文章基本信息

标题：Adjusting Shocks Management in Euro Zone. The Asymmetrical Impact of the ECB Monetary Policy
本地全文：下载
作者：Marinas, Marius
期刊名称：Theoretical and Applied Economics
印刷版ISSN：1841-8678
电子版ISSN：1844-0029
出版年度：2006
卷号：6(501)
期号：6(501)
出版社：Asociatia Generala a Economistilor din Romania - AGER
摘要：The loss of the sovereign interest rate and exchange rate instruments is the main potential cost of joining a monetary union since it becomes more difficult to adjust swiftly to shocks. In the case of demand shocks that affect all countries more or less equally (symmetric shocks), the loss of monetary autonomy implied by EMU is in principle of less concern, because the area-wide policy would tend to deliver monetary conditions that are appropriate for each country. However, this may not always be the case if the transmission mechanism operates significantly differently in the euro area, because then a uniform policy response would not yield uniform effects. In the case of supply shocks – whether country specificor- area-wide – lasting changes in relative prices and production patterns are needed.
关键词：asymmetric shocks; output-gap; monetary policy; Taylor rule; the fiscal-monetary policy mix.