Identifying European Monetary Policy Interactions: French and Spanish System with German Variables

Soyoung Kim

Working Papers from Banco de España

Abstract: This paper develops the "identified VAR" models of France and Spain with German monetary variables to identify monetary policy shocks during the period when the exchange rate is controlled mostly by the ERM. Different identifying assumptions on the contemporaneous policy interactions are experimented. The impulse responses to monetary policy shocks and estimated parameters of monetary reaction function suggest that the identification scheme implying unilateral contemporaneous reaction of non-German monetary policies seem reasonable identifying assumptions in these countries.

Keywords: FRANCE; SPAIN; MONETARY POLICY; EUROPE (search for similar items in EconPapers)
JEL-codes: E52 F33 F36 F42 (search for similar items in EconPapers)
Pages: 41 pages
Date: 1998
References: Add references at CitEc
Citations: View citations in EconPapers (6)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9811

Access Statistics for this paper

More papers in Working Papers from Banco de España Contact information at EDIRC.
Bibliographic data for series maintained by Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España ().