evidence for assessing the impact of a common monetary policy in the early stages of EMU, and enables us to form a view on how … findings suggest that there are significant differences between EU countries in the transmission mechanism of monetary policy. …This paper examines the monetary transmission mechanism in eight EU member states. It provides useful empirical …

for assessing the impact of a common monetary policy in the early stages of EMU, and enables us to form a view on how the … findings suggest that there are significant differences between EU countries in the transmission mechanism of monetary policy. …This paper examines the monetary transmission mechanism in six EU member states. It provides useful empirical evidence …

supervision powers to achieve monetary policy objectives. In the context of a global credit crunch, the Reserve Bank has a …, and the exchange rate. 21 The common view implicit in the monetary policy frameworks of all these countries is that … economic performance over the last two decades reflects, at least in part, the effects of reforms to the monetary policy …

Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area … quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual … in terms of prices and unemployment. These results are the consequence of country specific structures, not of European …

’ spending targets and on the change in the degree of uncertainty implied by common monetary policy. -- Monetary union ; fiscal …We examine monetary and fiscal interactions in a monetary union model with uncertainty due to imperfect central bank … output distortions. However, as countries enter the monetary union, this tax-restraining effect of uncertainty is mitigated …

This paper compares impulse responses to monetary policy shocks in the euro area countries before the EMU and in the … the NMS, by using a Bayesian estimation that combines information across countries. The impulse responses in the NMS are … New Member States (NMS) from central-eastern Europe. We mitigate the small sample problem, which is especially acute for …

inflation at some desired level in the short term. During the 1990's several moved to a new monetary policy regime of inflation … way. We specify a tightening of monetary policy as a shift in the objective or target of the monetary authority, rather … than a shift in its instrument setting on its own. The interest rate is clearly the major instrument of monetary policy …

Monetary Union, there is no clear agreement regarding the monetary policy pursued in the member countries during the … the monetary policy authorities and, in addition, it is shown that in most cases the estimated rules reproduce the policy …Despite the great importance and final success of the convergence process that led to the establishment of the European …