aggregate shocks. The implications of asymmetries for both the overall performance of the monetary union and the country … country-specific shocks a country unambiguously benefits in terms of macroeconomic stability by becoming more flexible, but in …

-market sector to shed further light on two unsettled issues: whether central banks should include some financial indicator in their … policy rules, and what indicator may be expected to generate better stabilization performance. For comparative purposes, the … Taylor rules. These involve the addition of one financial indicator in each case. Specifically, the deviation from trend of …

This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western … European countries, namely the United Kingdom, Sweden, Switzerland, Denmark, and Norway. For this purpose, we use a structural … VAR model of the euro area and augment it consecutively by the foreign variables of interest. We find that a monetary …

demand gives a realistic response of real commodity prices to inflation. Based on historical simulations, shocks to inflation …

We study the evolution of the response of scal policy to monetary policy shocks in the EMU in the light of two … responses from a panel VAR, we nd that scal and monetary policy acted neutrally toward each other before the Maastricht Treaty … indicates that the evolution of the scal response to monetary shocks within the EMU has broadly mirrored global developments …