Kakes, Jan; Pattanaik, Sitikantha - In: Banca Nazionale del Lavoro Quarterly Review 53 (2000) 213, pp. 171-186
Using area-wide data, we simulate the responses of inflation and real output following monetary shocks in the EMU. We find that short-term interest rate shocks have a significant impact on real activity, but hardly on prices. M3 shows a perverse short-term response to a monetary contraction,...
