publication . Article . Preprint . 2000

Will a common European monetary policy have asymmetric effects?

Luigi Guiso; Anil K. Kashyap; Fabio Panetta; Daniele Terlizzese;
Open Access
  • Published: 01 Oct 2000
We survey the existing work on the cross-country differences in the transmission of European monetary policy. We find that prior work, focusing on macroeconomic data, does not clearly answer the question posed in the title and offer some explanations for the ambiguity. Aside from the inappropriate design of the prior empirical exercises, we point to the need to use microeconomic data to disentangle the potentially confounding effects of differences in the behavior of agents in different countries and the composition of agents across countries. We review the leading theories of monetary non-neutrality to find the structural features of the economy that in princip...
free text keywords: Euro ; Euro-dollar market ; European Monetary System (Organization) ; Monetary policy ; European Union, monetary policy transmission asymmetries, firm level data, jel:E52, jel:E32, jel:G32
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