Rafiq, M.S.; Mallick, S.K. - In: Journal of Macroeconomics 30 (2008) 4, pp. 1756-1791
This paper examines the effects of monetary policy shocks on output in the three largest euro area economies - Germany, France and Italy (EMU3) - by applying a new VAR identification procedure. The results show that monetary policy innovations are at their most potent in Germany. However, apart...