THE IMPACT OF MONETARY SHOCKS ON REGIONAL OUTPUT: EVIDENCE FROM FOUR SOUTH EUROZONE COUNTRIES

Angeliki Anagnostou () and Stephanos Papadamou
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Angeliki Anagnostou: Department of Economics, University of Thessaly

Region et Developpement, 2014, vol. 39, 105-130

Abstract: This paper quantifies the importance of Optimal Currency Area (OCA) criteria for the monetary policy transmission mechanism at the regional level. The study employs a Bayesian PVAR model to measure the impact of monetary policy shocks on regional output of 58 regions of four South Euro-Zone countries: Greece, Spain, Italy and Portugal over the period 1980-2009. The results provide evidence of different regional responses of regional GDP on monetary policy shocks. The policy’s asymmetric effects are explained by employing the OCA framework.

Keywords: MONETARY POLICY; INTEREST RATE CHANNEL; PANEL VAR; OCA CRITERIA (search for similar items in EconPapers)
JEL-codes: E52 R11 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:tou:journl:v:39:y:2014:p:105-130

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