Blaes, Barno - Volkswirtschaftliches Forschungszentrum <Frankfurt, Main> - 2009
This paper investigates the transmission of monetary policy in the euro area based onthe factor augmented vector … monetaryaggregates to a one-off monetary policy shock. We find that – as theory suggests –money growth is dampened by a restrictive … monetary policy stance in the longer term.In the short-run, however, M3 growth may increase due to portfolio shifts caused by …