This study investigates whether the common monetary policy by the European Central Bank leads to asymmetric macroeconomic developments in the EU member countries. Several theoretical models of monetary unions are developed to assess how differences in particular channels of transmission translate into differences in the overall strength of monetary transmission within the EMU. As an extension to other studies in this field, we investigate not only the macroeconomic relevance of asymmetries in financial structure, but also the implications of asymmetries in goods and labor markets. In the empirical part, this study critically evaluates previous empirical evidence and presents new econometric results on asymmetric monetary transmission in Europe. The final part describes the structural changes after the establishment of EMU and evaluates their implications for asymmetric monetary transmission in Europe.

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Product Details

  • ISBN-13: 9783642640292
  • Publisher: Springer Berlin Heidelberg
  • Publication date: 7/31/2012
  • Series: European and Transatlantic Studies Series
  • Edition description: Softcover reprint of the original 1st ed. 2001
  • Edition number: 1
  • Pages: 207
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.46 (d)

Table of Contents

Introduction.- Sources od Asymmetric Monetary Transmission in Europe.- Classification of Asymmetries in the Structure of Output.- Asymmetries in Financial Structure.- Asymmetries in Openness.- Asymmetries in Wage-Price Mechanisms.- Implications of Partial Asymmetries.- Financial Structure and Asymmetric Monetary Transmission: Implications of a Differential Role of Asset Markets.- Introduction.- The Model.- Effects of Monetary Policy.- Implications for the ECB.- Appendix: Analytical Solution.- Financial Structure and Asymmetric Monetary Transmission: Implications of a Differential Interest Elasticity of Aggregte Demand.- Introduction.- The Model.- Effects of Monetary Policy.- Implications for the ECB.- Appendix: Analytical Solution.- Financial Structure, Asymmetric National Money Demand Functions and the Stability of European Money Demand.- Introduction.- Alternative Concepts of Money Demand Stability.- Empirical Evidence.- Implications for the ECB.- Appendix.- Asymmetric Degrees of Openness and Monetary Transmission in Europe.- Introduction.- The Model.- Effects of Monetary Policy.- Effects of Disturbances in the Rest of the World.- Implications for the ECB.- Asymmetric Wage-Price Mechanisms and Monetary Transmission in Europe.- Introduction.- The Model.- Effects of Monetary Policy.- Implications for the ECB.- Empirical Evidence on Asymmetric Monetary Transmission in Europe.- Large National Central Bank Models.- Structural Multi-Country Models.- Small Vector Autoregressive Models.- Small Structural Models.- Implications for the ECB.- Monetary Policy in an Era of Structural Change.- Structural Changes in Financial Markets.- Structural Changes in Goods Markets.- Structural Changes in Labor Markets.- Implications for the ECB.

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