Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152525
Authors: 
Peersman, Gert
Smets, Frank
Year of Publication: 
2001
Series/Report no.: 
ECB Working Paper 91
Abstract: 
This paper applies the identified VAR methodology to synthetic euro area data from 1980 till 1998 to study the macro-economic effects of an unexpected change in monetary policy in the euro area. The focus is on the area-wide monetary transmission. It is shown that the overall macro-economic effects of a monetary policy shock in the euro area are very similar to those estimated for the United States and are surprisingly stable over time. In addition, the paper contains a number of robustness checks with alternative identification schemes and examines how various real and financial variables (such as the GDP or money components) respond to an area-wide monetary policy impulse
Subjects: 
monetary transmission mechanism
vector autoregressions
JEL: 
E52
Document Type: 
Working Paper

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