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Cross-country differences i...

Cross-country differences in monetary policy transmission

Berben, Robert-Paul

Banco de España 2005

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

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analitica Rebiun26672850 https://catalogo.rebiun.org/rebiun/record/Rebiun26672850 050225s2005 sp rt a000 0 eng c ES-LeU Cross-country differences in monetary policy transmission Robert-Paul Berben... [et al.] Madrid Banco de España 2005 Madrid Madrid Banco de España 71 p. 24 cm 71 p. Documentos de trabajo / Banco de España, Servicio de Estudios ISSN 0213-2710 2005-02 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 Berben, Robert-Paul Banco de España. Servicio de Estudios Documentos de trabajo (Banco de España. Servicio de Estudios)

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analitica Rebiun26672850 https://catalogo.rebiun.org/rebiun/record/Rebiun26672850 050225s2005 sp rt a000 0 eng c ES-LeU Cross-country differences in monetary policy transmission Robert-Paul Berben... [et al.] Madrid Banco de España 2005 Madrid Madrid Banco de España 71 p. 24 cm 71 p. Documentos de trabajo / Banco de España, Servicio de Estudios ISSN 0213-2710 2005-02 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 Berben, Robert-Paul Banco de España. Servicio de Estudios Documentos de trabajo (Banco de España. Servicio de Estudios)