Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?
用结构性动态因子模型分析欧元区国家数据，发现虽然欧元引入使各国对欧洲央行货币政策的反应更趋同，但北欧和南欧在价格和失业方面仍有差异，这源于各国自身结构而非央行政策。
type="main" xml:id="obes12038-abs-0001"> 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.