EMU and asymetries in the monetary policy transmissionMassimo Suardi No 157, European Economy - Economic Papers 2008 - 2015 from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission Abstract: The decision to launch EMU has focused attention on possible asymmetries in output and prices responses to the single monetary policy across EU countries. Unfortunately, the numerous attempts to establish the extent of such asymmetries in the context of empirical macroeconomic models have not provided a consistent and robust picture of cross-country differences in monetary transmission and they are affected by methodological problems. This state of affairs has revamped interest in microeconomic studies comparing economic and financial structures across countries, as these are ultimately responsible for any differences in the way monetary impulses are transmitted throughout the economy. This study takes stock of the insights and the empirical evidence from this latter strand of research, and discusses the possible evolution of economic and financial structures in EMU. Keywords: interest rate and exchange rate channels; structure of production; price and wage flexibility; income and wealth effects; exchange rate channel; credit channel (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:euf:ecopap:0157 Access Statistics for this paper More papers in European Economy - Economic Papers 2008 - 2015 from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission Contact information at EDIRC. |
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