The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and United States
比较了美国和欧元区货币政策对产出和价格的影响，发现两者在产出构成上存在显著差异：欧元区产出变化主要由投资驱动，而美国则主要由消费驱动。
We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts are significantly more important. We dub this difference the output composition puzzle and explore its implications and several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle.