Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334959 
Year of Publication: 
2025
Series/Report no.: 
ECB Occasional Paper No. 377
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper functions as a reference guide for the impact of "standard" monetary policy shocks on output and prices, as analysed through the lens of the available models in the European System of Central Banks (ESCB) and the average findings of existing empirical literature. The analysis is based on harmonised simulation exercises performed with ESCB models that are routinely used for policy analysis, with the aim of casting light on the range of impacts and sources of heterogeneity in the transmission of "standard" monetary policy shocks across models. The simulation results are compared with those obtained from a meta-analysis of empirical works focusing on the euro area. The study is complemented by selected works on heterogeneity and non-linearities in the monetary transmission mechanism as captured by empirical models.
Subjects: 
monetary policy
inflation
output
semi-structural
structural models
meta-analysis
empirical models
heterogeneity
monetary policy
inflation
European Central Bank
economic transition
balance sheet
interest
cost-benefit analysis
financial risk
JEL: 
C22
C52
D58
E31
E52
E58
F45
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-7502-5
Document Type: 
Research Report

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