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The Monetary Transmission Mechanism: Evidence and Implications for European Monetary Union

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dc.contributor.author Fountas, Stilianos en
dc.date.accessioned 2010-05-31T11:20:27Z en
dc.date.available 2010-05-31T11:20:27Z en
dc.date.issued 1999 en
dc.identifier.citation Fountas, S. & Papagapitos, A. (1999) "The Monetary Transmission Mechanism: Evidence and Implications for European Monetary Union" (Working Paper No. 0035) Department of Economics, National University of Ireland, Galway. en
dc.identifier.uri http://hdl.handle.net/10379/1134 en
dc.description.abstract We provide some evidence consistent with a heterogeneous credit channel of monetary policy transmission in the European Union. Using the techniques of cointegration and Error Correction Models, we have shown that the external finance premium is one important leading indicator of real economic activity in some EU countries, namely, Denmark, Finland, Ireland, Italy and the Netherlands. No evidence is found for Belgium, France, Germany and the UK. These findings imply that a common monetary policy implemented by the European Central Bank might be transmitted in different ways across the member countries of the monetary union, thus exacerbating existing regional disparities among the member countries. en
dc.format application/pdf en
dc.language.iso en en
dc.publisher National University of Ireland, Galway en
dc.relation.ispartofseries Working Papers;0035 en
dc.subject Economics en
dc.subject Quality spread en
dc.subject Credit channel en
dc.subject Monetary policy transmission en
dc.title The Monetary Transmission Mechanism: Evidence and Implications for European Monetary Union en
dc.type Working Paper en
dc.description.peer-reviewed peer-reviewed en

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