We investigate the possible existence of asymmetries among Euro Area countries reac- tions to the European Central Bank monetary policy. Our analysis is based on a Struc- tural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.
Barigozzi M, Conti A, Luciani M (2014). Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?. OXFORD BULLETIN OF ECONOMICS AND STATISTICS, 76(5), 693-714 [10.1111/obes.12038].
Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?
Barigozzi M;
2014
Abstract
We investigate the possible existence of asymmetries among Euro Area countries reac- tions to the European Central Bank monetary policy. Our analysis is based on a Struc- tural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.