The Transmission of Monetary Policy in the Euro Area: Are the Effects Different Across Countries?*
分析欧洲央行货币政策对欧元区各国的效应是否不同，发现各国产出效应非常相似。
Abstract This paper analyses whether the effects of the monetary policy of the European Central Bank (ECB) may be different across Euro area countries. First, the limitations in the current empirical literature are highlighted. The paper then suggests how to deal with these limitations and provides new empirical evidence on the effects of a common monetary policy shock across individual member countries. Surprisingly, very similar output effects are found across countries.