Titlebook: Asymmetric Monetary Transmission in Europe; Volker Clausen Book 2001 Springer-Verlag Berlin Heidelberg 2001 Business Cycle.European Centra

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Lecture Notes in Computer Sciencen monetary policy by the ECB. Monetary policy is widely expected to have a stronger impact on output, the more open the economy is toward the rest of the world.. Against this background, this chapter systematically explores in a theoretical model of a monetary union the role of asymmetric degrees of openness.

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Robert G. Abbott,J. Chris Forsythely to changes in short-term interest rates. The channels of monetary transmission are definitely more complex than this specification suggests.. Furthermore, it leaves unexplained which structural features in the EMU member countries contribute to the differences in the interest sensitivity of aggre

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Lecture Notes in Computer Scienceountries, like Germany or France, long-term interest rates appear to influence aggregate demand whereas in other countries, like Italy, short-term interest rates are considered to be very important. This reflects differences in the borrowing pattern of the private sector. In Germany and France, borr

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Keith Brawner,Greg Goodwin,Robert Sottilarenear-money) assets offered by the national banking systems to the public and differences in the passthrough of central bank rates to deposit rates affect the portfolio allocation by the public. From the perspective of the ECB, these differences in national money demand functions are less important t

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Lecture Notes in Computer Scienceo not easily map into differences in the overall strength of monetary transmission. This chapter reviews the empirical evidence on asymmetries in the . effects of monetary policy in Europe. In view of the importance for the ECB policy-making, numerous studies have produced a large and quickly growin

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