3 edition of Asymmetric Monetary Transmission in Europe (European and Transatlantic Studies) found in the catalog.
January 15, 2001
by Springer-Verlag Telos
Written in English
|Contributions||Paul J. J. Welfens (Editor)|
|The Physical Object|
|Number of Pages||207|
They imply that common European monetary policy applied by the European Central Bank might have asymmetric effects across the member States, thus possibly exacerbating existing regional disparities. The paper is organized as follows: Section 2 provides a brief overview of the theory of monetary policy transmission mechanisms and the econometric. Analysis of the monetary transmission mechanism / Bennett T. McCallum --Price stability as a target for monetary policy / Lars E.O. Svensson --The transmission process / Allan H. Metzer --Asymmetric interest rate policy in Europe / Axel A. Weber --Legal structure, financial structure and the monetary policy transmission mechanism / Stephen G.
The process of monetary policy transmission can be understood as a “macro policy stimulus-microeconomic response-macro output” process, that is, from the process of macro monetary policy control affecting macro output, micro Economies (businesses, households, individuals, etc.) have played a decisive role in responding to monetary policy changes. A persistent challenge for the ECB has been meeting the various needs and demands of euro area member states. This column provides empirical and quantitative evidence suggesting that the transmission of the ECB’s monetary policy varies significantly across member states. For variables such as those related to housing and labour markets, the dispersion of responses to a.
Downloadable! Before as well as at the time when the European Monetary Union (EMU) was launched, a number of economists were discussing possible asymmetrical effects of monetary transmission stemming from apparent structural differences between national credit markets. On the one hand, they hoped that the single currency would lead to a process of harmonization and on the other hand, they. 1. Introduction. Embedded in the monetary transmission mechanism is the pass-through of the policy rate to a retail rate. The speed of the pass-through rate is usually taken as an indication of the effectiveness of monetary policy or how rapid the impact of monetary policy would be felt (Becker, Osborn, & Yildirim, ).Monetary policy is effective, when a change in policy rate is transmitted.
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: Asymmetric Monetary Transmission in Europe (European and Transatlantic Studies) (): Volker Clausen: BooksCited by: With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues.
This book takes an analytical look at the problem of asymmetric monetary transmission. Asymmetric Monetary Transmission in Europe. Authors: Clausen, Volker Free Preview. Buy this book eB08 € price for Spain (gross) Buy eBook ISBN ; Digitally watermarked, DRM-free; Included format: PDF; ebooks can be used on all reading devices Brand: Springer-Verlag Berlin Heidelberg.
ISBN: OCLC Number: Description: x, pages: illustrations ; 24 cm. Contents: 1. Introduction Sources of Asymmetric Monetary Transmission in Europe Financial Structure and Asymmetric Monetary Transmission: Implications of a Differential Role of Asset Markets Financial Structure and Asymmetric Monetary Transmission: Implications of a.
Get this from a library. Asymmetric monetary transmission in Europe. [Volker Clausen; Paul J J Welfens] -- This study investigates whether the common monetary policy by the European Central Bank leads to asymmetric macroeconomic developments in. Abstract. Differences in wage-price mechanisms provide another potential source of asymmetric monetary transmission in Europe.
Wage and price setting behavior represent the supply side of the European economies and determine to what extent changes in. Part of the European and Transatlantic Studies book series (EUROPEANSTUDIES) Abstract Monetary policy is widely expected to have a stronger impact on output, the more open the economy is toward the rest of the world.
1 Against this background, this chapter systematically explores in a theoretical model of a monetary union the role of asymmetric. Part of the European and Transatlantic Studies book series (EUROPEANSTUDIES) Abstract The channels of monetary transmission are definitely more complex than this specification suggests.
1 Furthermore, it leaves unexplained which structural features in the EMU member countries contribute to the differences in the interest sensitivity of. Abstract.
The theoretical models in the previous chapters illustrated that the partial sources of asymmetric monetary transmission in Europe identified in Chapter 2 do not easily map into differences in the overall strength of monetary transmission.
This chapter reviews the empirical evidence on asymmetries in the overall effects of monetary policy in Europe.
Proper conduct of monetary policy requires understanding the monetary transmission mechanism, to monitor the economy, make decisions on the stance of policy, and explain the policy actions to the public.
Hence, gathering evidence on the monetary transmission mechanism in the euro area has been a priority for the Eurosystem. Financial Structure, Asymmetric National Money Demand Functions and the Stability of European Money Demand.- Introduction.- Alternative Concepts of Money Demand Stability.- Empirical Evidence.- Implications for the ECB.- Appendix.- Asymmetric Degrees of Openness and Monetary Transmission in Europe.- Introduction.- The Model.- Effects of.
Asymmetric Transmission of Monetary Policy in Europe: a Markov-switching Approach Article (PDF Available) in Journal of Economic Integration 23(4) January with 60 Reads. This paper investigates in how far monetary policy shocks impact European asset markets, conditional on different risk states.
We distinguish between macroeconomic risk, economic-policy risk, and financial risk and separately extract three factors via principal component analysis from a. This paper develops a semi-structural modelling approach to study asymmetric monetary transmission in Europe.
A system of dynamic equations containing reaction functions for monetary policy as. Empirical evidence on these individual channels of transmission across some or all EMU member countries is then presented in order to assess their importance as a source of asymmetric monetary.
IMFWorkingPaper aufdiewirtschaftliche developmentsandcyclical monetarypolicy European countries, Asymmetric monetary policy effects in EMU rHayo, B. () Estimating a European. "Transmission Mechanism of Monetary Policy in Centraland Eastern Europe," CASE Network ReportsCASE-Center for Social and Economic Research.
Paul De Grauwe & Marc-Alexandre Sénégas, "Monetary Policy in EMU when the Transmission is Asymmetric and Uncertain," CESifo Working Paper SeriesCESifo Group Munich. Downloadable. We review studies on monetary transmission in the EU countries using the VAR approach and analyse why they often lead to divergent outcomes.
Firstly, we estimate 43 VAR models across ten EU countries and compare the robustness of the ranking of the magnitudes of the price and output responses.
The main specification differences between the VAR models are the use of two. Studies of Monetary Policy Transmission in India. Concerns about transmission are not unique to India; the strength of monetary policy transmission in developing economies as a whole has come into question (Mishra and Montiel ; Mishra and others ).
2 Sengupta () uses a vector autoregression (VAR) to study the various channels of monetary transmission in India from to. Appendix: Analytical Solution.- Financial Structure, Asymmetric National Money Demand Functions and the Stability of European Money Demand.- Introduction.- Alternative Concepts of Money Demand Stability.- Empirical Evidence.- Implications for the ECB.- Appendix.- Asymmetric Degrees of Openness and Monetary Transmission in Europe.- Introduction.
Downloadable! This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy.
Extensive cross equation tests show that relatively large differences in simulated impulse.CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This paper addresses the question of whether the common monetary policy of the European Central Bank is transmitted asymmetrically within the Euro area.
To this end, we employ a Markov switching model to identify a credit channel of monetary policy transmission and investigate whether the credit channel is active or.the euro area's vulnerability to asymmetric shocks could be further reduced by removing the remaining obstacles to capital mobility and to markets in financial services.
This would both improve inter-regional adjustment, and remove distortions in monetary policy transmission mechanisms; and.