Monetary and Fiscal Policy Transmission in the Euro-area: evidence from a structural VAR analysis
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SourceJournal of Economics and Business, 55, 5-6, (2003), pp. 609-638
Article / Letter to editor
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Economische theorie en economisch beleid
Journal of Economics and Business
SubjectInstitutional Shifts in Government and Governance in a Comparative and International Context
This paper studies the transmission of monetary and fiscal policy in the Euro-area. To do so, structural VAR models are estimated. First, the EMU countries are considered as an aggregate entity and the estimation results are compared with those for the US and Japan. Attention is also paid to interaction of macroeconomic policies and the effects of shocks in financial markets. As a next step, SVARs are estimated for the individual EMU countries to analyze cross-country differences. It turns out that, compared to the EMU aggregate, individual EU countries react rather differently to monetary and fiscal policy shocks.
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