Overview

This study investigates whether the common monetary policy by the European Central Bank leads to asymmetric macroeconomic developments in the EU member countries. Several theoretical models of monetary unions are developed to assess how differences in particular channels of transmission translate into differences in the overall strength of monetary transmission within the EMU. As an extension to other studies in this field, we investigate not only the macroeconomic relevance of asymmetries in financial structure, but also the implications of asymmetries in goods and labor markets. In the empirical part, this study critically evaluates previous empirical evidence and presents new econometric results on asymmetric monetary transmission in Europe. The final part describes the structural changes after the establishment of EMU and evaluates their implications for asymmetric monetary transmission in Europe.

Full Product Details

Author:   Volker Clausen
Publisher:   Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Imprint:   Springer-Verlag Berlin and Heidelberg GmbH & Co. K
Weight:   0.440kg
ISBN:  

9783540679059

ISBN 10:   3540679057
Pages:   217
Publication Date:   27 November 2000
Audience:   College/higher education ,  Professional and scholarly ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Hardback
Publisher's Status:   Active
Availability:   Out of stock  
The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available.

Table of Contents

Introduction.- Sources od Asymmetric Monetary Transmission in Europe.- Classification of Asymmetries in the Structure of Output.- Asymmetries in Financial Structure.- Asymmetries in Openness.- Asymmetries in Wage-Price Mechanisms.- Implications of Partial Asymmetries.- Financial Structure and Asymmetric Monetary Transmission: Implications of a Differential Role of Asset Markets.- Introduction.- The Model.- Effects of Monetary Policy.- Implications for the ECB.- Appendix: Analytical Solution.- Financial Structure and Asymmetric Monetary Transmission: Implications of a Differential Interest Elasticity of Aggregte Demand.- Introduction.- The Model.- Effects of Monetary Policy.- Implications for the ECB.- Appendix: Analytical Solution.- Financial Structure, Asymmetric National Money Demand Functions and the Stability of European Money Demand.- Introduction.- Alternative Concepts of Money Demand Stability.- Empirical Evidence.- Implications for the ECB.- Appendix.- Asymmetric Degrees of Openness and Monetary Transmission in Europe.- Introduction.- The Model.- Effects of Monetary Policy.- Effects of Disturbances in the Rest of the World.- Implications for the ECB.- Asymmetric Wage-Price Mechanisms and Monetary Transmission in Europe.- Introduction.- The Model.- Effects of Monetary Policy.- Implications for the ECB.- Empirical Evidence on Asymmetric Monetary Transmission in Europe.- Large National Central Bank Models.- Structural Multi-Country Models.- Small Vector Autoregressive Models.- Small Structural Models.- Implications for the ECB.- Monetary Policy in an Era of Structural Change.- Structural Changes in Financial Markets.- Structural Changes in Goods Markets.- Structural Changes in Labor Markets.- Implications for the ECB.

Reviews

Author Information

Tab Content 6

Author Website:  

Customer Reviews

Recent Reviews

No review item found!

Add your own review!

Countries Available

All regions