Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?

Matteo Barigozzi, Antonio Conti () and Matteo Luciani

Oxford Bulletin of Economics and Statistics, 2014, vol. 76, issue 5, 693-714

Abstract: type="main" xml:id="obes12038-abs-0001">

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.

Date: 2014
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Related works:
Working Paper: Do euro area countries respond asymmetrically to the common monetary policy? (2013)
Working Paper: Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy? (2013)
Working Paper: Do Euro area countries respond asymmetrically to the common monetary policy? (2012)
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