A VAR Analysis of Monetary Transmission Mechanism in the European Union

Ivan Lovrinovic and Manuel Benazic
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Ivan Lovrinovic: Graduate School of Economics and Business, University of Zagreb, Croatia
Manuel Benazic: Istarska kreditna banka, Umag, Croatia

Zagreb International Review of Economics and Business, 2004, vol. 7, issue 2, 27-42

Abstract: The paper studies the functioning of the monetary transmission mechanism in the EU. It analyses the influence of an increase in short-term interest rate on real and monetary variable e.g. industrial production of the EU members, retail prices, monetary mass and real exchange rate. Frequently used econometric technique of VAR has been used to analyse the monetary transmission mechanism.

Keywords: monetary transmission mechanism; interest rate; VAR; decomposition of variance; impulse response (search for similar items in EconPapers)
JEL-codes: E42 F3 (search for similar items in EconPapers)
Date: 2004
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