The transmission of monetary policy and technology shocks in the euro area
This article analyses the response of a set of euro area macroeconomic variables to monetary policy and technology shocks based on structural Vector Auto-regressions (VARs). The data set runs from 1970:1 until 2006:4 and includes a novel long-run series for hours worked per capita in the euro area. We find that real macroeconomic variables follow a hump-shaped response after monetary policy shocks and jump on impact after technology shocks. We also provide evidence that hours worked fall after a positive technology shock. These conclusions are robust to different sample periods and specifications of the variables.
Year of publication: |
2009
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Authors: | Alves, Nuno ; Brito, Jose Brandao de ; Gomes, Sandra ; Sousa, Joao |
Published in: |
Applied Economics. - Taylor & Francis Journals, ISSN 0003-6846. - Vol. 43.2009, 8, p. 917-927
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Publisher: |
Taylor & Francis Journals |
Saved in:
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