Nobili, Andrea; Neri, Stefano - Banca d'Italia - 2006
This paper studies the transmission of monetary policy shocks from the US to the euro-area using a two … increase in the Federal funds rate, the euro immediately depreciates with respect to the dollar and then appreciates in line … to euro-area output in the short run, while a negative effect emerges in the medium run. Third, the contribution of the …