.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 …

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

monetary policy rate to those in consumer prices. First, we utilize panel data from the German manufacturing industry. Second …