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| Author: | Ciccarelli, M. Rebucci, A. |
| Title: | Has the transmission mechanism of European monetary policy changed in the run-up to EMU? |
| Journal: | European Economic Review
2006 : APR, VOL. 50:3, p. 737-776 |
| Index terms: | European monetary system EUROPEAN MONETARY SYSTEM monetary policy |
| Language: | eng |
| Abstract: | In this article, the authors examine empirically the transmission mechanism of European monetary policy. They use time-varying, heterogeneous coefficient models estimated in a numerical Bayesian fashion. The data is pre-European Monetary Union evidence from Germany, France, Italy, and Spain. The authors find that the long-run cumulative impact of a monetary policy shock on output has fallen in all countries after 1991. |
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