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The Transmission of Monetary and Technology Shocks in the Euro Area

Author

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  • Nuno Alves
  • Sandra Gomes
  • José Brandão de Brito

Abstract

We build structural VARs for the euro area to analyze the responses of a set of euro area macroeconomic variables to monetary policy and technology shocks. We then test their robustness to different specifications of hours worked, sample periods and the definition of the variables used. We conclude that while the responses to monetary policy shocks appear to be broadly robust, the responses to technology shocks crucially depend on whether hours worked are introduced in levels or in first differences.

Suggested Citation

  • Nuno Alves & Sandra Gomes & José Brandão de Brito, 2006. "The Transmission of Monetary and Technology Shocks in the Euro Area," Working Papers w200602, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:w200602
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/wp200602.pdf
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    Cited by:

    1. Alves, Nuno, 2008. "The mechanics of a monetary union with segmented financial markets," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 346-368, March.

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