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Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?

par Luciani, Matteo ;Conti, Antoniomaria ;Barigozzi, Matteo
Référence Oxford bulletin of economics and statistics, 76, 5, page (693-714)
Publication Publié, 2013-06-23

Article révisé par les pairs

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Résumé :

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.