Monetary transmission in the euro area: early evidence
利用1999年后的数据，研究欧元区货币政策传导机制是否因经济货币联盟而改变，以及各国是否趋于同质，发现银行渠道更强且更同质，利率和资产市场渠道也呈现类似趋势。
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind: has it changed after – and because of – economic and monetary union (EMU) and, if so, is it becoming homogeneous across countries? Given the data limitations, we concentrate on three components of the transmission mechanism: the banking, the interest rate and the asset market channels. We find evidence that the transmission through banks has become more potent and homogeneous across countries. On the financial market channels, our evidence is somewhat weaker but suggestive. The interest rate channel appears to have changed even before EMU, and now affects national economies in a broadly similar way. The asset market channel (proxied by the stock market effects of monetary policy) also seems to work rather homogeneously across national markets (no comparison with pre-EMU is available here). A positive answer to both questions raised above represents, in our view, the best working hypothesis under current knowledge.