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Do euro area countries respond asymmetrically to the common monetary policy?

Matteo Barigozzi (), Antonio Conti () and Matteo Luciani
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Matteo Barigozzi: London School of Economics and Political Science

No 923, Temi di discussione (Economic working papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: 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 nevertheless find that differences remain between Northern and Southern Europe in terms of prices and unemployment. These results are the consequence of country specific structures, not of European Central Bank policies.

Keywords: monetary policy transmission; asymmetric effects; European Monetary Union; Structural Dynamic Factor model (search for similar items in EconPapers)
JEL-codes: C32 E32 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mon and nep-opm
Date: 2013-07
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Related works:
Journal Article: Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy? (2014) Downloads
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) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:wptemi:td_923_13

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