Does single monetary policy have asymmetric real effects in EMU ?

Marilyne Huchet ()

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Abstract: This article compares reactions of economies in Economic Monetary Union to a single monetary policy. For that, we estimate a reaction function supposed to represent the behaviour of European Central Bank over the period 1980-1998. Then residuals are introduced into the production equation of each country. We break up monetary shocks in two axes: first, anticipated against unanticipated shocks and then positive against negative shocks. These distinctions permit a best evaluation of the degree of homogeneity of the effects of monetary policy. France, Germany, Spain and Austria seem more sensitive to unanticipated interest rates increases contrary to Belgium and Italy. These results illustrate all the problem of single monetary policy.

Keywords: Economic Monetary Union; monetary policy shocks; reaction function; asymmetric effects; Economic Monetary Union. (search for similar items in EconPapers)
Date: 2003-02-28
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00143785
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Published in Journal of Policy Modeling, 2003, 25 (2), pp.151-178. ⟨10.1016/S0161-8938(02)00204-1⟩

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Journal Article: Does single monetary policy have asymmetric real effects in EMU? (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00143785

DOI: 10.1016/S0161-8938(02)00204-1

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