Convergence of Monetary Transmission in Emu New Evidence

27 Pages Posted: 3 Jun 2001

See all articles by Jakob de Haan

Jakob de Haan

University of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute)

Linda A. Toolsema

University of Groningen

Jan-Egbert Sturm

KOF Swiss Economic Institute, ETH Zurich; CESifo (Center for Economic Studies and Ifo Institute)

Date Written: April 2001

Abstract

This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We conclude that major differences in pass-through exist in our sample, both in terms of initial as well as long-run responses to policy-induced interest rate changes. There is no indication for convergence of monetary policy transmission.

Keywords: Monetary Transmission, Pass-Through, Interest Rate Stickiness, EMU

JEL Classification: E52, E43

Suggested Citation

de Haan, Jakob and Toolsema, Linda A. and Sturm, Jan-Egbert, Convergence of Monetary Transmission in Emu New Evidence (April 2001). CESifo Working Paper Series No. 465. Available at SSRN: https://ssrn.com/abstract=270946

Jakob de Haan (Contact Author)

University of Groningen - Faculty of Economics and Business ( email )

PO Box 800
Groningen, 9700 AV
Netherlands
+31 0 50 3633706 (Fax)

De Nederlandsche Bank ( email )

P.O. Box 98
Amsterdam, 1000 AB
Netherlands

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Linda A. Toolsema

University of Groningen ( email )

P.O. Box 800
9700 AV Groningen, Groningen 9700 AV
Netherlands

Jan-Egbert Sturm

KOF Swiss Economic Institute, ETH Zurich ( email )

Zurich
Switzerland

HOME PAGE: http://www.kof.ethz.ch

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, 81679
Germany

HOME PAGE: http://www.cesifo.de

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