Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152526 
Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
ECB Working Paper No. 92
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper presents a complete set of results describing the effects of monetary policy in 10 countries of the euro area for the pre-EMU period. For each country, we impose one of three identification schemes depending on its monetary integration with Germany, the nominal anchor of the ERM. The first identification scheme applies to Germany, the second to countries of the core EMS (Austria, Belgium and the Netherlands) and the third to all the other countries. An unexpected rise in the short-term interest rate leads to a decrease in GDP, (with investment and exports falling more than consumption) and a gradual decrease in prices for all countries. We also show that, given the width of the error bands around the estimate, we cannot reject that the effects of monetary policy on GDP and on prices are broadly similar in the individual countries of the euro area
Schlagwörter: 
Euro area countries
monetary policy
VARs
JEL: 
E52
Dokumentart: 
Working Paper

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