Download Monetary Policy Transmission in the Euro Area: A Study by by Ignazio Angeloni, Anil K. Kashyap, Benoît Mojon PDF
By Ignazio Angeloni, Anil K. Kashyap, Benoît Mojon
This ebook deals the main systematic research on hand of the impression of ecu valuable financial institution financial coverage at the nationwide economies of the Eurozone. there was a wide raise in learn into higher knowing how alterations in financial coverage have an effect on those economies considering that important Banks became liable for assembly particular pursuits in inflation, output and employment. The examine to this point has principally excited about nationwide valuable banks, pioneered by way of the learn of the U.S. Federal Reserve financial institution and the affects of its coverage judgements at the U.S. economic system.
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Extra resources for Monetary Policy Transmission in the Euro Area: A Study by the Eurosystem Monetary Transmission Network
Sample text
4 5 6 We are grateful to J´erome ˆ Henry and to Alistair Dieppe, of the Econometric Modelling Division of the ECB, for giving us their data for the euro area aggregates and for sharing their procedures to built historical series for the national account variables. Availability and source are listed in appendix 2 in Agresti and Mojon (2001). For euro area variables, a complete description of the methodology and the variables used to construct the AWM database is in annex 2 of Fagan, Henry and Mestre (2001).
To begin, the associated trend we extract is less likely to have a cyclical pattern (Rotemberg, 2002). In addition, while Stock and Watson refer to the NBER business cycle reference dates whereby most cycles from trough to trough experienced by the US economy last between eighteen months and eight years, the euro area only saw three recessions since 1970. And actually, the intervals between the last three US recessions, which took place in 1982, 1991 and 2001, lasted for about ten years. Hence, we felt it was appropriate to include ‘frequencies’ as low as ten years into our ‘business cycle component’.
3) these similarities between the USA and the euro area do not depend on the filter used. 3 Differences with the US business cycle There are also some differences between the two economies. First, stock prices are leading GDP by two quarters in the USA but not in the euro area. This is not necessarily surprising if one considers the small role traditionally played by the stock market in continental Europe. g. the correlation between past GDP and current inflation tends to be lower in the euro area; the M1 lead of GDP is much stronger in the euro area than in the USA; and real estate prices are lagging GDP in the euro area but not in the USA).