Differences In The Monetary Policy Transmission Mechanism Within The European Monetary Union Germany And Italy
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Differences In The Monetary Policy Transmission Mechanism Within The European Monetary Union Germany And Italy
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Author : Wilhelm Fohr
language : en
Publisher: GRIN Verlag
Release Date : 2007-01-07
Differences In The Monetary Policy Transmission Mechanism Within The European Monetary Union Germany And Italy written by Wilhelm Fohr and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-07 with Business & Economics categories.
Master's Thesis from the year 2005 in the subject Economics - Monetary theory and policy, grade: 1,3, Berlin School of Economics, 34 entries in the bibliography, language: English, abstract: The European Central Bank1is in charge to conduct monetary policy for a growing number of nations, participating in the European Monetary Union. This joint enterprise is still young, but followed decades of increasing cooperation and integration after the Second World War. However, the question remains how suitable a shared monetary policy is for a number of different economies. Today, most central banks put emphasis on price stability as medium-term goal, for this is the best way to stabilise expectations and to promote sustainable growth. A precondition for the successful conduct of monetary policy is that monetary impulses are transmitted throughout the whole currency area in a symmetric way. Therefore, central banks need to assess the timing and magnitude how interest rate movements affect the economy and through which channels this mechanism works. This allows the central bank to use their policy instruments at the right time and with the right intensity. Information about the characteristics of the monetary transmission process in EMU-countries, especially about national differences, has important lessons for the effective conduct of monetary policy. Consequently, asymmetric monetary transmission would be able to weaken the position of the European Central Bank and has a negative impact on the economy. This paper deals with the question of asymmetric transmission in the Euro-area. It involves information about the characteristics of transmission channels in EMU countries, the different stages of transmission where asymmetry or convergence might occur and the perspectives for the future development of the European transmission mechanisms. The objective is to find out about asymmetries in monetary policy transmission and their consequences. This paper answers the question if there are major drawbacks for participating economies possible or if the Euro will catalyse European integration without negative side effects.
Monetary Policy Transmission In The Euro Area
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Author : Ignazio Angeloni
language : en
Publisher: Cambridge University Press
Release Date : 2003-12-04
Monetary Policy Transmission In The Euro Area written by Ignazio Angeloni and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-04 with Business & Economics categories.
A systematic analysis of the impact of European Central Bank monetary policy on Eurozone national economies, first published in 2003.
Monetary Policy In A Converging Europe
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Author : J.A.J Alders
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Monetary Policy In A Converging Europe written by J.A.J Alders and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Monetary Policy in a Converging Europe covers the most important monetary issues in the transition towards an Economic and Monetary Union in Europe, containing contributions from renowned experts in relevant research and policy areas. Among other things, the contributions discuss the scope for inflation targeting, monetary interdependencies within the `core' ERM countries, money demand within the European Union, the difference between the monetary transmission mechanisms in the various European countries, and the preferred exchange rate policy in Stage Two of EMU. The book provides an excellent overview of current issues for anyone interested in monetary policy in a converging Europe.
Regional Aspects Of Monetary Policy In Europe
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Author : Jürgen von Hagen
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Regional Aspects Of Monetary Policy In Europe written by Jürgen von Hagen and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways. Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states. The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.
Asymmetric Monetary Transmission In Europe
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Author : Volker Clausen
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Asymmetric Monetary Transmission In Europe written by Volker Clausen and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The euro and the ESCB have started in January 1999 and there is naturally a wide-ranging interest in academia and among policymakers in OECD coun tries, how successful European Monetary Union will and can be. EMU has started with 11 countries and experienced a rapid depreciation of the cur rency. With so many EU countries joining for a historical monetary union in a period of economic globalization, international financial market changes and ongoing EU enlargement the problem of monetary policy efficiency becomes crucial; especially as so many countries in the EU still have high unemploy ment rates and the euro has just started at the beginning of a cyclical upswing in the euro zone. Monetary policy is also quite crucial, because the Maastricht convergence criteria severely restrict the scope of national fiscal policy. With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues. This book takes an analytical look at the problem of asymmetric monetary transmission in Euroland. Facing the ECB's monetary policy, individual mem ber countries are likely to experience different policy effects. Countries differ in their financial structure -a well-known argument in the literature -but also in the characteristics of goods and labor markets. The latter fields have been somewhat neglected in the literature but receive broad analytical attention here.
Financial Structure And Monetary Transmission In Europe
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Author : Gabe J. De Bondt
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000-01-01
Financial Structure And Monetary Transmission In Europe written by Gabe J. De Bondt and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.
'I can fully recommend this book to those interested in the transmission process of monetary policy.' - Harry Garretsen, De Economist Due to financial market imperfections it is imperative to analyse the relationship between financial structure and the monetary policy transmission process in Europe to effectively design and implement European monetary policy. Focusing on the years 1980-1995 and providing empirical evidence for six European countries, namely Germany, France, Italy, the UK, Belgium and the Netherlands, the author discusses whether cross-country variations in financial structure have a systematic relationship with inter-country differences in the monetary transmission process. The analysis of this is invaluable as differences in financial structures across EMU countries may hamper the implementation of a common European monetary policy in the future. The conclusion is that some elements of the financial structure are clearly relevant and applicable for European monetary policy and the monetary transmission process in particular.
The Monetary Transmission Process
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Author : D. Bundesbank
language : en
Publisher: Springer
Release Date : 2001-01-29
The Monetary Transmission Process written by D. Bundesbank and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-29 with Business & Economics categories.
The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.
The European Monetary System And European Monetary Union
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Author : Michele Fratianni
language : en
Publisher: Routledge
Release Date : 2019-09-06
The European Monetary System And European Monetary Union written by Michele Fratianni and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-06 with Political Science categories.
When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its early failure. Today, EMS is alive and well, continuing to defy conventional economic wisdom. The authors address three major questions about the European Monetary System (EMS): how it came into being, how it works and how it may evolve into a fully-fledged monetary union.
European Monetary Union
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Author : Europäisches Institut für Internationale Wirtschaftsbeziehungen
language : en
Publisher: Springer Science & Business Media
Release Date : 1997
European Monetary Union written by Europäisches Institut für Internationale Wirtschaftsbeziehungen and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
The EU is heading towards a monetary union which has both benefits and risks for the Community but will also affect countries outside of Europe. Crucial transition problems, economic adjustment in financial markets and labor markets as well as theoretical and empirical issues of monetary integration are analyzed. The book also focuses on interest rate effects, the role of volatility of money supply growth and exchange rate instability. Issues of monetary and fiscal policy and the political economy of monetary integration are evaluated.
Fragmentation And Monetary Policy In The Euro Area
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Author : Mr.Ali J Al-Eyd
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-04
Fragmentation And Monetary Policy In The Euro Area written by Mr.Ali J Al-Eyd and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-04 with Business & Economics categories.
The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.