Is Monetary Policy in the Eurozone less Effective than in the US?

Paul De Grauwe, Cláudia Costa Storti and Cláudia Costa Storti

No 1606, CESifo Working Paper Series from CESifo

Abstract: There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB’s monetary policies. In order to test this “ECB-handicap” hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries. This consists in collecting the estimated transmission coefficients obtained from published econometric studies. Meta-analysis then allows us to control for a number of factors that can affect these estimated coefficients. We conclude that there is no evidence for the hypothesis that the ECB is handicapped in using monetary policies for the purpose of stabilizing output compared to the US.

Date: 2005
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_1606

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