Monetary Policy Transmission in the Euro Area (eBook, PDF)

A Study by the Eurosystem Monetary Transmission Network
Redaktion: Angeloni, Ignazio

• Format: PDF

Produktbeschreibung

Proper conduct of monetary policy requires understanding the monetary transmission mechanism, to monitor the economy, make decisions on the stance of policy, and explain the policy actions to the public. Hence, gathering evidence on the monetary transmission mechanism in the euro area has been a priority for the Eurosystem. This 2003 book presents the results of a multi-year collaborative project conducted by the European Central Bank and the other Eurosystem central banks. First, macro data are consistently investigated with both VARs and structural models for the area as a whole and for individual countries. Second, the book contains an unprecedented set of studies on the effects of monetary policy using bank and firm panel data. The results described in country case studies and overview essays by central bank economists, along with a discussion chapter by eminent academics, provide an essential contribution to research on the subject.

---

Dieser Download kann aus rechtlichen Gründen nur mit Rechnungsadresse in A, B, BG, CY, CZ, D, DK, EW, E, FIN, F, GR, HR, H, IRL, I, LT, L, LR, M, NL, PL, P, R, S, SLO, SK ausgeliefert werden.

Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 4. Dezember 2003
• Englisch
• ISBN-13: 9780511056505
• Artikelnr.: 38205341

Autorenporträt

Ignazio Angeloni is Deputy Director General for Research at the European Central Bank. He is the co-author of Monetary Policy in the Euro Area; Strategy and Decision Making at the European Central Bank (with Vitor Gaspar, Otmar Issing and Oreste Tristani: CUP, 2001).
Anil Kashyap is Professor of Economics at the University of Chicago's School of Business. He is the co-author of Corporate Financing and Governance in Japan: The Road to the Future (with Takeo Hoshi, 2001).
Benoît Mojon is Senior Economist at the General Economic Research Division of the European Central Bank.

Inhaltsangabe

Preface; Introduction; Part I. Macroeconometric Evidence on the
Transmission Mechanism in the Euro Area: 1. Some stylised facts on the Euro
area business cycle A.-M. Agresti and B. Mojon; 2. The monetary
transmission mechanism in the Euro area: more evidence from VAR analysis G.
Peersman and F. Smets; 3. A VAR description of the effects of monetary
policy in the individual countries of the Euro area B. Mojon and G.
Peersman; 4. Analysing monetary policy transmission mechanism at the Euro
area level: using structural macroeconomic models P. McAdam and J. Morgan;
5. The effects of monetary policy in the Euro area: evidence from
structural macroeconomic models P. van Els, A. Locarno, J. Morgan and J.-P.
Villetelle; 6. Financial frictions and the monetary transmission mechanism:
theory, evidence and policy implications C. Bean, J. Larsen and K. Nikolov;
Part II. Firm Investment and Monetary Policy: Evidence from Micro-Economic
Data: 7. Firm investment and monetary policy transmission in the Euro area
J. B. Chatelain, A. Generale, I. Hernando, P. Vermeulen and U. von
Kalckreuth; 8. Business investment and monetary transmission in Belgium P.
Butzen, C. Fuss and P. Vermeulen; 9. Investment and monetary transmission
in Germany: a microeconometric investigation U. von Kalckreuth; 10.
Monetary policy and corporate investment in France J.B. Chatelain and A.
Tiomo; 11. Monetary policy and firms' investment in Italy E. Gaiotti and A.
Generale; 12. Monetary transmission: empirical evidence from Luxembourg
firm-level P. Lunneman and T. Matha; 13. The role of trade credit and bank
lending relationships in the transmission mechanism in Austria M.
Valderrama; Part III. The Role of Banks in the Transmission: Evidence from
Micro-Economic Data: 14. Financial systems and the role of banks in
monetary policy transmission in the Euro area M. Ehrmann, L. Gambacorta, J.
Martinez-Pagés, P. Sevestre and A. Worms; 15. The reaction of bank lending
to monetary policy measures in Germany A. Worms; 16. Is there a bank
lending channel of monetary policy in Spain? I. Hernando and J.
Martinez-Pagés; 17. Is there a bank lending channel in France? Evidence
from bank panel data C. Loupias, F. Savignac and P. Sevestre; 18. Is there
a bank lending channel of monetary policy in Greece? Evidence from bank
level data S. Brissimis, N. Kamberoglou and G. Simigiannis; 19. The Italian
banking system and a monetary policy transmission: evidence from bank level
data L. Gambacorta; 20. The impact of monetary policy on bank lending in
the Netherlands L. De Haan; 21. The cross-sectional and the time dimension
of the bank lending channel: The Austrian case S. Kaufmann; 22. The bank
lending channel of monetary policy: identification and estimation using
Portuguese micro bank data L. Farinha and C. Robalo Marques; 23.
Transmission of monetary policy shocks in Finland: evidence from bank level
data on loans J. Topi and J. Vilmunen; Part IV. Monetary Policy in the Euro
Area: Summary and Discussion of the Main Findings: 24. Monetary policy
transmission in the Euro area: where do we stand? I. Angeloni, A. Kashyap,
B. Mojon and D. Terlizzese; 25. Discussion B. Bernanke, X Freixas, V.
Gaspar and J. von Hagen; Appendix: 26. Economic and financial structure in
the euro area A-M. Agresti and J. Claessens; References.