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The transmission of monetary policy and technology shocks in the euro area

Nuno Alves, Jose Brandao de Brito, Sandra Gomes () and João Sousa ()

Applied Economics, 2009, vol. 43, issue 8, 917-927

Abstract: This article analyses the response of a set of euro area macroeconomic variables to monetary policy and technology shocks based on structural Vector Auto-regressions (VARs). The data set runs from 1970:1 until 2006:4 and includes a novel long-run series for hours worked per capita in the euro area. We find that real macroeconomic variables follow a hump-shaped response after monetary policy shocks and jump on impact after technology shocks. We also provide evidence that hours worked fall after a positive technology shock. These conclusions are robust to different sample periods and specifications of the variables.

Date: 2009
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DOI: 10.1080/00036840802600186

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