The transmission of monetary policy impulses in Belgium
概述货币政策传导过程，指出比利时经济的高开放度、家庭金融资产高、对银行信贷依赖低及工资自动指数化等特征。宏观模拟显示，货币紧缩导致活动暂时收缩（主要因投资下降）和价格缓慢但持续下跌，欧元升值放大对活动的影响并加速价格反应。比利时经济反应与欧元区其他地区无明显差异，但数量上略温和、价格上更快。
The first part of this article outlines the monetary policy transmission process. It pinpoints some special features of the Belgian economy, such as its high degree of openness, especially in relation to euro area partners, the high level of household financial assets, relatively weak dependence on bank lending at macroeconomic level, and the automatic indexation of wages. The macroeconomic simulations presented in the second part of the article show that, in Belgium as in the euro area, a monetary policy tightening tends to cause a temporary contraction in activity, due substantially to the decline in investment, and a slower but more persistent fall in prices. The euro appreciation normally caused by such a monetary policy shock amplifies its effects on activity, but above all accelerates its impact on prices. The reaction of the Belgian economy does not appear to be obviously different from that of the rest of the euro area. It seems to be slightly more moderate in volume, owing to the lower sensitivity of investment, and more rapid in terms of prices.