The Transmission Mechanism of European Monetary Policy : Is There Heterogeneity? Is it Changing over Time? »
Series: IMF Working Papers
Author(s): Matteo Ciccarelli , and Alessandro Rebucci
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 March 2002
Keywords: Bayesian estimation, European monetary policy, Gibbs sampling, Heterogeneity, Transmission mechanism, inflation, central bank, monetary transmission, Multiple or Simultaneous Equation Models: Models with Panel Data, Bayesian Analysis
This paper investigates the transmission mechanism of monetary policy in the four largest euro area countries by means Bayesian estimation of dynamic econometric models. Based on pre-EMU evidence from Germany, Fran...