Large Datasets for the Euro Area and Its Member Countries and the Dynamic Effects of the Common Monetary Policy
该文发布了一个覆盖欧元区及其十大成员国的公开宏观数据集EA-MD-QD，内含1136个序列，并据此研究了共同货币政策的国别效应，发现核心国与外围国反应有差异，且可能与住房和储蓄行为有关。
ABSTRACT We introduce EA‐MD‐QD, a new publicly available dataset comprising 1136 macroeconomic time series for the euro area (EA) and its ten largest member countries observed at monthly or quarterly frequency. Since January 2024, EA‐MD‐QD has been updated monthly and continuously revised, providing a valuable resource for policy analysis in the EA. Using EA‐MD‐QD, we study country‐specific impulse responses to an EA‐wide monetary policy shock. Results reveal moderate yet significant cross‐country heterogeneity, with differences between so‐called core countries, such as France and Germany, and peripheral countries, such as Italy and Spain, in their price and interest rate responses, together with meaningful differences in real activity, while stock price responses are relatively homogeneous. Evidence points to homeownership and saving behavior as potential drivers of the observed cross‐country differences.