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Convergence of Monetary Transmission in EMU New Evidence

Author

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  • Linda A. Toolsema
  • Jan-Egbert Sturm
  • Jakob de Haan
  • Jakob de Haan

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.

Suggested Citation

  • Linda A. Toolsema & Jan-Egbert Sturm & Jakob de Haan & Jakob de Haan, 2001. "Convergence of Monetary Transmission in EMU New Evidence," CESifo Working Paper Series 465, CESifo.
    • Handle: RePEc:ces:ceswps:_465
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    References listed on IDEAS

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