Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152486
Authors: 
Peersman, Gert
Smets, Frank
Year of Publication: 
2001
Series/Report no.: 
ECB Working Paper 52
Abstract: 
This paper investigates whether monetary policy impulses have asymmetric effects on output growth in seven countries of the euro area (Germany, France, Italy, Spain, Austria, Belgium and the Netherlands). First, it is shown that these seven countries share the same business cycle. Next, strong evidence is presented that area-wide monetary policy impulses, measured as the contribution of monetary policy shocks to the short-term interest rate in a simple VAR for the euro area economy, have significantly larger effects on output growth in recessions than in booms. These differences are most pronounced in Germany, France, Italy, Spain, and Belgium, while they are much smaller in Austria and the Netherlands
Subjects: 
monetary policy
JEL: 
E4
E5
Document Type: 
Working Paper

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