| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9984 |
| 来源ID | Working Paper 9984 |
| Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain it All? | |
| Ignazio Angeloni; Anil K. Kashyap; Benoit Mojon; Daniele Terlizzese | |
| 发表日期 | 2003-09-22 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Drawing on recent Eurosystem research that uses a range of econometric techniques and a number of new data sets, we propose a comprehensive description of how monetary policy affects the euro area economy. We focus mainly on three questions: (1) what are the stylized facts concerning the transmission of monetary policy for the area as a whole and for individual countries? (2) can the classic' interest rate channel (IRC) alone, without capital market imperfections, explain these facts? (3) if not, is the bank lending channel a likely candidate to complete the story? We find plausible euro-area wide monetary policy responses for prices and output that are similar to those generally reported for the U.S. However, investment (relative to consumption) seems to play a larger role in euro area monetary policy transmission than in the U.S. We cannot reject the hypothesis that the IRC completely characterizes transmission in a few countries, and estimate it to be substantial in almost all. Where the IRC is not dominant, there is normally some direct evidence supporting the presence of a bank lending channel (or other financial transmission channel). The cases where financial effects appear important can be further split according to whether they primarily relate to consumption or investment. |
| 主题 | Macroeconomics ; Monetary Policy ; Consumption and Investment |
| URL | https://www.nber.org/papers/w9984 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567609 |
| 推荐引用方式 GB/T 7714 | Ignazio Angeloni,Anil K. Kashyap,Benoit Mojon,et al. Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain it All?. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9984.pdf（444KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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