Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?
基于结构动态因子模型分析欧元区国家数据，发现尽管欧元引入使货币政策传导更趋同，但北欧与南欧在价格和失业率上仍存在差异，这源于各国经济结构不同而非欧洲央行政策。
Abstract 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.