Monetary policy in the euro area - has it become more powerful on the road to EMU?

被引：0

作者：

Melzer, Christian ^{[1
]}

Neumann, Thorsten ^{[2
]}

机构：

[1] Univ Bonn, Inst Int Econ, D-53113 Bonn, Germany

[2] Union Investment, D-60329 Frankfurt, Germany

来源：

APPLIED ECONOMICS LETTERS | 2009年 / 16卷 / 18期

关键词：

BUSINESS CYCLES;

D O I：

10.1080/13504850701719538

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article provides new evidence on the effects of monetary policy in the euro area. With the help of a time-varying coefficient vector autoregressive model we find that monetary policy shocks have had a greater impact on real output since the mid-1980s and that their transmission has become faster. Our findings indicate a change in the monetary transmission mechanism that can be explained by the changes in the European financial system over the last 20 years.

引用

页码：1801 / 1804

页数：4

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