Do Euro Area Countries Respond Asymmetrically to the Common Monetary Policy?

• Autores: Matteo Barigozzi, Antonio M. Conti, Matteo Luciani
• Localización: Oxford bulletin of economics and statistics, ISSN 0305-9049, Vol. 76, Nº. 5, 2014, págs. 693-714
• Idioma: inglés
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• Resumen

  • We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has changed the monetary transmission mechanism in the individual countries towards a more homogeneous response, we find that differences still remain between North and South Europe in terms of prices and unemployment. These results are the consequence of country-specific structures, rather than of European Central Bank policies.