persistence, but standard general equilibrium models with sticky prices fail to generate output responses beyond the duration of …This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this … costly capital adjustment. The model is estimated via Maximum Likelihood using US data on output, the real money stock, and …

.e., ten countries from Central and Eastern Europe (CEE) and three Western EU members. The analysis is based on a FAVAR model … with two blocks which exploits a large cross-country data set covering real activity variables, prices and financial … variables. An expansionary Euro area monetary policy shock raises production in most non-Euro area countries. Somewhat larger …

This paper has adopted a Bayesian FAVAR approach to examine the monetary transmission mechanism in North Macedonia. The … have been evaluated. Our findings show that monetary tightening, causes a fall in output, inflation rate, employment, bank … lending, the stock of government securities held by banks, and equity prices. On the other hand, it increases shortterm money …

lagged, hump‑shaped reactions of output, employment and unemployment in each of the analysed countries. …