Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/7418
Título: The monetary transmission mechanism in the Euro Area : has it changed with the EMU? A VAR approach, with fiscal policy and financial stress considerations
Autor: Afonso, António
Silva, António Jorge
Palavras-chave: monetary transmission mechanism
fiscal policy
financial stress
Euro area
vector autoregressions
Data: 2014
Editora: ISEG – Departamento de Economia
Citação: Afonso, António e António Jorge Silva (2014). "The monetary transmission mechanism in the Euro Area : has it changed with the EMU? A VAR approach, with fiscal policy and financial stress considerations". Instituto Superior de Economia e Gestão - DE Working papers nº 10/2014/DE/UECE
Relatório da Série N.º: DE Working papers;nº 10/2014/DE/UECE
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 between 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, especially, fiscal and financial stress variables to a monetary policy shock, seems to be stronger in the post-EMU period. Regarding fiscal and financial stress shocks, the inclusion in the post-EMU period of 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.
URI: http://hdl.handle.net/10400.5/7418
ISSN: 2183-1815
Aparece nas colecções:UECE - Documentos de Trabalho / UECE - Working Papers
DE - Documentos de trabalho / Working Papers

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