União monetária Européia: diferenças no mecanismo de transmissão monetária
Autor(a) principal: | |
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Data de Publicação: | 2001 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12702 |
Resumo: | This study identifies differences in the monetary policy transmission mechanism across countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary policy during the pre-EMU period reflected differences in monetary policy reaction functions, rather than different transmission mechanisms. In particular, monetary policy appears to have been more persistent in Germany and in those countries closely following Germany (such as Netherlands and Austria) in the European Exchange Rate Mechanism. Monetary policy in these countries appears to have had significant effects on domestic output. The corollary is that under EMU other countries—in particular France, Italy, Ireland, and Finland—are expected to see more sensitivity of output to monetary policy under EMU. Nevertheless, a common monetary policy is still found to bring about heterogeneous output responses across countries, reflecting variations in the strength of the interest, credit, and exchange rate channels that remain under EMU. |
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Levy, Joaquim Vieira FerreiraEscolas::EPGE2014-12-02T13:46:30Z2014-12-02T13:46:30Z2001-04-19http://hdl.handle.net/10438/12702This study identifies differences in the monetary policy transmission mechanism across countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary policy during the pre-EMU period reflected differences in monetary policy reaction functions, rather than different transmission mechanisms. In particular, monetary policy appears to have been more persistent in Germany and in those countries closely following Germany (such as Netherlands and Austria) in the European Exchange Rate Mechanism. Monetary policy in these countries appears to have had significant effects on domestic output. The corollary is that under EMU other countries—in particular France, Italy, Ireland, and Finland—are expected to see more sensitivity of output to monetary policy under EMU. Nevertheless, a common monetary policy is still found to bring about heterogeneous output responses across countries, reflecting variations in the strength of the interest, credit, and exchange rate channels that remain under EMU.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGE;Todo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessUnião monetária Européia: diferenças no mecanismo de transmissão monetáriaMonetary Policy under EMU: Differences in the Transmission Mechanism?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaUnião monetária - Países da União EuropeiaEuro (Moeda)Política monetária - Países da União Europeiareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000304132.pdf000304132.pdfapplication/pdf2056003https://repositorio.fgv.br/bitstreams/c188ec4f-85fb-4ae3-a6e8-1bd12a97d82c/download45dc429e33ced82f4e23a87c89153e93MD51LICENSElicense.txtlicense.txttext/plain; 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|
dc.title.por.fl_str_mv |
União monetária Européia: diferenças no mecanismo de transmissão monetária |
dc.title.alternative.por.fl_str_mv |
Monetary Policy under EMU: Differences in the Transmission Mechanism? |
title |
União monetária Européia: diferenças no mecanismo de transmissão monetária |
spellingShingle |
União monetária Européia: diferenças no mecanismo de transmissão monetária Levy, Joaquim Vieira Ferreira Economia União monetária - Países da União Europeia Euro (Moeda) Política monetária - Países da União Europeia |
title_short |
União monetária Européia: diferenças no mecanismo de transmissão monetária |
title_full |
União monetária Européia: diferenças no mecanismo de transmissão monetária |
title_fullStr |
União monetária Européia: diferenças no mecanismo de transmissão monetária |
title_full_unstemmed |
União monetária Européia: diferenças no mecanismo de transmissão monetária |
title_sort |
União monetária Européia: diferenças no mecanismo de transmissão monetária |
author |
Levy, Joaquim Vieira Ferreira |
author_facet |
Levy, Joaquim Vieira Ferreira |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.author.fl_str_mv |
Levy, Joaquim Vieira Ferreira |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia União monetária - Países da União Europeia Euro (Moeda) Política monetária - Países da União Europeia |
dc.subject.bibliodata.por.fl_str_mv |
União monetária - Países da União Europeia Euro (Moeda) Política monetária - Países da União Europeia |
description |
This study identifies differences in the monetary policy transmission mechanism across countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary policy during the pre-EMU period reflected differences in monetary policy reaction functions, rather than different transmission mechanisms. In particular, monetary policy appears to have been more persistent in Germany and in those countries closely following Germany (such as Netherlands and Austria) in the European Exchange Rate Mechanism. Monetary policy in these countries appears to have had significant effects on domestic output. The corollary is that under EMU other countries—in particular France, Italy, Ireland, and Finland—are expected to see more sensitivity of output to monetary policy under EMU. Nevertheless, a common monetary policy is still found to bring about heterogeneous output responses across countries, reflecting variations in the strength of the interest, credit, and exchange rate channels that remain under EMU. |
publishDate |
2001 |
dc.date.issued.fl_str_mv |
2001-04-19 |
dc.date.accessioned.fl_str_mv |
2014-12-02T13:46:30Z |
dc.date.available.fl_str_mv |
2014-12-02T13:46:30Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12702 |
url |
http://hdl.handle.net/10438/12702 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE; |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
institution |
FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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