Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/6904
Título: The monetary transmission mechanism in the Euro Area : has it changed with the EMU?
Autor: Silva, António Jorge Esteves da
Orientador: Afonso, António
Palavras-chave: monetary transmission mechanism
fiscal policy
financial stress
euro area
vector autoregressions
Data de Defesa: 2014
Editora: Instituto Superior de Economia e Gestão
Citação: Silva, António Jorge Esteves da (2014). "The monetary transmission mechanism in the Euro Area : has it changed with the EMU?". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Resumo: We study whether the adoption of the euro and a single monetary policy have brought about a change in the monetary transmission mechanism and in the interactions of monetary policy, fiscal policy and financial stress in the euro area. We find that the stylized facts of monetary transmission remain valid but the response of output and, mainly, the fiscal and financial stress variables to a monetary policy shock seem to be stronger in the post-EMU period. These changes may signal a higher degree of synchronization of the euro area countries’ economies after the adoption of the euro. Regarding fiscal and financial stress shocks, the inclusion in the post-EMU period of the subprime and sovereign debt crises yields changes not only in the scale but also in the patterns of the responses of our model’s main variables. Overall, we conclude that the subprime and sovereign debt crises have contributed markedly to the post-EMU impulse response functions and, if those periods of financial turbulence are excluded, the responses of the macro variables to monetary, fiscal and financial stress shocks in the post-EMU period are of a remarkably small magnitude.
Descrição: Mestrado em Economia Monetária e Financeira
URI: http://hdl.handle.net/10400.5/6904
Aparece nas colecções:DE - Dissertações de Mestrado / Master Thesis
BISEG - Dissertações de Mestrado / Master Thesis

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