Monetary Policy Transmission in the Euro Area: A Study by the Eurosystem Monetary Transmission Network

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September 2004



This book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. There has been a large increase in research into better understanding how changes in monetary policy affect these economies since Central Banks have become accountable for meeting specific targets in inflation, output and employment. The research to date has largely focused on national central banks, pioneered by the study of the U.S. Federal Reserve Bank and the impacts of its policy decisions on the U.S. economy.


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-Pages, 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-Pages; 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.


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). Benoit Mojon is Senior Economist at the General Economic Research Division of the European Central Bank.


Review of the hardback: 'Overall the book is a well balanced, clear and sophisticated analysis and a stimulating read. Briefly, a masterpiece.' Journal of Common Market Studies
EAN: 9780521828642
ISBN: 0521828643
Untertitel: New. Sprache: Englisch.
Erscheinungsdatum: September 2004
Seitenanzahl: 516 Seiten
Format: gebunden
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