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dc.contributor.authorGeorgiadis, Georgiosen_US
dc.date.accessioned2012-03-15en_US
dc.date.accessioned2012-03-20T16:42:03Z-
dc.date.available2012-03-20T16:42:03Z-
dc.date.issued2012en_US
dc.identifier.isbn978-3-86558-803-6en_US
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_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Papers, Deutsche Bundesbank 07/2012en_US
dc.subject.jelC33en_US
dc.subject.jelC51en_US
dc.subject.jelE44en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary Transmissionen_US
dc.subject.keywordFinancial Structureen_US
dc.subject.keywordLabor Market Rigiditiesen_US
dc.subject.keywordIndustry Mixen_US
dc.subject.keywordPanel VARen_US
dc.subject.keywordHeterogeneityen_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwSchocken_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwArbeitsmarktflexibilitäten_US
dc.subject.stwWirtschaftsstrukturen_US
dc.subject.stwSchätzungen_US
dc.subject.stwVergleichen_US
dc.subject.stwIndustriestaatenen_US
dc.titleTowards an explanation of cross-country asymmetries in monetary transmissionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn688561373en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:bubdps:072012-
Appears in Collections:Discussion Papers, Deutsche Bundesbank

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