Transmission of Shocks and Monetary Policy in the Euro Area' an Exercise With Nigem PDF Download
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Author: Enrique Alberola Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Global macroeconometric models can be a powerful tool for economic analysis and forecasting in various scenarios. This paper analyses the NiGEM model and its application to the euro area, placing particular emphasis on the study of the relative situation of the member countries' economies. The findings of the paper show that NiGEM provides for different reactions by the European economies to common exchange- and interest-rate changes, owing to their different economic structures. Notwithstanding the potential interest of these findings, the design and evaluation of shocks in NiGEM may be seen to call for a high degree of caution if NiGEM is to be considered a reliable and useful instrument.
Author: Enrique Alberola Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Global macroeconometric models can be a powerful tool for economic analysis and forecasting in various scenarios. This paper analyses the NiGEM model and its application to the euro area, placing particular emphasis on the study of the relative situation of the member countries' economies. The findings of the paper show that NiGEM provides for different reactions by the European economies to common exchange- and interest-rate changes, owing to their different economic structures. Notwithstanding the potential interest of these findings, the design and evaluation of shocks in NiGEM may be seen to call for a high degree of caution if NiGEM is to be considered a reliable and useful instrument.
Author: Publisher: ISBN: 9789289468664 Category : Languages : en Pages :
Book Description
This paper studies the transmission of monetary and fiscal policy in the Euro-area. To do so, a structural VAR (SVAR) of monetary and fiscal policy transmission in the Euro-area is estimated. First, the EMU countries are considered as an aggregate entity and the SVAR model of the aggregate of EMU countries is compared with SVAR models of the US and Japan. This exercise is useful to assess the effects of monetary and fiscal policy on the aggregate EMU economy and also to have a comparison with two other major economies. Attention is also paid to interaction of macroeconomic policies and the effects of shocks in financial markets. In a next step, SVARs are estimated for the individual EMU countries to gain more insight into cross-country asymmetries in the transmission of monetary and fiscal policies. It turns out that, compared to the EMU aggregate, individual EU countries often react rather differently to monetary and fiscal policy innovations.
Author: Mads Kieler Publisher: ISBN: Category : European Economic Community countries Languages : en Pages : 52
Book Description
Recoge: 1. Introduction - 2. Evidence on the strength of the monetary transmission - 3. The indeterminacy of monetary shocks-structural identification of VARs - 4. The identification problem in practice-an example - 5. Differences in monetary transmission-a cross-country comparison - 6. Conclusions.
Author: Publisher: ISBN: 9789289948647 Category : Languages : en Pages :
Book Description
This paper provides a comprehensive analysis of the interest rate pass-through of euro area monetary policy to retail rates outside the euro area, contributing to the literature on the consequences of unofficial financial euroisation and on the transmission channels of monetary policy spillovers. The results suggest that in the long run, more than one third of all euro retail rates in euroised countries of central, eastern and south-eastern Europe (CESEE) are linked to the euro area shadow rate. Compared to euro area monetary policy, the share of cointegration of the domestic monetary policy rate is lower, suggesting that domestic central banks in euroised countries with independent monetary policy can only partially control the `euro part' of the interest rate channel. Furthermore, euro area monetary policy shocks are fast and persistently transmitted into euro retail rates outside the euro area, which constitutes an additional channel of international shock transmission.
Author: Enrique Alberola
Author: Enrique Alberola
Author: Eva Ortega
Author: Stefano Neri
Author: Axel A. Weber
Author: 
Author: Nils Jannsen
Author: Carlo A. Favero
Author: Mads Kieler
Author: 
Author: António Afonso