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A VAR Analysis of Monetary Transmission Mechanism in the European Union

Author

Listed:
  • Ivan Lovrinovic

    (Graduate School of Economics and Business, University of Zagreb, Croatia)

  • Manuel Benazic

    (Istarska kreditna banka, Umag, Croatia)

Abstract

The paper studies the functioning of the monetary transmission mechanism in the EU. It analyses the influence of an increase in short-term interest rate on real and monetary variable e.g. industrial production of the EU members, retail prices, monetary mass and real exchange rate. Frequently used econometric technique of VAR has been used to analyse the monetary transmission mechanism.

Suggested Citation

  • Ivan Lovrinovic & Manuel Benazic, 2004. "A VAR Analysis of Monetary Transmission Mechanism in the European Union," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 7(2), pages 27-42, November.
    • Handle: RePEc:zag:zirebs:v:7:y:2004:i:2:p:27-42
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    Citations

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    Cited by:

    1. Imran H. Shah & Ian Corrick & Abdul Saboor, 2018. "How should Central Banks Respond to Non-neutral Inflation Expectations?," Open Economies Review, Springer, vol. 29(2), pages 321-351, April.
    2. Andrew Hughes Hallett & Christian Richter, 2009. "Has there been any structural convergence in the transmission of European monetary policies?," International Economics and Economic Policy, Springer, vol. 6(2), pages 85-101, July.

    More about this item

    Keywords

    monetary transmission mechanism; interest rate; VAR; decomposition of variance; impulse response;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F3 - International Economics - - International Finance

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