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Do Euro area countries respond asymmetrically to the common monetary policy?

Barigozzi, Matteo, Conti, Antonio M. and Luciani, Matteo (2013) Do Euro area countries respond asymmetrically to the common monetary policy? Oxford Bulletin of Economics and Statistics, Online . ISSN 0305-9049 (In Press)

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Abstract

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1111/(IS...
Additional Information: © 2013 John Wiley & Sons Ltd and the Department of Economics, University of Oxford
Library of Congress subject classification: H Social Sciences > HJ Public Finance
J Political Science > JN Political institutions (Europe)
Sets: Departments > Statistics
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 19 Jul 2013 14:58
URL: http://eprints.lse.ac.uk/51055/

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