Convergence of Monetary Transmission in EMU New Evidence

Linda A. Toolsema, Jan-Egbert Sturm, Jakob de Haan and Jakob de Haan
Authors registered in the RePEc Author Service: Jakob de Haan

No 465, CESifo Working Paper Series from CESifo

Abstract: This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We conclude that major differences in pass-through exist in our sample, both in terms of initial as well as long-run responses to policy-induced interest rate changes. There is no indication for convergence of monetary policy transmission.

Keywords: Monetary transmission; pass-through; interest rate stickiness; EMU (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (36)

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