search query: @author Ramaswamy, R. / total: 4
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| Author: | Ramaswamy, R. Slok, T. |
| Title: | The real effects of monetary policy in the European Union: what are the differences? |
| Journal: | Staff Papers
1998 : JUN, VOL. 45:2, p. 374-397 |
| Index terms: | MONETARY POLICY EUROPEAN UNION MONEY |
| Language: | eng |
| Abstract: | The main finding of this paper is that the European Union (EU) countries fall into two broad groups according to the effects of monetary policy adjustments on economic activity. Estimates based on a vector autoregression model indicate that the full effects of a contractionary monetary shock on input in one group of EU countries take roughly twice as long to occur, but are almost twice as deep as in the other group. The paper discusses the implications of these results for the effective conduct of monetary policy in the euro area. |
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