Overview

The formulation of a common European monetary policy offers an important challenge to policymakers both in Europe and around the globe. The analysis of monetary transmission mechanisms in Europe and the US, provides insights of great importance as the institutional environment of monetary policy changes. Historically, it has been proved difficult to empirically establish the effects of monetary policy measures on the economy. This study of the monetary transmission mechanisms pays close attention to the role of financial markets in the transmission process. The author analyzes aspects of monetary transmission, such as interest rates and exchange rates, with evidence from several European countries including the Netherlands, UK and Germany as well as from the US. This research on monetary transmission greatly increases our understanding of the effect, or ineffectiveness, of monetary policy on economies in general. The author presents a comprehensive discussion of the outcomes of empirical research along with an extensive survey of the literature and a discussion of the methods used, since interest in the subject was renewed in the 1980s. This work should be valuable to policymakers in central banks and government ministries as well as academic researchers and economists alike.

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9781840642414

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Reviews

'I can fully recommend this book to those interested in the transmission process of monetary policy.'

`I can fully recommend this book to those interested in the transmission process of monetary policy.' -- Harry Garretsen, De Economist `This book focusing on different aspects of the monetary transmission process is of topical value, not only because of its contribution to the existing literature but also because of its practical relevance for monetary policy making. The investigation includes not only small but also larger economies. As both types are part of EMU the empirical results seem also highly useful for evaluating the process of monetary policy transmission in a European perspective which still remains one of the most crucial fields for research especially with regard to the design and conduct of the ECB's monetary policy.' -- Wim F.V. Vanthoor, De Nederlandsche Bank, The Netherlands `Monetary Transmission in Europe is an important book as it focuses on the intimate monetary relationship - or quasi monetary union - between The Netherlands and Germany. This is a valuable complement to the literature that up until now mainly focused on monetary transmission in the US. Jan Kakes's book combines scientific craftsmanship with a very good understanding of the monetary policymaker's needs.' -- Peter van Bergeijk, UBS Group Economic Research Zurich, Switzerland and Erasmus University Rotterdam, The Netherlands

'I can fully recommend this book to those interested in the transmission process of monetary policy.' -- Harry Garretsen, De Economist 'This book focusing on different aspects of the monetary transmission process is of topical value, not only because of its contribution to the existing literature but also because of its practical relevance for monetary policy making. The investigation includes not only small but also larger economies. As both types are part of EMU the empirical results seem also highly useful for evaluating the process of monetary policy transmission in a European perspective which still remains one of the most crucial fields for research especially with regard to the design and conduct of the ECB's monetary policy.' -- Wim F.V. Vanthoor, De Nederlandsche Bank, The Netherlands 'Monetary Transmission in Europe is an important book as it focuses on the intimate monetary relationship - or quasi monetary union - between The Netherlands and Germany. This is a valuable complement to the literature that up until now mainly focused on monetary transmission in the US. Jan Kakes's book combines scientific craftsmanship with a very good understanding of the monetary policymaker's needs.' -- Peter van Bergeijk, UBS Group Economic Research Zurich, Switzerland and Erasmus University Rotterdam, The Netherlands

Author Information

Jan Kakes, Monetary and Economic Policy Department, De Nederlandsche Bank, The Netherlands

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