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

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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Pubblicato in:MAGKS - Joint Discussion Paper Series in Economics (Band 20-2017)
Autori principali: Hafemann, Lucas, Tillmann, Peter
Natura: Articolo
Lingua:inglese
Pubblicazione: Philipps-Universität Marburg 2017
Soggetti:
mone- tary transmission
external instrument
VAR
local projections
Euro area
Wirtschaft
Economics
Accesso online:PDF Full Text
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