Offers the systematic analysis of the impact of European Central Bank monetary policy on the national economies of the Eurozone.
Proper conduct of monetary policy requires understanding the monetary transmission mechanism, to monitor the economy, make decisions on the stance of policy, and explain the policy actions to the public. Hence, gathering evidence on the monetary transmission mechanism in the euro area has been a priority for the Eurosystem. This 2003 book presents the results of a multi-year collaborative project conducted by the European Central Bank and the other Eurosystem central banks. First, macro data are consistently investigated with both VARs and structural models for the area as a whole and for individual countries. Second, the book contains an unprecedented set of studies on the effects of monetary policy using bank and firm panel data. The results described in country case studies and overview essays by central bank economists, along with a discussion chapter by eminent academics, provide an essential contribution to research on the subject.
Table of Contents
Part I. Macroeconometric Evidence on the
Transmission Mechanism in the Euro Area: 1.
Some stylised facts on the Euro area business
cycle A.-M. Agresti and B. Mojon
2. The monetary transmission mechanism in the
Euro area: more evidence from VAR analysis G.
Peersman and F. Smets
3. A VAR description of the effects of monetary
policy in the individual countries of the Euro
area B. Mojon and G. Peersman
4. Analysing monetary policy transmission
mechanism at the Euro area level: using
structural macroeconomic models P. McAdam and
5. The effects of monetary policy in the Euro
area: evidence from structural macroeconomic
models P. van Els, A. Locarno, J. Morgan and
6. Financial frictions and the monetary
transmission mechanism: theory, evidence and
policy implications C. Bean, J. Larsen and K.
Part II. Firm Investment and Monetary Policy:
Evidence from Micro-Economic Data: 7. Firm
investment and monetary policy transmission in
the Euro area J. B. Chatelain, A. Generale, I.
Hernando, P. Vermeulen and U. von Kalckreuth
8. Business investment and monetary
transmission in Belgium P. Butzen, C. Fuss and
9. Investment and monetary transmission in
Germany: a microeconometric investigation U.
10. Monetary policy and corporate investment in
France J.B. Chatelain and A. Tiomo
11. Monetary policy and firms' investment in
Italy E. Gaiotti and A. Generale
12. Monetary transmission: empirical evidence
from Luxembourg firm-level P. Lunneman and T.
13. The role of trade credit and bank lending
relationships in the transmission mechanism in
Austria M. Valderrama
Part III. The Role of Banks in the
Transmission: Evidence from Micro-Economic
Data: 14. Financial systems and the role of
banks in monetary policy transmission in the
Euro area M. Ehrmann, L. Gambacorta, J.
s, P. Sevestre and A. Worms
15. The reaction of bank lending to monetary
policy measures in Germany A. Worms
16. Is there a bank lending channel of monetary
policy in Spain? I. Hernando and J.
17. Is there a bank lending channel in France?
Evidence from bank panel data C. Loupias, F.
Savignac and P. Sevestre
18. Is there a bank lending channel of monetary
policy in Greece? Evidence from bank level data
S. Brissimis, N. Kamberoglou and G. Simigiannis
19. The Italian banking system and a monetary
policy transmission: evidence from bank level
data L. Gambacorta
20. The impact of monetary policy on bank
lending in the Netherlands L. De Haan
21. The cross-sectional and the time dimension
of the bank lending channel: The Austrian case
22. The bank lending channel of monetary
policy: identification and estimation using
Portuguese micro bank data L. Farinha and C.
23. Transmission of monetary policy shocks in
Finland: evidence from bank level data on loans
J. Topi and J. Vilmunen
Part IV. Monetary Policy in the Euro Area:
Summary and Discussion of the Main Findings:
24. Monetary policy transmission in the Euro
area: where do we stand? I. Angeloni, A.
Kashyap, B. Mojon and D. Terlizzese
25. Discussion B. Bernanke, X Freixas, V.
Gaspar and J. von Hagen
Appendix: 26. Economic and financial structure
in the euro area A-M. Agresti and J. Claessens