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| Author: | Mihov, I. |
| Title: | Monetary policy implementation and transmission in the European Monetary Union |
| Journal: | Economic Policy
2001 : OCT, 33, p. 369-406 |
| Index terms: | MONETARY POLICY MONEY IMPLEMENTATION EUROPEAN MONETARY SYSTEM |
| Language: | eng |
| Abstract: | The author discusses possible problems engendered by loss of national monetary policies, and study them from three empirical perspectives. First, whether business cycles are sufficiently synchronized across EMU member countries. Second, whether there are asymmetries in the mechanisms through which policy affects economic activity. The paper documents that policy transmission was indeed heterogeneous in the member countries, and that structural and financial factors were sensibly related to cross-county differences in the response of output to a monetary policy shock. Third, how policy is implemented in an environment of diverse business cycle fundamentals and transmission mechanisms. |
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