The aggregate and country-specific effectiveness of ECB policy: evidence from an external instruments (VAR) approach

This paper studies the transmission of ECB monetary policy, both at the aggregate euro area and the country level. We estimate a VAR model for the euro area in which monetary policy shocks are identified using an external instrument that reflects policy surprises. For that purpose we use the chan...

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Sonraí bibleagrafaíochta
Foilsithe in:MAGKS - Joint Discussion Paper Series in Economics (Band 20-2017)
Príomhchruthaitheoirí: Hafemann, Lucas, Tillmann, Peter
Formáid: Alt
Teanga:Béarla
Foilsithe / Cruthaithe: Philipps-Universität Marburg 2017
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