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Changing Monetary Transmission Mechanisms within the EU

Author

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  • Katarina Juselius

    (University of Copenhagen Institute of Economics)

Abstract

This paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the "second ERM" in March 1983. The empirical model investigates the determination of money, income, prices and interest rates in Germany, Denmark, and Italy based on the cointegrated VAR model. The empirical results provide new insight on the macroeconomic effects of joining the ERM and financial deregulation.

Suggested Citation

  • Katarina Juselius, 1997. "Changing Monetary Transmission Mechanisms within the EU," Discussion Papers 97-18, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:9718
    as

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    Keywords

    cointegration; long-run impact; money demand; IS-LM; monetary policy; capital liberalization;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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