Changing Monetary Transmission Mechanisms within the EU

Katarina Juselius

No 97-18, Discussion Papers from University of Copenhagen. Department of Economics

Abstract: This paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the "second ERM" in March 1983. The empirical model investigates the determination of money, income, prices and interest rates in Germany, Denmark, and Italy based on the cointegrated VAR model. The empirical results provide new insight on the macroeconomic effects of joining the ERM and financial deregulation.

Keywords: cointegration; long-run impact; money demand, IS-LM; monetary policy; capital liberalization (search for similar items in EconPapers)
JEL-codes: C32 E41 E52 (search for similar items in EconPapers)
Date: 1997-12

Published in: Empirical Economics 23(3) 1998, 455-481

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