shocks increasing risk premia in emerging markets, a shock to U.S. dollar does not generate the same effect …

movements in the policy rate unrelated to economic conditions. We then compute the effects of a monetary policy shock on the … aggregate economy using local projection methods. We find that a contractionary monetary policy shock has a limited negative …

This paper characterizes the transmission mechanism of monetary shocks across countries of the euro area, documents how … this mechanism has changed with the introduction of the euro, and explores some potential explanations. The factor …-augmented VAR (FAVAR) framework used is sufficiently rich to jointly model the euro area dynamics while permitting the transmission …

propose a comprehensive description of how monetary policy affects the euro area economy. We focus mainly on three questions …) if not, is the bank lending channel a likely candidate to complete the story? We find plausible euro-area wide monetary … (relative to consumption) seems to play a larger role in euro area monetary policy transmission than in the U.S. We cannot …

price stability. Other factors that account for the different economic outcomes in the Euro Area and US include differences …