Monetary Policy in EMU when the Transmission is Assymmetric and Uncertain
Paul De Grauwe
London School of Economics & Political Science (LSE); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Centre for Economic Policy Research (CEPR)
University of Bordeaux - GRAPE
CESifo Working Paper Series No. 891
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data. We find that the uncertainty about the transmission process increases the need to take into account information about national economies in the formulation of optimal monetary policies in a monetary union.
Number of Pages in PDF File: 22
JEL Classification: E52, E58, F33
Date posted: April 15, 2003
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