Measuring monetary policy shocks in the European Monetary Union

Ramon Tremosa-Balcells and Jordi Pons-Novell
Authors registered in the RePEc Author Service: Ramon Tremosa-i-Balcells

Applied Economics Letters, 2001, vol. 8, issue 5, 299-303

Abstract: The paper tries to estimate whether a unique and centralized European monetary policy would have had similar or different effects across countries in the European Union. By estimating a vector auto-regression (VAR model), it is revealed that there are two different groups of countries with considerable differences in the response to changes in the monetary policy. Germany and the North-Central European countries would be less sensitive to these changes, whereas the Mediterranean countries (and Belgium) would be noticeably more sensitive to the mentioned variations.

Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:8:y:2001:i:5:p:299-303

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DOI: 10.1080/135048501750157440

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