Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/56023 
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dc.contributor.authorGeorgiadis, Georgiosen
dc.date.accessioned2012-03-15-
dc.date.accessioned2012-03-20T16:42:03Z-
dc.date.available2012-03-20T16:42:03Z-
dc.date.issued2012-
dc.identifier.isbn978-3-86558-803-6en
dc.identifier.urihttp://hdl.handle.net/10419/56023-
dc.description.abstractI quantify the importance of financial structure, labor market rigidities and industry mix for cross-country asymmetries in monetary transmission. To do so, I determine how closely the impulse responses to a monetary policy shock obtained from country-specific vectorautoregressive (VAR) models and a non-standard panel VAR model match. In the country-specific VAR models, the impulse responses vary across countries in an unrestricted fashion. In the panel VAR model, the impulse responses also vary across countries, but only to the extent that countries differ regarding their financial structure, labor market rigidities and industry mix. For a sample of 20 industrialized countries over the time period from 1995 to 2009, I find that up to 70% (50%) of the cross-country asymmetries in the responses of output (prices) to a monetary policy shock can be accounted for by crosscountry differences in financial structure, labor market rigidities and industry mix. While in the short run asymmetries in the output responses arise mainly due to cross-country differences in industry mix, in the medium and long run differences in financial structure and labor market rigidities gain more importance. Moreover, cross-country differences in industry mix appear to be of rather minor importance for cross-country asymmetries in the transmission of monetary policy to prices.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aBundesbank Discussion Paper |x07/2012en
dc.subject.jelC33en
dc.subject.jelC51en
dc.subject.jelE44en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordMonetary Transmissionen
dc.subject.keywordFinancial Structureen
dc.subject.keywordLabor Market Rigiditiesen
dc.subject.keywordIndustry Mixen
dc.subject.keywordPanel VARen
dc.subject.keywordHeterogeneityen
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwGeldpolitiken
dc.subject.stwSchocken
dc.subject.stwKapitalstrukturen
dc.subject.stwArbeitsmarktflexibilitäten
dc.subject.stwWirtschaftsstrukturen
dc.subject.stwSchätzungen
dc.subject.stwVergleichen
dc.subject.stwIndustriestaatenen
dc.titleTowards an explanation of cross-country asymmetries in monetary transmission-
dc.typeWorking Paperen
dc.identifier.ppn688561373en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdps:072012en

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