文章基本信息

标题：Cross-country differences in monetary policy transmission
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作者：Robert-Paul Berben ; Alberto Locarno ; Julian Morgan 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2004
出版社：European Central Bank
摘要：This paper examines possible explanations for observed differences in the transmission of euro area monetary policy in central bank large-scale macroeconomic models. In particular it considers the extent to which these differences are due to differences in the underlying economies or (possibly unrelated) differences in the modelling strategies adopted for each country. It finds that, against most yardsticks, the cross-country variations in the results are found to be plausible in the sense that they correspond with other evidence or observed characteristics of the economies in question. Nevertheless, the role of differing modelling strategies may also play a role. Important features of the models for instance in the treatment of expectations or wealth can have a major bearing on the results that may not necessarily reflect differences in the underlying economies.
关键词：monetary transmission; macroeconometric models; euro area differences