Monetary policy in the euro area - has it become more powerful on the road to EMU?

Christian Melzer and Thorsten Neumann

Applied Economics Letters, 2009, vol. 16, issue 18, 1801-1804

Abstract: This article provides new evidence on the effects of monetary policy in the euro area. With the help of a time-varying coefficient vector autoregressive model we find that monetary policy shocks have had a greater impact on real output since the mid-1980s and that their transmission has become faster. Our findings indicate a change in the monetary transmission mechanism that can be explained by the changes in the European financial system over the last 20 years.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:16:y:2009:i:18:p:1801-1804

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DOI: 10.1080/13504850701719538

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